Beaufort County forgives Heritage loan interest

HILTON HEAD ISLAND, S.C. (AP) — Beaufort County Council has agreed to forgive almost $31,000 in interest from a loan it made last year to Heritage Classic Foundation.

The Island Packet of Hilton Head reports (http://bit.ly/OsxJZN) that the $1 million loan was used to help offset the cost of running the PGA Heritage golf tournament last year when it did not have a title sponsor.

The Heritage repaid the last of the principal last month, four years ahead of schedule.

Beaufort County Council agreed Monday to forgive the interest. Councilman Stu Rodman says the county gets plenty of national exposure through the tournament and losses little by foregoing the interest.

The Royal Bank of Canada is now the title sponsor for the tournament.

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Information from: The Island Packet, http://www.islandpacket.com