Heritage Foundation repays SC golf tournament loan

HILTON HEAD ISLAND, S.C. (AP) — The Heritage Classic Foundation has repaid a $1 million loan from Beaufort County for the 2011 Heritage golf tournament.

The Island Packet of Hilton Head reported (http://bit.ly/LOlB5h) that the foundation paid $750,000 Monday. The foundation had made a $250,000 payment in September.

The payment comes four years ahead of schedule. The foundation has asked to avoid paying interest.

Beaufort County Council is expected to decide next month whether to skip the $29,000 interest that is owed.

The council had offered the loan last year to help pay for the 2011 PGA tournament, which lost Verizon as title sponsor after the 2010 event.

Royal Bank of Canada and Boeing Co. are now the tournament’s chief sponsors.

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