Patriots Point proposes lease for Medal of Honor Museum
Patriots Point Development Authority voted today to offer the Medal of Honor Museum Foundation the lease on 7.4 acres it owns on the waterfront near its entrance for $1 per year for 99 years and to include an option for the foundation to have first right of refusal on an adjacent 7.8 acres to be leased for a similar term at fair market value for commercial property.
Patriots Point announced in August that it wanted to add a $100 million Medal of Honor Museum to its offerings at the naval and maritime museum, moving the attraction off the Yorktown into a sweeping, multi-level architectural venue overlooking Charleston Harbor.
Patriots Point would not pay for the museum, but a special foundation was formed to raise seed money for a national fundraising campaign.
The Medal of Honor Foundation organizing committee must approve the lease. It will then come back to Patriots Point’s board for ratification before going before the state Budget and Control Board because Patriots Point is a state agency.
Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.
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