The S.C. Budget and Control Board has approved a 99-year lease at $1 per year for 7 acres at Patriots Point to be used for a Medal of Honor Museum.
The measure, passed on a 3-2 vote Wednesday, clears the way for fundraising to begin on the proposed $100 million museum to be built between the parking lot ticket booth and Renaissance condominiums.
The state agency also approved a lease option for an adjacent 6.5 acres that may be used for a commercial venture, which would provide revenue for both the Patriots Point Development Authority and Medal of Honor Museum Foundation.
“This was a complicated and difficult lease that required everyone to stretch the envelope to make it work,” said Ray Chandler, chairman of state-owned Patriots Point Development Authority. “The educational, cultural, social and financial benefits of this approval by the Budget and Control Board will have a lasting effect on many generations to come.”