Patriots Point Development Authority said it received approval today for its plan to repay $9.2 million to the state for emergency repairs to the warship Laffey.
The deal with the state Budget and Control Board gives Patriots Point a two-year extension on the loan, which was due to be repaid in December. The maritime museum has agreed to pay $500,000 now.
The Budget and Control Board unanimously approved the proposal at a meeting in Columbia, said Butch Hills, communications manager for the Mount Pleasant attraction. Mac Burdette, executive director of Patriots Point, attended.
Hills said in an email message that the interest rate and the date of the first $500,000 payment will be set later by state Treasurer Curtis Loftis.
Patriots Point used the money in 2009 for repairs to the warship Laffey, which was riddled with rusting holes. The agency never received the $20 million it was expecting in federal funding that was supposed to be used to repay the state loan.