The South Carolina Budget and Control Board on Wednesday approved a 99-year lease at $1 per year for seven acres at Patriots Point to be used for a Medal of Honor Museum.

The measure, passed on a 3-2 vote, 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.”

Chandler added, “I look forward to celebrating this tremendous gift to our state and nation with Medal of Honor recipient, Maj. Gen. Jim Livingston. His spirit and commitment have been critical to the success of our endeavors thus far, and I look forward to our continued partnership.”