Purchase of Port of Port Royal pushed back two months

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Purchase of Port of Port Royal pushed back two months

Published Wednesday, March 7, 2012   |  366 Words  |  

Plans to develop the Port of Port Royal have been delayed for about two months while developers finalize purchasing the 52-acre plot from the state Ports Authority.

The $17-million purchase plan hinges on the town of Port Royal obtaining $1.25 million of a $4.5 million loan to build roads, parks and stormwater drainage among other work, town manager Van Willis said during Wednesday's council meeting.

The town has development agreements with the Port Royal Development Group, which plans to build businesses and residences on the land.

Town officials were unaware of the loan requirement until about two weeks ago, Willis said.

"That is a bit of information that would have been useful to know," he said.

Council approved applying for the loan last month, but has not completed the loan process.

The developer has about 60 days to close on the land purchase under the terms of an agreement with the Ports Authority, Willis said.

He expects the town will have its loan in place by March 22.

"This is the only thing that is causing the property not to close," he said of the loan. "...We've only been working on this eight years. I'm not sweating a few days."

If the town gets the loan by March 22, developers have 45 additional days to complete the land purchase.

Council is expected to vote on the issue next Wednesday.

Follow reporter Erin Moody at twitter.com/EyeonPortRoyal.

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