State Ports Authority signs letter of intent to sell Port Royal Terminal Properties
State Ports Authority signs letter of intent to sell Port Royal Terminal Properties
The South Carolina State Ports Authority’s chairman Bill Stern has signed a letter of intent to sell the 51 acres that made up the former Port Royal Terminal Properties to a prospective buyer, according to a Friday announcement by SC State Rep. Shannon Erickson.
The announcement said that the terms of the potential sale and other matters, including the buyer’s name, are being held in confidence pending the conclusion of the sale. Such documents are exempt from disclosure under the state’s Freedom of Information Act.
Essentially, the move takes the property off the market while the potential buyer and the SCSPA finalize a purchase agreement, or contract. Terms of this agreement will include multiple due diligence periods before the sale is closed.
Although the sale is not yet complete, the Ports Authority thanks the Town of Port Royal, Sen. Tom Davis and Rep. Shannon Erickson for their tremendous cooperative spirit and support in advancing the sale.
While it could be another nine months or so before the sale closes, this is a significant step toward the eventual sale of the land. The buyer has spent months evaluating the property and is now formally invested in the site.
The effort to sell the Port Royal Terminal Properties started in 2004 as legislation was passed requiring the sale of the land. A previous contract to sell the land was terminated in March 2008.
In November, the SCSPA sold the Port Royal railroad right-of-way to the Beaufort-Jasper Sewer & Water Authority for $3 million. The line stretches from Ribaut Road to Yemassee.
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