By Lauren Ratcliffe
lratcliffe@scbiznews.com
Published Jan. 22, 2013

The Patriots Point Development Authority board unanimously passed a resolution outlining the lease of land to the Medal of Honor Museum Foundation.

Maj. Gen. James Livingston, left, of the Congressional Medal of Honor Society, and Ray Chandler, chairman of the Patriots Point Development Authority, revealed plans for the development of a $100 million Medal of Honor museum last fall. (File photo/Leslie Burden)

The lease would allow for the construction of a stand-alone museum and retail space. Last fall, Patriots Point unveiled plans for the $100 million project and called the future museum a “self-perpetuating” project.

The resolution stated that the authority would lease one parcel of land to the Medal of Honor Museum Foundation for $1 per year for 99 years and simultaneously, in a lease, grand the foundation the option to lease a second commercial parcel of land at the greater of fair market rental of percentage rent.

Because Patriots Point is a state agency, the lease must be approved by the S.C. Budget and Control Board. The national Medal of Honor Foundation must also agree to the terms.

“We are excited to take this step forward toward the development of a permanent location for the national Medal of Honor Museum at Patriots Point,” Patriots Point Executive Director Mac Burdette said. “This step puts the partnership between Patriots Point and the Medal of Honor Museum Organizing Committee within legal framework that will allow them to begin raising the money to build the museum.”

Patriots Point hopes the museum will bring more out-of-town visitors and further investment for the property.

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Patriots Point proposes $100M museum