Mar
18

Beaufort – Deadline Missed in Sale of Port

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Another Deadline Missed in Sale of Port of Port Royal

March 18, 2008

By ALEXIS GARROBO
agarrobo@beaufortgazette.com

Buyers missed another deadline Monday in a string of missed targets related to the sale of the Port of Port Royal.

Port Royal Harbour LLC, which has agreed to buy the 316-acre port from the S.C. State Ports Authority for $25.9 million,was due to have handed over $2 million by Monday. The transaction, already pushed back twice — once for nine days and again in February for 30 days — would signify the end of the due diligence period.

The sale of the port already has been pushed back more than a year from the original deadline set by a state legislative motion.

In a one-sentence e-mail received late Monday, Ports Authority spokesman Byron Millerwrote: “I don’t expect anything today.”

Port Royal officials routinely have said they’re not worried about the delays and still are working toward an Aug. 31 closing date.

Town manager Van Willis could not be reached for comment Monday.

Town Councilman Joe Lee said he’s interested to hear what the buyers have to say.

“At this point, I just don’t know. Let’s wait and see what they’ve got to say,” he said.

The transfer of the $2 million marks the buyer’s commitment to purchasing the port and sets a 60-day clock ticking until the sale closes, according to the port purchase agreement.

Once the sale closes, the five-year development of the port can begin as designated in a separate agreement between the town and the Ports Authority.

The redeveloped port is expected to include a mix of a residential and commercial uses along with a dock and drystack marina.

http://www.beaufortgazette.com/local/story/223326.html

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