United States Virginia change
Sri Lanka Breaking News
Sri Lanka parliament
vivalankaSri Lanka newsSri Lanka businessSri Lanka sportsSri Lanka technologySri Lanka travelSri Lanka videosSri Lanka eventssinhala newstamil newsSri Lanka business directory
vivalanka advertising
Stay Connected
Popular Searches
T20 World Cup
Sponsored Links
Sri Lanka Explorer

Santee Cooper to raise rent on lakefront lots

Oct 24, 2010 3:22:00 PM - thestate.com
The board of Santee Cooper has decided to ease its hike on rents for lots on Lake Moultrie.

The Post and Courier of Charleston reported that the state-owned utility's board announced its decision Friday to phase in a 2 percent increase on lease rates over 10 years. Santee Cooper had previously said it wanted a 3.5 percent increase to bring rents on the property closer to market value.

Homeowners on the lake can never own the property because of federal restrictions in the potential flood zones along the lake levees.

Santee Cooper owns the lake that was created by a hydroelectric dam.

The leases rates were set 40 years ago and the company wants to set a fee based on current market values. The leases will begin expiring in 2012.