Santee Cooper to raise rent on lakefront lots

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.