SC utility to raise rents at lake subdivisions
Jun 14, 2010 10:32:00 AM - thestate.com
South Carolina's state-owned utility wants to raise rents - some which are as low as $75 a year - on some of the more than 350 properties it leases at subdivisions at Lake Moultrie.
The Post and Courier of Charleston reported Monday that the land owned by Santee Cooper in the three subdivisions is within the dike system of the lake northwest of Charleston, so it is only rented and can never be sold.
The lots, many of them on the waterfront, have everything from large homes to mobile homes.
But many of the 40-year leases expire in 2012 and the utility wants the new rents to better reflect fair market value.
"If we rolled over the leases at the current rate, we would not be fair to our rate payers," said R.M Singletary, the executive director of corporate services for the utility that provides power to 2 million South Carolinians either through its own distribution or though the state's electric cooperatives.
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