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SC utility to raise lease rates for lake lots - Live5News.com | Charleston, SC | News, Weather, Sports

SC utility to raise lease rates for lake lots

MONCKS CORNER, S.C. (AP) - The South Carolina state-owned utility plans to charge more to people who lease lots on Lake Moultrie.

Santee Cooper officials want to charge residents in three subdivisions on the lake 3.5 percent of the lot's appraised value.

Bruce and Vickie Barnes say they pay $1,500 a year for their waterfront lot. They say the increase could mean a lease cost of about $4,000. Bruce Barnes says when he bought the house nine years ago, he wasn't expecting to pay an extra $300 or $400 a month to live there on land he will never own.

Santee Cooper executive vice president R.M. Singletary says about 350 lots near the water are priced well below market value. Many of the leases expire in the coming decade and Santee Cooper wants to set a fee based on current market rates.

Information from: The Post and Courier, http://www.postandcourier.com

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