Port Royal looks to raise $10 million as development deal nears (Update: Deal for $4.5M)

Seven flags over Port Royal.

(Updates at the bottom.)

As the Town of Port Royal approaches a finalized deal for the selling and redevelopment of the old port, town leaders are coming up with a $10 million list of infrastructure improvement needed to facilitate the growth.

And the town is looking to make a deal with Beaufort County and the school district to channel the money out of taxes on growth.

The Island Packet has the rundown; take a read here.

Update January 5: The Island Packet writes that a plan is coming together to borrow $4.5 million to start the wish list of projects.

Update January 12: The Island Packet writes that the proposal has passed first reading — look for their brief update under "In other business, council".

Update February 10: With buy in from the county and school district, Port Royal leaders have approved the first round of improvement -- $4.5 million -- and to borrow dollars until development tax dollars kick in. Head on over to The Island Packet's report to read about the deal.