USC’s foundation is spending $2.5 million on a property tied to a board member

The University of South Carolina’s Development Foundation is spending $2.5 million to buy property that is tied to a board member without any concrete plans for what to do with the land.

The land, 547 acres, once was part of the Green Diamond development plan. The land is prone to flooding and is within a Federal Emergency Management Agency flood zone, according to media reports and property records.

USC has no specific plans for what to do with the property, spokesman Jeff Stensland said.

What’s more, the $2.5 million used to buy the property — should state lawmakers approve it — could redirect funds USC is planning to use for other projects.

The land is owned by Columbia Venture LLC, of which Myrtle Beach development company Burroughs & Chapin is a minority owner.

USC board of trustees member Egerton Burroughs is a “director emeritus” at Burroughs & Chapin, according to the company’s website. Burroughs recused himself by announcing his recusal and leaving the meeting.

In an interview with The State, Burroughs downplayed his position at Burroughs & Chapin, saying “I’m not on the board anymore” and joking that “they put me out to pasture,” by giving him the title of emeritus.

Board member C. Dan Adams also recused himself from conversation and the vote regarding the property purchase, but it is unclear why.

Trustees initially voted 10-6 to buy the property — a rare split vote. Then board member Leah Moody, who originally voted no, changed her vote to be a yes. She did not say why.

The USC Development Foundation will buy the land for $2.5 million and then plans to sell it to the university within 18-24 months, said Ed Walton, the senior vice president for administration.

However, in order for USC to buy the property from its foundation, it needs approval from state lawmakers.

Should it be approved, the money from USC will come from capital acquisition funds, which means USC will have to pull the money from other projects, Walton said.

“I don’t know what it would be, but something in the five-year plan won’t get done,” Walton said.

The properties are adjacent to several properties USC’s foundation purchased in 2014 from a bankruptcy sale.

Walton said the land could be used for agricultural research or other uses, but he did not offer specifics.

One of the longstanding concerns with the Green Diamond property was the fact that it is in in a FEMA flood zone, property records show.

The former Green Diamond project was supposed to be a $1 billion “city within a city” that included fancy homes, golf courses and retail. Since then, the 4,500-acre chunk of land has been sold off piecemeal. Companies associated with S.C. Rep. Kirkman Finlay, R-Richland, have purchased roughly 2,900 acres of that land to be used for farming and hunting, The State has previously reported.

On Friday morning, a reporter for The State drove down South Beltline, which runs in the middle of Columbia Venture’s property. There had been several, straight days of rain, but the property — which appears to have had crops grown on it recently — had only a few puddles.

Under more extreme weather conditions, however, it is clear the area is prone to flooding. For one, there is a sign on the road that says “WATER ON ROAD” cautioning drivers.

During the 2015 historic floods, much of the Green Diamond development site was underwater, archived news photographs show.

This story was originally published March 6, 2020 at 5:11 PM.