USA - SOUTH CAROLINA Law and Practice Contributed by: Matt Norton and Christian Kolic, K&L Gates
4.7 Enforcement of Restrictions on Development and Designated Use Restrictions on development and the designated use of property are generally enforced at the per - mit level; land disturbance and building permits are denied if the proposed project is not con - sistent with applicable restrictions. Certificates of occupancy may be denied for the same rea - son. Restrictions on use and the development of property may also be enforced by both the local governmental authorities and the public by way of legal proceedings seeking to enjoin the unau - thorised use or development of the property. 5. Investment Vehicles 5.1 Types of Entities Available to Investors to Hold Real Estate Assets Title real estate can be held by any legally rec - ognised entity having a separate legal existence, including partnerships, LPs, LLCs, corporations, and statutory trusts. Title can also be held by trustees under common law trusts. The type of entity most frequently used to hold title to real estate is the LLC. LPs are also frequently used. The use of corporations and partnerships as title-holding vehicles is less common. 5.2 Main Features and Tax Implications of the Constitution of Each Type of Entity Limited Liability Companies (LLCs) LLCs provide limited liability protections – mem - bers and managers are not liable for debts of the LLC. LLCs have great flexibility with respect to: • management and control options; • allocations of profits, losses, and other tax attributes among the members; • distributions among the members; and
ings. The public is given the right to object to any requested variances or zoning amendment and to participate in the related public hearings. 4.5 Right of Appeal Against an Authority’s Decision Most state and local authorities have a board of zoning appeals or a functionally equivalent body that is expressly authorised to hear appeals from permitting and zoning actions, including deni - als of or the imposition of conditions on permits and zoning variances. Aggrieved parties gener - ally have an appeal as a matter of right to the appeals board with respect to any adverse deci - sion made under a zoning or development ordi - nance, including adverse decisions with respect to the issuance of permits. 4.6 Agreements With Local or Governmental Authorities The construction or development of projects that are in conformity with applicable zoning and land-use requirements does not require specific agreements with local authorities. Nevertheless, in order to provide certainty to developers prior to the investment of substantial funds, local governments are authorised to enter into devel - opment agreements with property owners. The development agreements are intended to allow for pre-approval of the scope and permitting of a proposed project and will typically address zon - ing and land-use issues, density, infrastructure, and the funding of related public services. Local governments are required to have one or more public hearings after public notice before entering into development agreements. Devel - opment agreements are commonly used in con - nection with larger projects and where the spe - cific project requires amendments or variances from the current zoning.
1286 CHAMBERS.COM
Powered by FlippingBook