(Columbia) March 3, 2005 - The state Budget and Control board has given its approval to a relocation of the State Farmers Market.

The Joint Bond Review Committee last month approved borrowing $10 million to help finance the state's part of the project. The state is putting about $27 million into the move, including the $10 million approved Thursday and at least $14 million generated by selling the old Farmers Market.

Governor Mark Sanford and Comptroller General Rick Eckstrom voted against the move. The governor says the cost of the plan may harm the state's credit rating.

A week ago Standard and Poor's put a negative outlook on South Carolina's debt and cited the governor's plan to reduce income taxes as the reason.

The deal to move the market hinges on selling the old site. The university of South Carolina has promised to pay a minimum of $14 million for the site across from Williams-Brice Stadium. USC wants to put new athletic facilities there, including a field for soccer and many of the Olympic sports along with the athletic department office.

The new proposed market site is near Interstate 77 and Shop Road about four miles from its current location near Williams-Brice Stadium.

Richland County is putting more than $19 million into the project. Richland County has also promised $250,000 a year for 20 years to promote the new market and $500,000 in engineering and architectural costs to develop the site.

The county also will borrow money so three of the market's major wholesalers can construct buildings at the new site. The three companies will repay the county over 20 years.

Updated 5:19pm by Chris Rees