Wednesday, August 04, 2010

Everglades US Sugar Purchase Considered

Water Management Board To Hear Amended Purchase Contract Details

On August 12, 2010, the South Florida Water Management District Governing Board will consider an amended transaction for the acquisition of land from the United States Sugar Corporation for Everglades restoration. The amended acquisition, subject to
Governing Board approval, is designed to address changing economic conditions while providing access to land for restoration and water quality improvement projects.

• On December 16, 2008, the Governing Board of the South Florida WaterManagement District voted to accept a proposal to acquire more than 180,000 acres of agricultural land for Everglades restoration from the UnitedStates Sugar Corporation, pending financing.

• In light of dramatic changes in economic conditions and predictions of a continued uncertain financial environment, the two parties in April 2009 agreed to revise the transaction and, on May 13, 2009, the Governing Board approved a purchase and sale and lease agreement that provided for an initial $536 million acquisition of close to 73,000 acres, with options to purchase the remaining 107,000 acres during the next ten years. - Fact Sheet On Amended Agreement

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