Tallahassee, Fla. -- The State of Florida and U.S. Sugar Corp. have agreed to a $1.34 billion deal that will set aside 180,000 acres for Everglades restoration, the state said.
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The deal announced Tuesday was in negotiations for five months and requires approval from the boards of both U.S. Sugar and the South Florida Water Management District.
If either board votes "nay, I think the parties can continue to negotiate until it's yea," secretary of the Florida Department of Environmental Protection Michael Sole said during a conference call, the South Florida Sun-Sentinel reported.
U.S. Sugar Senior Vice President Robert Coker said he was "confident our board will approve this."
"We feel this is a good contract for us and an excellent contract for the state," Coker said.
But, U.S. Sugar is not prohibited from finding a better offer before a Dec. 16 vote deadline and farmland management firm The Lawrence Group said it was interested in submitting an offer.
The Lawrence Group said it would part with some of the land for Everglades restoration if its offer prevailed, the Sun-Sentinel reported.
"This is is far from a done deal," a statement from The Lawrence Group said.
The group said they are "moving forward with a proposal."
Copyright 2008 by United Press International.
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