The Real Deal Miami

Doubts raised on U.S. Sugar deal

December 15, 2008 03:26PM

With a deadline looming, critics and appraisers are raising doubts about the cost and impact of the state’s proposed $1.34 billion purchase of 180,000 acres of U.S. Sugar Corp. land for Everglades reservation. Appraisals released Friday suggest that the asking price could be $300 million more than the land is worth. The state’s budget problems and the recession pose other economic worries for the South Florida Water Management District’s governing board,
the body charged with making the decision. Officials and residents of
Clewiston, where a U.S. Sugar mill is located and sugar powers the
local economy, worry that their town will not survive the sale of the U.S. Sugar land. TRD