The Real Deal Miami

Water managers approve Everglades deal

May 13, 2009 06:14PM

South Florida water managers today voted in favor of a smaller version of an Everglades land deal with U.S. Sugar Corp. The $536 million deal is for 73,000 acres of U.S. Sugar farmland, with a 10-year option to buy another 107,000 acres. The South Florida Water Management District plans to borrow money to pay for the land, and taxpayers in the district will pay off the debt. The deal began as a $1.75 billion bid but was cut down twice as the economy slowed.