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Politics : Formerly About Advanced Micro Devices

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To: Road Walker who wrote (394402)	6/26/2008 6:15:05 PM
From: tejek	Read Replies (2) of 1579872

Price of U.S. Sugar deal really $2.2 billion, water managers say palmbeachpost.com By JENNIFER SORENTRUE Palm Beach Post Staff Writer Wednesday, June 25, 2008 The price tag on the largest conservation land deal in Florida's history is almost half a billion dollars higher than state officials originally announced, water managers said this afternoon. The South Florida Water Management District said it would spend $2.2 billion to buy out U.S. Sugar Corp. - $450 million more than the $1.75 billion price that state leaders announced Tuesday at a news conference near Wellington. Gov. Charlie Crist spoke at the news conference, calling the deal a history-making boon for the Everglades. The net price will still be $1.75 billion, but only after U.S. Sugar pays the district roughly $500 million to lease back its property for the next six years, said Paul Dumars, the district's chief financial officer. Under the plan, the district will get 187,000 acres owned by U.S. Sugar and 100 percent of the company's assets. The district still hasn't conducted any appraisals of what the land is worth. The district plans to pull about $50 million from its reserves to pay for the purchase. The district would sell certificates similar to bonds to cover the remaining $1.7 billion, adding interest and other finance costs that will boost the final cost even further. The certificates can be sold without voter approval, unlike some other forms of government debt.

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