Update on Sale of Sugar Land in Florida
Back in May, we reported plans for an Everglades restoration project in South Florida involving the sale of sugar land to help reestablish the natural habitat of the wetlands.
In short, the South Florida Water Management District (SFWMD) was to purchase over 72,000 acres of land from U.S. Sugar as part of a comprehensive restoration project.
The total plan, which has been under negotiation for well over a year, involves over $2.2 billion and 110,000 additional acres.
Last week, Reuters reported on a Palm Beach County Circuit decision that will help enable this preliminary sale of sugar land.
According to the ruling, SFWMD will be permitted to sell certificates of participation worth upwards of $650 million to partially fund the deal.
U.S. Sugar, the nation's largest sugar-cane grower, was surprisingly eager to make the transaction, no doubt to the delight of environmentalists, administrators who oversee water operations in the state of Florida, and Florida's Governor Charlie Christ.
Opponents however, such as the Miccosukee Tribe and another sugar company called Florida Crystals, criticize the plan as inefficient and ineffective.
According to Reuters,
"The opponent call the plan a waste of taxpayers' money that will actually slow restoration of the Everglade wetlands, a distinctive ecosystem that is home to 68 endangered species."A spokesman for the water district expects an appeal of this preliminary victory.
It's interesting that this is happening at a time when sugar prices are climbing, global sugar supply is reportedly dwindling, large food manufacturers are begging for the ease of import quotas on sugar, and...
Cooperative Purchaser's has the best wholesale sugar prices on all types including: Regardless, neither the Everglades nor the sugar industry is likely to see this project take off at the speed of an airboat.
Should the project get the full go-ahead, terms are in place for a gentle transition.
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