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The $1.34 billion sale contract includes the righyt to lease the property forseven years. The governinfg board of the South Florida Watetr Management District is set to vote on thecontract Dec. 16. The goal of the land purchasde is to create anatural flow-wayt of water between Lake Okeechobee and the southerjn Everglades. U.S. Sugar spokesman Robert Coker calledhis board's approval a milestone in a transaction. "We are hopeful that the governing boardx of the South Florida Wated Management District will take up and approve the contracft earlynext week, bringing Gov. Crist’sx bold plans for Evergladez restorationto fruition,” he said in a news U.S.
Sugar said will now have a two-month perios to shop the company and give other interestedpurchaserz – including the Tennessee-based , which has indicated interest in the sugar giant – a chanc to make a better offer. Also approved Mondayu was a comprehensive severance package for both hourly andsalaried U.S. Sugar said the package providesone year’s salaryg for all hourly employees and two salary for all salaried employees to be paid if the company shuts down at the end of sevebn crops. “Hopefully, this safety net will not be Coker said inthe release. U.S. Sugar has said it plans to continue running its processing plant and build anethanol plant.
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