DISTRICT ACQUIRES 26,800 ACRES TO
REVIVE THE RIVER OF GRASS

Background

June 2008: Governor Charlie Crist announced that the South Florida Water Management District would begin negotiating an agreement to acquire as much as 187,000 acres of agricultural land owned by the United States Sugar Corporation for Everglades restoration. Acquiring the enormous expanse of real estate offers water managers the opportunity and flexibility to store and clean water on a scale never before contemplated to protect Florida's coastal estuaries and to better revive, restore and preserve the fabled River of Grass.

December 2008: Following extensive negotiations, due diligence and public deliberation, the South Florida Water Management District's Governing Board voted to accept the negotiated proposal to acquire more than 180,000 of agricultural land for $1.34 billion, contingent upon financing and affordability.

May 2009: After gathering key input from the public, legislators and South Florida's communities and recognizing the nation's current economic climate, the South Florida Water Management District and U.S. Sugar Corporation amended the agreement providing for an initial purchase of close to 73,000 acres for $536 million, with options to purchase the remaining 107,000 acres during the next ten years when economic and financial conditions improve.

August 2010: In light of continued economic impacts, a decline in District revenues and the need to address recent federal court orders related to Everglades restoration, the Governing Board approved on August 12, 2010, a second amended and restated agreement for purchase and sale of land from the U.S. Sugar Corporation. Under the modified purchase, the District will utilize $197 million in cash on-hand to take ownership of 26,800 acres of strategically located land with high restoration potential while preserving the option to acquire 153,200 acres of additional lands, if future economic conditions allow.