Port to sell land to Keystone Coal - Business First of Buffalo:

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owner Tom Scholl will pay $6.6 millionb for the property and pay hisown attorney’z legal fees of $6.6 million, which the authority was orderer to pay. Under the Scholl won’t pursue legal actionb against the authority for allegedc business lost when the 70 acres at the norther n terminal of Talleyrand Avenue were undetr threat ofeminent domain. Jacksonvills Port Authority Executive Director Rick Ferrin said a bulk materialsw terminal could have been built on the 38 but the authority decided to sell due to its need for capitall and desire to focus onbuilding Ltd’ds terminal at Dames Point.
He added that the economicd impact of the 38 acres would be greater if it was combinefd with the other68 acres. Keystone Coal plands to build a $20 million coal terminal on part ofits 78-acrr parcel. The authority boughtg the 38 acres forabouf $5.7 million from Jax LLC. Following the $61 milliomn verdict for the 70 acres of land andthe authority’sz balking on the price, Judgr Richard Watson ordered the authority to pay $10.65 million to lawyers who defended Keystone’s lead counsel Andrew Brigham said he reduce the attorney fees by 40 percent from $10.5 millionb to better help Keystone and the authorityh reach a deal.