Jacksonville Port Authority Discontinues Acquisition Of Keystone Property In FL

July 29, 2008 2:06 p.m. EST

Jacksonville, FL (AHN) - The Jacksonville Port Authority is ditching plans to acquire by eminent domain 70 acres industrial waterfront property owned by Keystone Coal Co. at the northern terminus of Talleyrand Avenue after a court ruling set the site's price at $67.4 million.

The board members of the Jacksonville have decided not to appeal Judge Richard Watson's verdict after the price has expanded almost four times of what they offered before filing.

In addition, the site reportedly includes an 11-acre solid waste landfill, which would likely require environmental cleanup.

Although Jacksonville has passed on acquiring the property, reports now stated that it may have to pay million of dollars in legal fees.

First Coast News said that by state statute, the port authority could now be responsible for paying legal fees.