JACKSONVILLE, FL- The local port authority’s sale of 38 riverfront acres to Fort Myers-based Keystone Coal Co. is expected to be finalized this week, marking the end of the authority’s attempt at an eminent domain take that was squelched in court. JaxPort approved the sale of the property Monday for $6.6 million.

The transaction will conclude a legal battle between JaxPort and Keystone that has gone on for the past four years. Under the agreement, Keystone owner Tom Scholl will pay his own attorneys’ legal bills.

The land along the St. Johns River adjoins 70 acres Scholl already owns. Under the agreement, Scholl won’t pursue legal action against the authority for alleged business lost when his 70 acres were under threat of being taken.

To read the full story from the Jacksonville Business Journal, click here.

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