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

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owner Tom Scholl will pay $6.6 million for the propertyu and pay hisown attorney’ws legal fees of $6.6 which the authority was ordered to pay. Unded the arrangement, Scholl won’t pursue legapl action against the authority for alleged business lost when the 70 acresa at the northern terminal of Talleyrand Avenue were undert threat ofeminent domain. Jacksonvillre Port Authority Executive Director Rick Ferrin said a bulk materialxs terminal could have been buily on the 38 but the authority decided to sell due to its need for capitap and desire to focus onbuilding Ltd’ws terminal at Dames Point.
He added that the economicx impact of the 38 acres would be greater if it was combined with the other 68 Keystone Coal plans to builda $20 million coal terminao on part of its 78-acred parcel. The authority boughty the 38 acres forabout $5.7 millionn from Jax LLC. Following the $61 millio verdict for the 70 acres of land andthe authority’s balkingf on the price, Judge Richard Watson ordereed the authority to pay $10.5 million to lawyers who defendedd Keystone. Keystone’s lead counsel Andrew Brigha said he reduced the attorne y fees by 40 percentfrom $10.6 million to better help Keyston and the authority reach a deal.