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Seminoles to help plug budget gap, seal gambling deal

By: Mary Ellen Klas

Source: Miami Herald

As legislative budget negotiations reached a stalemate Wednesday, Gov. Charlie Crist and the Seminole Tribe offered the state a financial lifeline: $1.1 billion in cash over two years in return for giving the tribe a gambling monopoly.

The Seminoles would send the state an unprecedented check for $600 million in 2009-10 and another for $500 million, if needed, in 2010-11. During the 25-year agreement, the total minimum payment to the state would be $2.5 billion, minus interest payments for the upfront money in the first two years.

The trade off for Florida: no payment at all in year three, then payments that would slowly ramp up again in years four through 25.

Seminoles offer $1 billion to seal gambling deal

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