Khan's Shipyards plan: City donates land, shares in proceeds if developed

Under Shad Khan’s proposal for the Shipyards, the city would give the site to his development company while retaining liability for any environmental issues that arise.

That could cost the city up to $35 million in environmental cleanup. If the cost went over $35 million, Khan could terminate the deal.

Khan’s company Iguana Investments Florida would act as master development of the mixed-used project, which he laid out in broad strokes last week. Iguana would be responsible for all costs related…