Board expected to OK bid for sale of current Airport.
July 10, 2007
By S. Brady Calhoun News Herald Writer 747-5075
bcalhoun@pcnh.com
PANAMA CITY The Airport Authority is expected to accept a bid for the sale of the 715-acre airport site today. Airport officials have been examining the proposals of three bidders since March. Airport Authority Vice Chairman Bill Cramer heads up the committee that has been reviewing the bids. He said the Airport Authority would hear opinions about the legal and financial aspects of the bids during a meeting this morning before making a final decision. “This is not your typical highbid proposal,” Cramer said. “The board has got a lot of latitude to what it does.” When approved, the board will get a letter of credit from the winning bidder that it will be able to borrow against as construction on the new airport begins. When the new airport in West Bay is completed and the old one is decommissioned, the airport authority will be paid by the winning bidder, Cramer said. Then the authority can start paying back its loans. Pittsburgh-based PCA Development offered $75 million, with $61 million up front and the remaining $14 million to be paid over more than two dozen years as a percentage of profits from sales of some properties within the development. PCA’s plans call for a villagestyle, mixed-use town center with an entertainment district and about 48 acres of lakes and 39 acres of open spaces and parks. Utah-based Community Airport Redevelopment, or CAR, bid $60 million with $10 million of the offer available upon signing a contract. A local group, RMC Investors, bid $56.5 million. The Airport Authority plans to relocate the Panama City-Bay County International Airport to a 4,000-acre, St. Joe Co.-donated site at West Bay. The $331 million relocation project is to be funded in thirds by state grants, federal grants and the sale of the current airport property, coupled with bonds floated by the authority. Cramer and Airport Executive Director Randy Curtis said the bids are well within the amount the airport authority expected for this portion of the budget for construction of the new airport. “The original number that was established for the proceeds of the sale was $54 million,” Cramer said. “Things have changed since then up and down. The two top bids are significantly in excess of that amount.” The Airport Authority will not have oversight on what the bidder builds on the old site, Cramer added. However, the terms of the bid contract will require the bidder to seek approval from local, state and federal officials before they build. “We wanted to make sure the public is well protected, but we’re not in the zoning business,” Cramer said. Advertise on this site Ads by Google Panama City Beach Condos $99: Summer Blowout + Kids Eat Free Book Online or Call Toll Free www.BookIt.com Panama City Real Estate Search for homes in Panama City FL MLS Listings w/ pics & info! bay2beachteam.com Panama City Beach Homes Panama City Beach Florida Condos View by Photos, Price, Size & More. www.homes-just-listed.com Bid & Proposal Software Win more government contracts with Privia bid lifecycle software www.synchris.com
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PANAMA CITY The Airport Authority is expected to accept a bid for the sale of the 715-acre airport site today. Airport officials have been examining the proposals of three bidders since March. Airport Authority Vice Chairman Bill Cramer heads up the committee that has been reviewing the bids. He said the Airport Authority would hear opinions about the legal and financial aspects of the bids during a meeting this morning before making a final decision. “This is not your typical highbid proposal,” Cramer said. “The board has got a lot of latitude to what it does.” When approved, the board will get a letter of credit from the winning bidder that it will be able to borrow against as construction on the new airport begins. When the new airport in West Bay is completed and the old one is decommissioned, the airport authority will be paid by the winning bidder, Cramer said. Then the authority can start paying back its loans. Pittsburgh-based PCA Development offered $75 million, with $61 million up front and the remaining $14 million to be paid over more than two dozen years as a percentage of profits from sales of some properties within the development. PCA’s plans call for a villagestyle, mixed-use town center with an entertainment district and about 48 acres of lakes and 39 acres of open spaces and parks. Utah-based Community Airport Redevelopment, or CAR, bid $60 million with $10 million of the offer available upon signing a contract. A local group, RMC Investors, bid $56.5 million. The Airport Authority plans to relocate the Panama City-Bay County International Airport to a 4,000-acre, St. Joe Co.-donated site at West Bay. The $331 million relocation project is to be funded in thirds by state grants, federal grants and the sale of the current airport property, coupled with bonds floated by the authority. Cramer and Airport Executive Director Randy Curtis said the bids are well within the amount the airport authority expected for this portion of the budget for construction of the new airport. “The original number that was established for the proceeds of the sale was $54 million,” Cramer said. “Things have changed since then up and down. The two top bids are significantly in excess of that amount.” The Airport Authority will not have oversight on what the bidder builds on the old site, Cramer added. However, the terms of the bid contract will require the bidder to seek approval from local, state and federal officials before they build. “We wanted to make sure the public is well protected, but we’re not in the zoning business,” Cramer said. Advertise on this site Ads by Google Panama City Beach Condos $99: Summer Blowout + Kids Eat Free Book Online or Call Toll Free www.BookIt.com Panama City Real Estate Search for homes in Panama City FL MLS Listings w/ pics & info! bay2beachteam.com Panama City Beach Homes Panama City Beach Florida Condos View by Photos, Price, Size & More. www.homes-just-listed.com Bid & Proposal Software Win more government contracts with Privia bid lifecycle software www.synchris.com