Despite ruling, officials OK construction funding package; cost-saving terminal design is unveiled
PANAMA CITY
A federal judge might have put construction of the new Panama City-Bay County International Airport on hold, but that didn’t stop the Airport Authority from taking a number of significant steps advancing the project during a special board meeting Tuesday.
After a presentation from financial adviser Sasha Page of Infrastructure Management Inc., the board voted unanimously to approve a complicated funding package that will generate between $95 million and $105 million in funds for construction of the airport.
Included in the package is a “commercial paper” package to be managed by Regions Bank that is expected to generate between $70 million and $80 million, and a State Infrastructure Bank Loan Agreement for another $25 million.
“This is the short-term financing for the construction,” said Airport Executive Director Randy Curtis. “It’s the local share of the program.”
Currently, officials estimate it will cost $312 million to construct the new airport. In addition to the financial package approved Tuesday, $83 million in state grants, $79 million from the federal government and $51 million from the sale fo the existing airport will cover the project’s costs. The state and federal grants already have been approved but not yet conveyed to the Airport Authority.
The board also confirmed Tuesday it formally has taken possession of the 4,000-acre site on West Bay donated by The St. Joe Co. Attorney Michael Duncan told the directors the transfer deed was filed with Bay County on Monday in a “typical land-donation transaction.”
This prompted Director Andy McKenzie to push the Airport Authority to obtain $6 million in liability insurance for the property. The board unanimously approved an annual premium payment of $120,000 for the coverage.
Despite ruling, officials OK construction funding package; cost-saving terminal design is unveiled.
This artist’s rendering shows how the interior of the new Panama City-Bay County International Airport could look upon completion in West Bay.
In a third step toward development, the Airport Authority heard an update briefing from HTNB Architecture Inc., which is conducting a review of the terminal design.
Architect Vlasta Poch provided a detailed briefing on design changes officials said will trim overall construction costs by $7 million in addition to a previous design change that had lopped $5 million off the initial estimate.
Among the key changes to the terminal was the proposed elimination of an open, square courtyard in the main terminal that Poch said inadvertently would create foottraffic constrictions that could clog the facility during peak usage hours. A second change was to propose the construction of a 7,400-square-foot annex to the terminal building to house the baggage loading and sorting system. Original plans called for the equipment to be located on the ground floor underneath the elevated concourse to the planned five aircraft gates.
The new design also reduces the amount of glass windows in the terminal by up to 50 percent.
Poch said the architects expect to have the new blueprints complete and ready for bidding by Jan. 10.
Despite the flurry of activity Tuesday, the Airport Authority has deferred the start of site clearing at the new airport site pending a Dec. 18 hearing by three federal appellate judges.
At that time, the judges are expected to rule on a motion to block construction until the full 2nd Circuit Court of Appeals in New York can rule on a lawsuit by three organizations seeking to overturn the Federal Aviation Administration’s Record of Decision last year approving the new airport.
