Winning Bid Expected To Be Announced Tuesday

The Airport Authority is expected to announce the winning bid for the existing 715-acre airport property at the board meeting on March 27, according to a report in the Sunday News Herald.

The highest bid under consideration is $75 million, submitted by Pittsburgh-based PCA Development. However, $14 million of PCA’s bid would be derived from a small percentage of profits from sales of certain properties within the development over many years. Several principals in PCA Development were involved in the development of Wild Heron on Lake Powell.

Community Airport Redevelopment (CAR) of Salt Lake City submitted the second highest bid for $60 million. CAR increased its bid from $50 million to $60 million, with no contingency for financing. The developer was a principal in the development of Rosemary Beach.

Earl Durden’s RMC Investors declined to increase their $56.5 million bid.

According to the News Herald, Airport Authority Vice Chairman Bill Cramer, Executive Director Randy Curtis and attorney Mike Duncan will now “thoroughly vet” and analyze each of the final bids. While the $75 million bid might seem the most attractive, $14 million is contingent on market conditions.

The Airport Authority had initially projected a necessary sale price of $54.5 million to make the financial plan work. Cramer told the News Herald: “We need to get as much money as we possibly can out of the property.”

All bidders were required to submit an irrevocable letter of credit and would not take ownership of the property until the airport relocates, currently slated for 2009.

The winning bidder must go through the DRI process and is subject to zoning by the Panama City Commission. No development can occur on the existing airport property until the winning bidder gets the necessary state and local approvals.