FAA Commits Funds for Airport Relocation

Big news. Very big news.

Today the FAA sent a funding commitment letter to the Airport Authority saying they will provide at least $72 million over four years for the relocation of our airport. This meets the full amount requested by the Airport Authority.

Additonally, the Airport Authority will be able to use their annual entitlement funds for the project as they become available. These funds total about $7 million, bringing the total available to the Airport Authority over the next four years to somewhere around $79 million.

By providing the funds over four years instead of the longer period anticipated by the Airport Authority, the financing costs will be considerably lower. And that, in turn, will lower the cost of the relocation project overall.

With a commitment in hand from the FAA, all the elements of the financial plan are in place. There's still work to be done, but this is a big step forward.

Earlier this week, the Florida Department of Transportation committed an additional $67 million in state grants for the project. Since the relocation effort began the State of Florida has committed approximately $119 million.

The St. Joe Company has already agreed to donate the 4,000 acres for the airport site.

And finally, the Airport Authority is continuing negotiations of final contract terms with the probable high bidder for the existing airport property.

Big news. It’s all coming together.

I’m sure our resident critics – plus our New York City-based critics – will find something to attack. In their world, everyone is in on the conspiracy to build an airport no one wants.

But back here in the real world, the fact is that every organization and agency that has seriously looked at this opportunity has backed it. And now, the state and federal government have agreed to fund their portion of it.

Think of all the people who drove here this weekend – many from more than 10 hours away. Now consider how much better it will be when they can get a reasonably priced airfare to fly here instead.

This is a day to remember for our community.