Uncle Timmy
05-23-2007, 10:38 AM
I saw this on the local news this morning:
From WestBay, Florida Website http://westbayflorida.blogspot.com/
The Airport Authority has issued a press release that says the Florida Department of Transporation (FDOT) has committed an additional $67 million in grants for airport relocation. State funding commitments now total $119 million since the relocation effort began.
Earlier this year, the FAA indicated their support (http://westbayflorida.blogspot.com/2007/02/engineering-team-identifies-savings-faa.html) for the relocation project to Executive Director Randy Curtis. The FAA is currently working on their portion of funding for the project.
The financial plan for the airport calls for funding from federal, state and local sources, including the sale of the existing property. No local taxes are necessary for the project.
The Airport Authority's press release said (in part):
The Florida Department of Transportation (FDOT) has committed an additional $67 million in grants for the relocation of the Panama City – Bay County International Airport. State funding commitments to date total more than $119 million since the relocation effort began.
The latest state grant was formally accepted today by the Board of Directors of the Airport Authority at its regular monthly meeting. Funds for the grant come from transportation user fees. There are no local tax dollars in the grant.
Receipt of the grant requires a 50% match from local funds. Local funds will include the assessed valuation of the land donated for the airport, bonds and other non-tax sources. An assessment of the donated land is underway.
Funding from the new grant will be paid in installments beginning this year and extending to 2010 to reimburse spending on the project. An earlier FDOT commitment for a $20 million Strategic Intermodal System grant also will be disbursed in installments from 2007 and 2008 as work moves forward. State funding grants prior to 2007 totaled $32.7 million.
“Florida DOT funding is a critical part of the financial plan for the new regional airport,” said Randy Curtis, airport executive director.
“The financial plan remains on course. We expect soon to receive a commitment for substantial additional Federal Aviation Administration funding, and we are moving forward with our negotiations for the sale of the existing airport site. That sale is part of the local funding commitment. Other local funds will come from bonds which will be repaid by airport revenues,” [said Curtis].
From WestBay, Florida Website http://westbayflorida.blogspot.com/
The Airport Authority has issued a press release that says the Florida Department of Transporation (FDOT) has committed an additional $67 million in grants for airport relocation. State funding commitments now total $119 million since the relocation effort began.
Earlier this year, the FAA indicated their support (http://westbayflorida.blogspot.com/2007/02/engineering-team-identifies-savings-faa.html) for the relocation project to Executive Director Randy Curtis. The FAA is currently working on their portion of funding for the project.
The financial plan for the airport calls for funding from federal, state and local sources, including the sale of the existing property. No local taxes are necessary for the project.
The Airport Authority's press release said (in part):
The Florida Department of Transportation (FDOT) has committed an additional $67 million in grants for the relocation of the Panama City – Bay County International Airport. State funding commitments to date total more than $119 million since the relocation effort began.
The latest state grant was formally accepted today by the Board of Directors of the Airport Authority at its regular monthly meeting. Funds for the grant come from transportation user fees. There are no local tax dollars in the grant.
Receipt of the grant requires a 50% match from local funds. Local funds will include the assessed valuation of the land donated for the airport, bonds and other non-tax sources. An assessment of the donated land is underway.
Funding from the new grant will be paid in installments beginning this year and extending to 2010 to reimburse spending on the project. An earlier FDOT commitment for a $20 million Strategic Intermodal System grant also will be disbursed in installments from 2007 and 2008 as work moves forward. State funding grants prior to 2007 totaled $32.7 million.
“Florida DOT funding is a critical part of the financial plan for the new regional airport,” said Randy Curtis, airport executive director.
“The financial plan remains on course. We expect soon to receive a commitment for substantial additional Federal Aviation Administration funding, and we are moving forward with our negotiations for the sale of the existing airport site. That sale is part of the local funding commitment. Other local funds will come from bonds which will be repaid by airport revenues,” [said Curtis].