<FAA Awards Final Record of Decision>

09/15/06

FAA ISSUES A RECORD OF DECISION APPROVING RELOCATION OF

PANAMA CITY – BAY COUNTY INTERNATIONAL AIRPORT

Panama City, FL (September 15, 2006) – The Panama City – Bay County Airport and

Industrial District (Airport Authority) announced today that the Federal Aviation Administration (FAA) had issued its Record of Decision (ROD) approving the relocation of the Panama City – Bay County International Airport(PFN) to the proposed site in West Bay on land donated by The St. Joe Company (NYSE: JOE).
The ROD is the most significant milestone to date in the effort to relocate PFN. The Airport Authority has sought to relocate the airport to address deficiencies at the current site and to meet future projected aviation demand. Now with the FAA’s official approval, the Airport Authority is eligible for federal Airport Improvement Program funds to assist with the relocation project." On behalf of Bay County and Northwest Florida, I’d like to thank the FAA for their extraordinarily thorough analysis,” said Joseph Tannehill, chairman of the Panama City – Bay County International Airport Authority and Industrial District. “The FAA has extensively researched and evaluated this project to reach this determination.” “The FAA, through its in-depth analysis has provided an independent, objective validation of the need for this airport,” said Tannehill. “Because of the FAA’s efforts, the people of Northwest Florida will have an airport that meets all federal safety and design standards. Furthermore, it will provide an economic development platform, which will be capable of attracting quality jobs and competitive airfares to Northwest Florida.” “We are very pleased with the FAA’s decision,” said Airport Executive Director Randy Curtis. “We believe it is the best decision for our community and the surrounding region. We still have work to do, but this is an extremely important step. We very much appreciate the time, attention to detail and the efforts the FAA has devoted to the Panama City-Bay County International Airport on this project.” The proposed airport relocation site is in northwestern Bay County on land currently owned by The St. Joe Company. The St. Joe Company has graciously donated the 4,000 acres which is to be used for the new airport. Ownership of that land is to be conveyed to the Airport Authority in accordance with an agreement between the St. Joe Company and the Authority.

How to Get A Copy of the ROD

Copies of the Record of Decision will be available at the Airport administrative offices upon request or by visiting the Airport’s website at www.pcairport.com To request a copy of the ROD please submit a written request to the Executive Director of the Panama City–Bay County International Airport at 3173 Airport Road, Box A, Panama City, Florida 32405.

08/30/06

The Panama City-Bay County Airport and Industrial District workshop previously scheduled for August 31, 2006 has been rescheduled to September 21, 2006. The District is seeking industry input regarding construction management options pertaining to the relocation of the Panama City-Bay County International Airport. This project has an estimated construction cost of $278 million. The project is expected to begin construction in early to mid 2007. The Airport Board will be conducting this special workshop to allow interested firms the opportunity to share their experiences concerning construction management of airports and to recommend specific construction management approaches and construction delivery methods for the implementation of the relocation of the airport. This workshop will be held at 9 a.m. (CST) on September 21, 2006, in the Board Room on the second floor of the Panama City-Bay County International Airport terminal building, Panama City, Florida. For further information please contact Randy Curtis, Executive Director, (850)763-6751. Please notify the airport if you wish to attend and speak by e-mailing phenderson@pcairport.com.

08/07/06

The Panama City-Bay County Airport and Industrial District is seeking industry input regarding construction management options pertaining to the relocation of the Panama
City-Bay County International Airport. This project has an estimated construction cost of $278 million. The project is expected to begin construction in early to mid 2007. The Airport Board will be conducting a special workshop to allow interested firms the opportunity to share their experiences concerning construction management of airports and to recommend specific construction management approaches and construction delivery methods for the implementation of the relocation of the airport. This workshop will be held at 9 a.m. (CST) on August 31, 2006, in the Board Room on the second floor of the Panama City-Bay County International Airport terminal building, Panama City, Florida. For further information please contact Randy Curtis, Executive Director, (850)763-6751. Please notify the airport if you wish to attend and speak by e-mailing phenderson@pcairport.com.

6/27/06

In the June Meeting the Airport Board authorized the work to revise the Benefit Cost Analysis to comply with the FAA comments to the previously submitted version. This work has begun and is scheduled to complete in September 2006.

5/16/2006

On May 12, 2006, the FAA issued the Final Environmental Impact Statement. The FAA studied various alternative sites and selected the West Bay Site 8,400 foot runway alternative as its preferred alternative. This site has been deemed the operationally preferred location as compared to the Existing Airport Site. The FAA will subsequently issue a Record of Decision regarding the project. This is expected in September 2006.