10/05/06
PRESS RELEASE
FOR IMMEDIATE RELEASE OCTOBER 5, 2006
________________________________________________________________________
AIRPORT AUTHORITY RECEIVES BIDS TO PURCHASE
CURRENT AIRPORT SITE
Panama City, FL (Oct. 5, 2006) – On September 25, 2006, the Airport Authority received four (4) proposals for purchase of the existing airport site. The proposals are being reviewed by the Airport staff and consultant personnel. An evaluation of each proposal will consider the following criteria: financial capacity of the buyer, purchase price; timing and amount of payments; terms and conditions (if any); proposed contributions to the community and previous Florida mixed-use experience. It is important to note that the buyer must secure all required local, state and federal permits prior to redevelopment of the property.
The current financial plan for the relocation project, which was established prior to the receipt of bids, includes an amount of $54.5 million as the estimated fair market value of the property. The evaluation team will prepare a summary report of the proposals and their findings to be presented to the Airport Board of Directors at the October 16th Board Meeting. “I am pleased with the financial qualifications of the bidders and the quality of their responses,” said Airport Board Chairman Joe Tannehill. “We are making excellent progress towards the successful resolution of the local component of our financial plans. These bids provide the Board with a number of options that we will carefully review in order that we reach the best outcome for the relocation project and more importantly our community.”
The following is a list of the proposing parties and proposal highlights:
Ashwood Development Company
Atlanta, Georgia
Bid Proposal Amount: $30,000,000.00
Proposal Highlights:
Ashwood Development outlined the following as community contributions, use of local professional and trade labor, stimulation of local economy, local hotel and retail office space. More specific details include, 1,782 single family lots, (1,181 waterfront and 601 water view/interior), 920 condominiums, 250,000 square feet of retail space, 330,000 square feet of office space, 140,000 square feet of out parcel retail, a 500 room hotel, a 480 slip marina, and 25 acres reserved for future school space. The proposal includes the dredging of an extensive canal system throughout the property.
Community Airport Redevelopment, LLC.
Salt Lake City, Utah
Bid Proposal Amount: $50,000,000.00
Proposal Highlights:
CAR plans to provide for higher learning, economic development and public safety amenities. In doing this they have proposed two Conceptual Plan variations. The first includes a public marina, town center, educational campus, sports complex and light retail and office space. The second includes similar amenities with the exception of the sports complex, being replaced by a golf course component.
PCA Development, LLC.
Pittsburgh, Pennsylvania
Bid Proposal Amount: $61,000,000.00
Proposal Highlights:
PCA Development, LLC has outlined the following as community contributions, rise in employment though use of local professional and trade labor, stimulation of the local economy through sales revenue and increased tax base, local hotel and retail office space. More specific details include: a town center and entertainment district, 1,245 single family lots, (1,050 Traditional Neighborhood Design development lots, 75 estate lots, and 120 high end lots), 1,200 multi-family units (330 affordable and 870 market rate) 1,800 condominiums, 250 resort/condo/hotel rooms, 120 residential lofts, 515,000 square feet of commercial area/space, 195,000 square feet of office space, 425 assisted living units and a 200 dry slip marina with 6,000 square feet of ship store/restaurant.
RMC Investors, LLC.
Panama City, Florida
Bid Proposal Amount: $56,500,000.00
Proposal Highlights:
RMC has not offered any proposed use for the property. They will consider the Master Plan concepts that were outlined in the RFP information. The firm has suggested they would provide adequate parks and recreational areas as determined by their experienced and knowledgeable land planner.
For further information/questions
Contact Randy Curtis, Executive Director (850) 763-6751