Panama City - Bay County International Airport and Industrial District selects PCA Development for property sale
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The Panama City - Bay County International Airport and Industrial District has selected PCA Development LLC as the successful bidder for the sale of the existing 714-acre airport property in Panama City, Florida.
The sale will be at a purchase price of USD99m, made up of USD61m in cash and an estimated USD38m in transfer fees to the Airport Authority from the future sale of property on the current site.
The airport authority said that the final selection of PCA is contingent on the completion of a contract for sale and an irrevocable letter of credit consistent with the terms of the bid. A target limit of 45 days has been set for the negotiations.
The airport authority will continue discussions with Community Airport Development LLC, a second bidder in this process, to serve as a back-up in the event talks with PCA fail. If talks with both fail, the airport authority will continue discussions with RMC Investments LLC, which earlier had submitted a bid, or reject all bids.
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