The World’s Next Great Aerospace Corridor
A federal appeals court in May ended the last pending legal challenge to the new Panama City-Bay County International Airport, denying a petition for review of the Federal Aviation Administration’s decision approving the relocation to West Bay.
The World’s Next Great Aerospace Corridor
A federal appeals court in May ended the last pending legal challenge to the new Panama City-Bay County International Airport, denying a petition for review of the Federal Aviation Administration’s decision approving the relocation to West Bay.
The review had been sought by the National Resources Defense Council, Defenders of Wildlife and Friends of PFN. The ruling ends all pending legal challenges to the airport relocation, absent a petition for rehearing or appeal to the U.S. Supreme Court.
The new airport, the first international airport built in the United States since Denver International Airport was completed in 1995, is currently under construction and is 55 percent complete. Opening is scheduled for May 2010.
The airport is being built on 4,000 acres donated by The St. Joe Company and is part of the West Bay Sector Plan, a 75,000-acre regional planning effort, one of the largest ever in Florida.
In its decision, the Court ruled the FAA’s conclusion that no prudent alternatives to the proposed West Bay Site existed was "not arbitrary, capricious … abuse of discretion or otherwise contrary to law."
Investing Florida’s Pension Fund Dollars at Home
Hoping to spark Wall Street interest in Florida investments, Gov. Charlie Crist in May 2008 went to the New York Stock Exchange for a ceremonial signing of legislation setting up the state’s largest-ever economic stimulus package.
This past summer, more than a year later, the State Board of Administration released a $250 million plan — the Florida Growth Fund Initiative — to start investing state pension dollars in Florida businesses.
A key sponsor of the measure was state Sen. Jeremy Ring, a South Florida Democrat and former Yahoo! executive who hoped the plan would attract interest from venture firms outside Florida.
Financial adviser Hamilton Lane has been picked by the SBA to make recommendations on which businesses should get the money and to manage the program for three years. The average investment in any one business is expected to range from $10 million to $20 million.
Florida Starts Losing People
In a dramatic reversal of the past six decades, Florida lost 58,000 residents in 2008 as more people moved out than moved in, according to the University of Florida’s Bureau of Economic and Demographic Research.
It’s the first time since the end of World War II that the state’s population has dropped. That’s a far cry from the days when more than 1,000 new people a day were making their home in the Sunshine State.
Quote of the Summer
"If you are thinking of getting rid of anything, you are out of your mind." — Charlie Hilton
The Panama City businessman, speaking during a community forum on the future of Spring Break. The consensus from the meeting, which was sponsored by the Bay County Tourist Development Council: Don’t eliminate the annual college party at the beach — manage it better.
