The St. Joe Company ("St. Joe") (NYSE: JOE) announced today that it has executed a Master Airport Access Agreement (the "Agreement") with the Panama City-Bay County Airport and Industrial District (the "Airport District") regarding through-the-fence access at the new Northwest Florida Beaches International Airport.
As previously announced, St. Joe donated 4,000 acres within the West Bay Sector Plan for the airport's construction. The Agreement announced today sets forth the process for implementing the through-the-fence rights originally established in the Land Donation Agreement. St. Joe worked closely with the Airport District on both agreements, which also reflect input from the Federal Aviation Administration.
Through-the-fence access will allow companies within VentureCrossings Enterprise Centre, St. Joe's new commercial development adjacent to the airport, direct access to airport taxiways and runways. The Agreement identifies three initial through-the-fence access points within VentureCrossings and provides for flexibility as to the number and location of additional access points.
Under the Agreement, companies engaged in a wide range of industrial and aviation related operations may utilize the through-the-fence rights. St. Joe is moving forward with the planning and permitting process for construction of improvements necessary to meet the operational needs of end users.
"The execution of the Master Airport Access Agreement is a significant milestone for St. Joe and further advances our commercial development plans around the new airport." said Britt Greene, President and CEO of St. Joe. "The agreement provides a clear roadmap for through-the-fence operations at our VentureCrossings development. With taxiway and runway access, virtually unlimited greenfield expansion capability adjacent to an international airport, and the ease of contracting with a single private entity, we are confident that VentureCrossings will be an ideal location for businesses across a wide range of industries."
As previously announced, St. Joe donated 4,000 acres within the West Bay Sector Plan for the airport's construction. The Agreement announced today sets forth the process for implementing the through-the-fence rights originally established in the Land Donation Agreement. St. Joe worked closely with the Airport District on both agreements, which also reflect input from the Federal Aviation Administration.
Through-the-fence access will allow companies within VentureCrossings Enterprise Centre, St. Joe's new commercial development adjacent to the airport, direct access to airport taxiways and runways. The Agreement identifies three initial through-the-fence access points within VentureCrossings and provides for flexibility as to the number and location of additional access points.
Under the Agreement, companies engaged in a wide range of industrial and aviation related operations may utilize the through-the-fence rights. St. Joe is moving forward with the planning and permitting process for construction of improvements necessary to meet the operational needs of end users.
"The execution of the Master Airport Access Agreement is a significant milestone for St. Joe and further advances our commercial development plans around the new airport." said Britt Greene, President and CEO of St. Joe. "The agreement provides a clear roadmap for through-the-fence operations at our VentureCrossings development. With taxiway and runway access, virtually unlimited greenfield expansion capability adjacent to an international airport, and the ease of contracting with a single private entity, we are confident that VentureCrossings will be an ideal location for businesses across a wide range of industries."
