Remember when Southwest Airlines was looking in 2009 for an airport in Northwest Florida? The carrier chose Panama City because the St. Joe Co. agreed to pay Southwest Airlines up to $26 million for any losses incurred for locating to the Northwest Florida Beaches International Airport site – which was built on land donated by St. Joe.
Yesterday, that deal was terminated by both parties. John Wheat, the airport’s executive director, said St. Joe did not have to put up any of the $26 million.
The gamble paid off for St. Joe.
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