Funding New Panama City Airport with Land
The Challenge
Rebel served as financial advisor on a new $306 million (M) airport in Panama City, Florida, the first new passenger airport in the U.S. in more than a decade. This project included developing an innovative financial plan with over a dozen public and private funding sources, including commercial paper, state infrastructure bank loans, and land sales.
The Approach
Rebel analyzed and developed the opportunity to sell the 800-acre old airport to raise funds for the new facility. Rebel organized a procurement for the land sale that resulted in $55 million sale, to be held in escrow. The Panama City Airport successfully opened with new service from Southwest Airlines, and the transaction was recognized by the Bond Buyer as the Southeast Deal of the Year.
Impact
The relocated airport is safer, has a higher chance to grow, and impacts residential neighborhoods much less—and it was built with fewer public monies.
