The old Panama City airport has a new owner.
"We just learned just a little while ago that the sale transaction of the old airport has been completed and we are the recipient of the purchase price which is $51.4 million," said Airport Board Chairman Andy McKenzie.
The Saint Andrew Bay Land Company now owns the property.
The Airport Board signed a contract to sell the 730 acre site in October of 2007. Now, nearly four and a half years later, the sale is complete.
Plans for the site include residential and commercial areas. Bay District Schools recently approved that a charter school could sit on the property.
Mckenzie went on to talk about what the sale does for the airport board's budget. "Well since that interest being paid on the construction amounted to something like a $130,000 to $140,000 a month it means that we will see immediately relief for our budget," said McKenzie.
McKenzie says the buyer has wired the money to the Airport Board.
Friday, the board will use those funds to pay off construction loans for the new airport.