The Panama City-Bay County International Airport has sold for a pretty penny.

After carefully examining the three bids, board members chose Pittsburgh-based PCA Development as the winner.

PCA will lay down $99-million dollars for the 715-acres of property.

PCA Development Director Vaughn Blaxter said, "We have more money on the table, and I think that's really what the board is looking for. They're trying to maximize their dollars as they should."

Under the deal, the board will get a letter of credit from PCA that it will be able to borrow against, during construction on the new airport in West Bay.

Once it's finished, PCA will demolish the old one and pay the board $61-million dollars.

In the meantime, the airport authority will receive money generated by land sales within the development.

Board members expect that amount to total $38-million over the next 30 years.

Airport Authority Vice Chairman Bill Cramer said, "We've negotiated all the essential terms, so it's just a matter of firming up the details."

PCA has 45 days to get all the final paperwork together, including the line of credit.

The company will present that to the board at the next meeting.

Then, it's just a matter of time before a work on paper can become a work in progress.