Newspaper article The Florida Times Union

Morning Briefs

Newspaper article The Florida Times Union

Morning Briefs

Article excerpt

FAA APPROVES RELOCATION OF AIRPORT TO ST. JOE LAND

The Federal Aviation Administration approved the relocation of the Panama City-Bay County International Airport to 4,000 acres to be donated by The St. Joe Co.

The FAA signed the long-expected "Record of Decision" on Friday, said FAA spokeswoman Marcia Adams. She said she had no details of the decision yet. The FAA gave preliminary approval for the site in May.

Environmental groups have derided the movement to build the airport in undeveloped timberland owned by the Jacksonville-based developer. St. Joe owns around 800,000 acres, mostly in Northwest Florida, and company officials hope that the airport relocation will bring activity to the thousands of acres it owns near the proposed airport.

Joe Light/The Times-Union

SUNSET FINANCIAL SETS MEETING FOR MERGER VOTE

Jacksonville-based Sunset Financial Resources Inc. said Friday it has scheduled its special shareholders meeting to vote on its proposed merger into Alesco Financial Trust for Oct. 6.

Sunset also said it has adjusted the price of its tender offer to buy back its shares from current stockholders. The company is now offering to buy up to 2.65 million shares at $8.24 each.

The company said final terms of the merger call for Sunset to issue 1.29 of its shares to Alesco stockholders for each of their shares. Sunset will issue 14.76 million shares in the merger.

Mark Basch/The Times-Union

FIRM OK'D FOR STATE'S COMMERCIAL INSURANCE

ICAT Specialty Insurance Company has been approved as a servicing carrier for the newly created Florida Property and Casualty Joint Underwriting Association, insurance regulators said Friday.

Gov. Jeb Bush and the Florida Cabinet approved an emergency rule in August establishing a property and casualty joint underwriting association to make commercial property insurance available to Florida businesses that are unable to find coverage in the private market.

Tampa-based ICAT can now write commercial non-residential policies to cover up to $1 million of a business's structure value and up to $1 million of coverage for contents and business interruption. …

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