Thursday, March 28, 2019

Council OKs ST Engineering lease

PENSACOLA, Fla. - The Pensacola City Council approved the new lease for ST Engineering and authorized the mayor to borrow up to $20 million to float the cash until the city begins receiving grants approved to fund the $210 million project. The vote Thursday clears the way for ST Engineering's expansion of its aircraft maintenance repair and overhaul hangar, although the city has yet to identify funds for the last $4.8 million needed to fully fund the project. The loan authorization will allow the mayor to provide cash flow to pay contractors building the three new hangars and administration building. ST Engineering opened a hangar at the airport last year and is in the process of hiring 400 workers. Once the three additional hangars are built, the company will hire another 1,325 workers. If the city sticks to the proposed schedule, construction of the first new hangar will begin this year. (Source: Pensacola News Journal, 03/28/19)