AMERICAN MAGIC AGREES TO 3 MILLION UPFRONT PAYMENT OF LEASE

The estimated cost of the new American Magic headquarters exceeds the original budget by at least $2 million. To bridge this funding gap, the city and the America's Cup sailing team have agreed on upfront lease payments totaling more than $3 million before the project completion in September. The Pensacola City Council will soon vote on an amendment to restructure the payment terms, ensuring that American Magic can meet its financial commitments without using taxpayer funds. Mayor D.C. Reeves praised the collaboration, emphasizing resourcefulness in finding solutions. The lease mandates the creation of 120 new jobs, with penalties for violations, while promising exciting international sailing events in Pensacola Bay.