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The lawsuit, initially filed last year and revised in March, alleges that a 2023 law violates constitutional collective-bargaining rights and impairs existing union contracts.
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The sale of airport land has to be approved by the Federal Aviation Administration, which blocked the deal in April, citing numerous problems.
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Lawmakers included a collective $25 million for New College in the budget for the fiscal year that starts July 1. Gov. Ron DeSantis approved the $116.5 billion state budget on Wednesday.
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The speaker was heckled and there were "Free Palestine" chants during his speech. Six students who took part were ID'd, and president Richard Corcoran said they must write an apology or take a civil discourse class.
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The airport is growing fast, tripling traffic in the last several years. And New College of Florida is also trying to expand. The deal aimed to satisfy both, but was nixed by federal aviation authorities.
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Federal aviation authorities have been expected to weigh in on the deal, which must be done at fair market value and meet other criteria determined by the agency.
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Corcoran's bonus was already laid out in a compensation package approved last year.
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New College of Florida is in line to receive $1.1 million in what is known as performance-based funding after state university system officials on Wednesday signed off on a "student success plan monitoring report" presented by the school's president, Richard Corcoran.
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The deal still requires approval from the Federal Aviation Administration, and the funding must be released by the state, according to SRQ airport president Rick Piccolo.
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It would account for only a portion of nearly $4.2 million in state performance-based funding that could have been available to New College.
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The American Association of University Professors has placed sanctions on New College of Florida for "unacceptable conditions" for faculty. School officials call the announcement a "headline grab."
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While both the boards of New College and the airport authority are appointed by the governor, it must be cleared by federal aviation authorities in order to proceed.