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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.
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A collection of leases and assignments were originally entered into agreement on Oct. 2, 1957, and June 23, 1966. The leases would run until 2056 without a deal for early termination.
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It was highlighted by the takeover of New College in Sarasota, according to the American Association of University Professors report.
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The Florida Board of Governors approved New College of Florida's accountability plan, which lowered performance expectations.
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The state university system’s Board of Governors on Thursday gave Corcoran, who was tapped as interim president earlier this year, the final go-ahead for the presidential post.