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Press Release: The St. Joe Company
April 22, 2004
APALACHICOLA, FL -- The Franklin County Commission yesterday voted 5 to 0 to send a proposed updated county comprehensive
plan that includes a conceptual St. James Island plan to the Florida Department of Community Affairs for review
and comment.
The proposed amendment to the county's land use plan includes a long-term vision for approximately 24,000 acres
of land owned by The St. Joe Company (NYSE:JOE - News) on St. James Island. The vision, created through a year-long
process, included extensive input from a wide range of community stakeholders at more than 30 public meetings and
workshops.
Many regulatory steps remain before the updated Franklin County Comprehensive Plan is final. After state review,
the land use plan returns to Franklin County for further action or final approval by the county. A state review
of the final plan is required before the county commission may take final action on the measure. Once reviewed
by the state, the county could hold a final adoption hearing later this summer. Any future development would require
additional entitlement steps.
The updated measure includes proposed amendments to the Future Land Use Map that would provide for approximately
3,500 units initially on a portion of JOE's land on St. James Island.
St. James Island, located at the eastern end of Franklin County south of Tallahassee, includes the area bounded
by the city of Carrabelle on the west and Bald Point State Park on the east along the Gulf of Mexico. SummerCamp,
a new JOE community, is located on St. James Island.
The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate operating
companies. It is engaged in community, resort, commercial and industrial development, land sales and commercial
real estate services. JOE also has significant interests in timber.
More information about JOE can be found at our web site at http://www.joe.com.
Forward-Looking Statements
Statements in this press release that are not historical facts are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risk and
uncertainty, and there can be no assurance that the results described in such statements will be realized. Such
statements are based on current expectations and we undertake no obligation to publicly update or reissue any forward-looking
statements. Risk factors that may cause the actual results to differ are described in various documents filed by
the company with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K
for the year ended December 31, 2003.
Copyright 2004, The St. Joe Company. "St. Joe", "JOE," "SummerCamp" and the "taking
flight" design are service marks of The St. Joe Company.
---------------------------------------------------
Contact:
The St. Joe Company, Jacksonville
Media Contact:
Jerry M. Ray, 904-301-4430
jray@joe.com
or
Investor Contact:
Steve Swartz, 904-301-4347
sswartz@joe.com
Source: The St. Joe Company