If you’ll remember, Southwest Airlines agreed in 2009 to begin serving the new Northwest Florida Beaches International Airport only on the promise of the developer, the St. Joe Co., to cover Southwest’s potential losses, up to $26 million.

Forget the guarantee. The developer and airline announced Monday that the guarantee has been terminated early, with no need to pay Southwest anything.

In the St. Joe announcement, Southwest vice president of properties Bob Montgomery said the “financial safety net provided by St. Joe was instrumental in attracting Southwest” to the new airport, which opened in May 2010.

“In every respect, the agreement with St. Joe has been a triumph,” Montgomery said. “It has fulfilled its mission and achieved its intended purpose.”

The termination was effective Sunday, July 1. Had it gone its full three years, it would have ended May 23, 2013, three years after the airport opened and Southwest began flying there.

The 2009 deal guaranteed up to $26 million in subsidies if Southwest hadn’t reached its revenue targets. St. Joe had the option to terminate the deal on 30 days’ notice if the “break-even payments” went over $14 million in the first year or $12 million in the second year.

“We are proud to have played a critical role in securing air service by Southwest to Northwest Florida Beaches International Airport,” St. Joe CEO Park Brady said in his company’s release. “Southwest enabled not only increased visitation to our region but also reduced airfares that are enjoyed by the residents of our local communities.”

It also quoted the airport’s executive director as saying the airport now handles 25 percent of northwest Florida’s passenger traffic now, compared to 9 percent prior to the opening of the new airport near Panama City Beach, Fla. Southwest accounts for 57 percent of the airport’s passenger traffic.

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