ST. PETERSBURG, Fla., Nov. 17 -- The city of St. Petersburg issued the following news release:

Today, Mayor Rick Baker, elected officials and members of the local aviation community named the Albert Whitted Airport Intermodal General Aviation Center the "Galbraith Terminal." Ceremonies were held today at the downtown airport's 10,600 square foot building, 540 First Street S.E., in St. Petersburg.

John and Rosemary Galbraith, local philanthropists and tireless supporters of Albert Whitted Airport, loaned and gifted funds necessary to complete construction of the airport building.

"St. Petersburg, as the birthplace of the world's first commercial airline, has a long and historic tradition with the world of aviation," said Mayor Baker. "Today, with the renaming of this beautiful new terminal, we can appropriately honor the Galbraiths for their lifelong love of aviation and decades-long contributions to our civic life in St. Petersburg."

The Galbraith Terminal is a two-story building featuring a 64-space landside parking lot and a 12,200 square yard aircraft parking ramp. Construction began in April, 2006, and was completed in October, 2007. The building is leased by St. Petersburg Flying Services, the airport's fixed base operator. Other tenants include Avis Rental Car and a new restaurant, The Hangar, with a projected opening of Spring, 2010.

Construction cost of the building was $4 million. The city received a grant from the Florida Department of Transportation (FDOT) for 80 percent of the cost ($3.2 million) to be released in portions over a six year period. The Galbraiths provided the city with an interest free loan for FDOT's portion of the project so it could be started in 2007. Mr. Galbraith will be repaid as the FDOT funds are released. In addition, Mr. Galbraith donated 10 percent (or half the city's match of $800,000) with the city contributing the remaining $400,000.