A couple of points: 

First BRAC is LAW.  It was submitted by an appointed Commission, approved by DoD, approved by the President, then approved by Congress and returned to the President for signature. 

It closes Oceana if Virginia Beach doesn’t secure the required land around the air station.  The Navy Inspector General determined that Va. Beach failed to do this.  Oceana has to move unless the President and Congress go back and amend the law (and admit in a congressional election year that big mistakes were made).

“COMMISSION PROPOSED RECOMMENDATION: Close Naval Air Station Oceana, VA. Transfer all squadrons, personnel, equipment and support to a suitable alternative site determined by the Navy.”

This was approved. 

Next the BRAC language discusses Cecil Field and the potential for other locations to compete for Oceana’s squadrons, maintenance, and support. 

“The Secretary of Defense is directed to cause a rapid, complete due diligence review of the offer of the State of Florida to reoccupy the former NAS Cecil Field and to compare this review against any plan to build a new master jet base at any other location. This review is to be completed within six months from the date that the BRAC legislation enters into force and is to be made public to the affected states for comment. After review of the states' comments, which shall be submitted within 120 days after publishing the review, the Secretary of Defense shall forward to the oversight committees of Congress the review, the state comments, and his recommendation on the location of the Navy's future Atlantic Fleet Master Jet Base.”

Could another state compete for the jets?  Texas has made moves to compete for the air base.  This leads to an interesting question: Would the Navy approve of having its Atlantic Fleet jet base on the Gulf Coast, vice the Atlantic Coast?

Could another site in Florida stand to be considered?  It would appear so.  It would certainly be advantageous for Gov. Bush and would not hurt any desire to stay in politics at this end of his final term.  (He’s ranked very high against other governors, but has stated repeatedly that he does not want to run for President.)  If he’s just looking after the state’s interest, again, no harm in JEB delivering 12,000 new jobs.

What is the Navy apparently looking for? 

Adequate air space and an air station (air strips, fueling, and maintenance facilities, trained work force, etc.). 

This must also make economic sense.  Beginning construction from barren land is far more expensive than building on an existing facility.

North Florida provides advantages of nearby system of military air space and weapons ranges.  This is important to the Atlantic Fleet since losing the Vieques range in Puerto Rico.

What would the Navy bring?

Jobs:  Military jobs, federal service jobs, and contract jobs.  In addition, it would likely create or expand support services such as an exchange (retail store), commissary (grocery store), recreational, and family support facilities (on base pools, clubs, child care, etc.)

Would those jobs really provide local money?  You bet.  People generally spend their paychecks where they live, not where their company is headquartered.  Many of the maintenance jobs are high paying, specialized industrial careers.

Would those jobs only be transferred from other locations?  In the case of military jobs, yes.  In the case of industrialized jobs, many of those people would relocate from Virginia Beach.  Over time, those jobs would be filled by local talent.  The support jobs – off base housing, banking, restaurants, and entertainment… all the people that you support in your hometown – would benefit from the dollars earned on base.

What else would the Navy bring?

Noise:  Yep.  Engine noise is load.  (Pilots like to call this “The sound of freedom.”)

Wouldn’t this decrease my property value?

Good question, and too detailed to answer without an economic impact analysis by your local government.  If you live near an industrial facility and it becomes a military air base, it is reasonable to expect many people would be willing to live where you are.  Maintenance folks, pilots, air crews, and other base personnel will be in the market for housing close to their work.