Panama City explores funding options for marina improvements with Saint Joe partnership

In a recent government meeting held by the City of Panama City, officials discussed critical infrastructure improvements, particularly focusing on marina development and permitting processes. The meeting highlighted the need for a streamlined approach to address ongoing challenges related to marina slips and funding mechanisms.

One of the key topics was the proposal to exempt minor home repairs costing less than $5,000 from requiring permits. This change aims to simplify the process for homeowners while ensuring that larger projects, such as significant land alterations that could affect water flow, remain regulated to prevent potential flooding issues similar to those experienced in New Orleans post-Katrina.

The discussion then shifted to the marina project, where officials explored the possibility of seeking funding from the St. Joe Company for the construction of 50 new slips. This funding would follow a model previously used for the promenade and floating docks, where the city would repay the company after the construction is completed. The urgency of this proposal stems from the city’s existing lease obligations, which require the provision of slips that have not yet been fulfilled.

Concerns were raised about the city’s increasing debt service as officials considered various funding options, including private activity bonds. These bonds would allow the city to finance marina improvements without directly incurring debt, as the repayment would rely on revenue generated from the marina operations. The city’s bonding capacity was discussed, with estimates suggesting a maximum of $25 million available for such projects.

The meeting concluded with a consensus on the need to expedite the marina development process while continuing discussions on management and operational details. Officials expressed a desire to avoid further delays, emphasizing the importance of moving forward with the permit already in hand and exploring all available funding avenues.

As the city navigates these complex issues, the outcome of these discussions will significantly impact the future of Panama City’s marina and its ability to meet community needs. The next steps include formal inquiries to St. Joe regarding funding and further discussions with representatives from the CMP to clarify lease terms and obligations.