City Council Questions Funding Plans for Virtuous Cycle Development Project

The City of Panama City held a virtual workshop on July 16, 2025, to discuss the ongoing development project led by the company Virtuous Cycle. The meeting highlighted significant concerns regarding financial contributions and project feasibility, particularly the expectation of a cash injection from the city to support the development.

During the discussions, a city official expressed confusion about the financial arrangements, noting that the developer seemed to believe they would receive substantial funding from the city. However, the official clarified that the city's contribution would primarily be the building itself, rather than direct financial support. This sentiment was echoed by other officials who voiced their reluctance to provide cash injections for the project, emphasizing that they have already invested considerable resources into downtown development over the past decade.

The conversation also touched on the need for public amenities, such as restrooms, within the project. Officials discussed the importance of maintaining these facilities and ensuring they serve the community effectively. There was a suggestion to simplify the project design, potentially keeping it to one story and incorporating features like ramps or chairlifts to enhance accessibility.

Commissioner Hughes raised the idea of creating incubator spaces within the development, a concept previously championed by Catherine Schwartz from the Downtown Improvement Board (DIB). The DIB has funds available and could potentially manage the project without requiring city funds, which was met with support from some officials.

Concerns about safety and maintenance were also addressed, particularly regarding the management of public spaces during nighttime hours. The discussion underscored the need for a clear plan on who would oversee the development and maintenance of the project.

Overall, the workshop highlighted the complexities of balancing community needs with financial realities in urban development, as city officials continue to navigate the challenges of revitalizing downtown Panama City. The next steps will likely involve further discussions on funding and project management to ensure the development aligns with the city's goals and community expectations.