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Commission approves sale of 1937 Jinx property to local lessee with option to repurchase
Summary
The commission approved a $2.8 million sale of city-owned property at 1937 Jinx to the existing lessee (1937 Jinx LLC). The buyer agreed to rebuild a nursing home on the site within set timelines; the contract includes a city option to repurchase and other conditions. Commission vote was unanimous.
The Panama City Commission voted unanimously on Aug. 12 to approve a purchase agreement selling city-owned property at 1937 Jinx to the current lessee, 1937 Jinx LLC, for $2,800,000.
City attorneys told commissioners the buyer plans to invest substantial private funds — staff described a roughly $7 million reconstruction estimate in addition to insurance proceeds already received — to replace the preexisting nursing-home use. The purchase contract requires the buyer to…
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