Commission authorizes 55-year framework, asks for financing and uplands study for downtown marina plan

The Panama City Commission gave conditional support July 22 to further negotiation of a long-term agreement for downtown marina redevelopment, approving a package that asks the developer team to pursue three items: a minimum 55-year lease term (with possible extensions tied to triggers), assessment of conduit financing for public improvements, and a data-driven study of upland uses. The motion—approved unanimously—directed staff to work with the development team to determine whether conduit (bond) financing can fund the marina’s public improvements without adversely affecting the city’s future borrowing capacity. The commission also authorized moving forward with a publicly visible planning process for potential upland development adjacent to the marina, subject to the St. Joe Company’s right-of-first-use provisions and future required land‑use and permitting reviews. Representatives of the developer group, led by Jacob Gorman of Gorman Marine and including partners from City Marina Partners, Paradise Ventures and Coastal Marina Management, presented a term sheet and timeline. Their team said design and engineering for the first wet slips could be completed in approximately 60 days and that full construction of the initial 50 slips could be achievable by spring 2026 if permits and financing align. The developer team and staff agreed that a thorough engineering design for both basins is preferable to designing only the first phase in isolation. City staff and financial advisers described a range of funding scenarios. The developers requested authority to pursue conduit financing (a bond issued on behalf of the project and repaid from marina revenue) to secure lower borrowing costs; staff asked for time to verify whether such conduit financing could be structured without the city pledging general revenue or jeopardizing the city’s future borrowing capacity. The commission asked staff to obtain a definitive financing feasibility answer within the near-term timeline provided by the developer team. Commissioners stressed that any uplands plan must be public, data-driven and consistent with the city’s long-term obligations to St. Joe. Members also said they wanted clear performance triggers before a lease extension would be granted and requested that any public improvements (pavement, stormwater, lighting, railings and parking) be detailed in cost estimates before the city commits capital. The motion passed 5-0. The commission directed staff to coordinate with the developer team and report back with: (1) conduit‑financing feasibility and parameters, (2) engineering cost and schedule estimates for the basins (50-slip and full‑basin scenarios), and (3) an engagement plan and scope for public charrettes and upland feasibility work.