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Panama City CRA approves tax-increment rebate awards for two downtown redevelopment projects
Summary
The CRA board approved tax increment rebate awards for Wilson Avenue Redevelopment LLC and Vittles Incorporated, setting award caps, durations and an 80% award rate under the program.
The Panama City Community Redevelopment Agency on July 29 approved two tax-increment rebate program awards for downtown redevelopment projects, both at an award rate of 80% of eligible project costs and durations not to exceed 15 years.
Staff recommended and the board approved a performance agreement with Wilson Avenue Redevelopment LLC for properties at 724 and 728 Magnolia Avenue. The total award was set not to exceed $135,676.08 and a maximum duration of 15 years. Pat Cave is identified in the record as the applicant on behalf of Wilson Avenue Redevelopment LLC.
Separately, the board approved an application for Vittles Incorporated for redevelopment at 542 Harrison Avenue. Staff recommended an award not to exceed $161,677.13 with a duration not to exceed 15 years; the application was submitted by Jake Sostheim on behalf of Vittles Incorporated.
During discussion commissioners described both projects as likely to increase foot traffic and support downtown revitalization. Both motions passed by roll call 3-0.
Why it matters: The tax-increment rebate program is designed to encourage private investment within CRA districts by rebating a portion of eligible project costs from future tax increments generated by the improvements. These approvals set contract caps and durations and will move to performance-agreement execution.
Next steps: Staff will prepare performance agreements consistent with the approved award rates, maximum amounts and terms for execution by the city and the applicants.
