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Commission approves sale of 1937 Jinx to local lessee; buyer commits to rebuild nursing home
Summary
The commission authorized sale of 1937 Jinx to the site’s lessee for $2.8 million with a contractual commitment to build a nursing home; the agreement includes a city repurchase option and other conditions.
The Panama City Commission on Aug. 12 approved a purchase agreement for city-owned property at 1937 Jinx, accepting a $2,800,000 offer from the current lessee (listed in meeting materials as 61937 Jinx LLC) and authorizing the mayor to execute closing documents.
City attorneys told the commission the buyer — the property’s existing lessee — has committed to construct a nursing home on the site within the contract timeline, and that the purchaser would apply insurance proceeds already received to rebuilding. The purchaser told staff it expects to invest roughly $7 million beyond insurance proceeds to rebuild, and the contract includes an addendum obligating the buyer to build a nursing facility of…
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