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CRA board clears sale of 551 East Sixth Street to adjacent owner with development agreement
Summary
The CRA approved a proposal to sell a donated CRA parcel at 551 East Sixth Street to the adjacent property owner for $42,500, contingent on a development agreement requiring property development within three years and an option for the CRA to repurchase if milestones aren’t met.
The Panama City CRA on July 29 approved the negotiated sale of a CRA‑owned vacant lot at 551 East Sixth Street to the adjacent property owner, V and S Liquors Inc., for $42,500, contingent on a development agreement that requires the buyer to complete development within three years.
Staff said the city acquired the 18,034‑square‑foot (0.41 acre) parcel by donation in…
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