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CRA approves two tax‑increment rebate awards for downtown redevelopment projects
Summary
The Panama City CRA approved two separate TIF rebate performance agreements: up to $211,066.64 for 445 Grace Avenue and up to $107,798.34 for 401 East Sixth Street, each for up to 15 years and subject to performance agreements and ownership/requirement conditions.
The Panama City Community Redevelopment Agency on April 15 approved two tax increment rebate awards tied to redevelopment projects within the downtown CRA district.
Staff presented the Lighthouse 445 Grace Avenue application and recommended a 90% rebate of eligible project costs — not to exceed $211,066.64 — for a term of up to 15 years, based on the project’s mixed‑use component and amenities. The board voted to approve the staff recommendation; roll call recorded unanimous approval from the board members present.
Separately the board approved a tax‑increment rebate performance agreement for the 401 East Sixth Street redevelopment application. Staff recommended an 80% rebate of eligible project costs — not to exceed $107,798.34 — for up to 15 years, based on the project’s commercial use and inclusion of a daycare amenity. The board approved the recommended award and authorized the CRA to execute the attached performance agreement.
Both awards are conditioned on meeting the program’s performance agreement requirements; staff noted awards continue only while the recipient maintains required ownership interests and complies with the agreement terms. Executing parties and applicants were present and available to answer board questions.
