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Panama City CRA approves TIF rebates, park upgrades and service MOUs; schedules next steps for MLK redevelopment
Summary
At its April 15 meeting the Panama City CRA approved two tax increment rebate performance agreements, renewed a World Changers MOU, funded Henry Davis Park renovations, continued CRA public 'socials', and approved a nonbinding staff direction to negotiate with the Sankofa Group on the MLK/15th redevelopment.
The Panama City Community Redevelopment Agency on April 15 approved a package of incentive awards, community agreements and park improvements, and recorded a board direction to pursue formal negotiations with a private developer for the MLK Boulevard and East 15th Street site.
Votes at a glance - Tax increment rebate: 445 Grace Avenue (Lighthouse 445 Grace Ave, LLC). Award recommended at 90% of eligible project costs, not to exceed $211,066.64, for up to 15 years. Motion approved by roll call (Halligas, Lucas, Granger, Street, Chairman Rowan: yes). Staff will execute a performance agreement with the applicant. - Tax increment rebate: 401 East Sixth Street (applicant: Hitchcock). Award recommended at 80% of eligible project costs, not to exceed $107,798.34, for up to 15 years. Motion approved by roll call (Halligas, Lucas, Granger, Street, Chairman Rowan: yes). Staff will execute a performance agreement with the applicant; the project meets the CRA’s $500,000 minimum capital investment threshold and the 10% owner equity requirement. - Memorandum of…
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