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Commission adopts tax increment rebate program for Panama City redevelopment
Summary
The commission adopted Ordinance 32-59 to establish a tax increment rebate (TIF) program under the city CRA; staff cited Florida Statutes Chapter 163 as the enabling authority and said guidelines and a first grant agreement were approved by the CRA.
The City Commission on Jan. 28 adopted Ordinance 32-59 to create a tax increment rebate program (TIF) administered under the Panama City Community Redevelopment Agency (CRA).
City staff said the CRA developed the tax increment rebate program as an incentive for redevelopment in the CRA district and cited the enabling authority in Florida law. "The city of Panama City Community Redevelopment Agency or CRA considered and developed a tax increment rebate program or TIF program as a redevelopment incentive found in Florida Statutes chapter 163, section 163 dot 3 87 b 1 dot b," City Manager Jonathan Hayes told the commission during the second reading. Staff told the commission the CRA approved the guidelines and also approved the first grant agreement subject to adoption of the ordinance.
The commission held a properly noticed public hearing and voted 5-0 to adopt Ordinance 32-59. The ordinance establishes the TIF program, provides for repeal and severability, and sets an effective date. Staff said the CRA had previously approved program guidelines and the first grant agreement on Nov. 19, 2024, and that adoption by the commission brings the program into effect for city administration.
The ordinance and accompanying guidelines were part of the meeting packet and will be reflected in the official record. Staff recommended adoption and the commission followed that recommendation.
