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CRA finalizes TIF rebate guidelines; approves 90% TIF award for 436 Harrison Ave. redevelopment
Summary
Panama City CRA approved the finalized tax increment financing rebate program guidelines and authorized a contingency approval of a 90% TIF rebate for 436 Harrison LLC not to exceed $1,163,665.56 over 15 years, contingent on upcoming ordinance adoption.
The Panama City Community Redevelopment Agency board on Jan. 27 approved the finalized tax increment financing (TIF) rebate program guidelines and unanimously recommended approval of a TIF rebate application for 436 Harrison Ave., contingent on the commission adopting Ordinance 32‑59.
Staff told the board the TIF rebate program materials and performance agreement template were posted to the CRA website by the board’s requested deadline. The CRA’s executive director reported that 436 Harrison LLC, represented by Steven Counts, applied under the program for a redevelopment project that includes affordable housing, mixed use elements and infrastructure improvements. Based on staff evaluation, the project met program criteria and qualified for a 90% award rate of eligible program costs, not to exceed $1,163,665.56 over a maximum duration of 15 years. Approval of the application was conditioned on the city commission’s anticipated second reading of Ordinance 32‑59 on Jan. 28.
During deliberations board members asked about program review timing; staff said the board had previously requested a forced review after five years and that a five‑year evaluation point would be added to the program calendar. The board also reviewed a draft performance agreement template and the memorandum of understanding options for recording or memorializing the agreement in the public record; counsel recommended using a one‑page memorandum of understanding to put the public on notice while preserving best practice in how the agreement is recorded.
Applicant representatives and project consultants addressed board members’ questions about parking and residential units. Tim Wheler said the ownership group owns an adjacent parcel intended to accommodate parking for the condominium units and that there are roughly 30 on‑street spaces nearby on LaVerne Avenue and other public parking on Grace Avenue.
The board voted unanimously to affirm the program changes and to approve staff’s recommendation on the 436 Harrison application, contingent upon adoption of Ordinance 32‑59 by the city commission. The CRA’s approval will allow staff to execute a performance agreement and proceed with program documentation once the ordinance is adopted.
Votes at a glance: (1) Motion to affirm changes to the TIF rebate program guidelines (mover: not specified; second: not specified) passed 5‑0. (2) Motion to approve the TIF rebate application for 436 Harrison LLC, authorize a performance agreement at an award rate of 90% not to exceed $1,163,665.56 for up to 15 years, contingent on the commission adopting Ordinance 32‑59 (mover: not specified; second: not specified) passed 5‑0.
