CRA approves TIF rebate application for 436 Harrison LLC contingent on ordinance adoption; board approves 90% award rate up to capped amount

Panama City’s Community Redevelopment Agency on Jan. 27 approved a tax-increment rebate application submitted by 436 Harrison LLC for redevelopment of 436 Harrison Avenue, contingent on the city commission’s anticipated adoption of Ordinance 3259 on Jan. 28.

Staff reviewed the application submitted Dec. 23, 2024, and recommended the project meets program criteria because it includes an affordable housing component, a mixed-use component and amenities or infrastructure improvements the CRA seeks. The executive director recommended an award rate of 90% of eligible program costs, with a total award not to exceed $1,163,665.56 and a duration not to exceed 15 years, contingent upon Ordinance 3259 adoption.

Representatives of the ownership group, including Tim Whaler, told the board the ownership group controls an adjacent parcel that can accommodate parking for condominium residents and that the project will rely on a mix of on-site, adjacent and on-street parking consistent with downtown lot coverage. Whaler said La Verne Avenue provides roughly 30 on-street parking spaces and the project is adjacent to Grace Avenue parking access.

Board members asked about parking and whether the agreement should be recorded in the official records. City legal staff advised practice favors a memorandum of agreement in lieu of recording the full agreement. The board voted to approve the application and to authorize execution of a performance agreement consistent with the program, contingent on the Commission passing Ordinance 3259; the roll-call vote was unanimous.