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CRA affirms finalized TIF rebate program guidelines; performance agreement template approved
Summary
The board affirmed changes to the tax-increment financing rebate program guidelines and authorized staff to proceed; a forced program review was confirmed for five years.
Panama City’s Community Redevelopment Agency on Jan. 27 affirmed the finalized guidelines and application form for the city’s Tax Increment Financing (TIF) rebate program and reviewed the template performance agreement the CRA will use with award recipients.
Staff reminded the board that the first reading of Ordinance 3259 to establish the TIF rebate program had been held at the Jan. 14 city commission meeting and the second reading was scheduled for Jan. 28. The CRA’s executive director recommended that the board acknowledge changes discussed at the Nov. 19, 2024 meeting and approve the final program materials that were made public on Dec. 9, 2024.
A board member asked whether the program included a scheduled reevaluation. Staff confirmed the program includes a forced review five years after approval. The board then voted to affirm the changes and adopt the program materials; roll call was unanimous.
The board also reviewed program limits discussed previously, including a 90% award rate cap and a maximum 15-year duration for awards. Staff will make the approved work plan and program documents available on the CRA website.
