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CRA approves tax‑increment rebate for Millville redevelopment
Summary
The CRA approved an 80% tax‑increment rebate award for Panama City I, LLC for redevelopment of three Main Avenue parcels in the Millville district, capped at $119,006.18 and up to 15 years; staff clarified the project is residential.
The Panama City CRA voted unanimously on Nov. 4 to approve a tax‑increment rebate application submitted by Panama City I, LLC (filed 09/25/2025). Staff reported the application covers redevelopment of three parcels at 318–322 Main Avenue in the Millville CRA district. The executive director’s recommendation was for an award rate of 80% of eligible project cost, not to exceed $119,006.18 and a reimbursement term not to exceed 15 years.
Staff clarified that the project will produce residential space; the packet language had an inadvertent reference to commercial office space. A motion to approve the application was moved, seconded and passed 5‑0 on roll call.
The action authorizes staff to execute a performance agreement consistent with the tax‑increment rebate program guidelines; the agreement’s details and the schedule of reimbursements will be part of the performance agreement executed by staff.
