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Panama City commissioners debate CRA lending, TIF use and how to measure returns
Summary
Commissioners discussed a proposed CRA borrowing pool, potential use of TIF funds for loans, demolition grant checklist deadlines and a broader debate over whether CRA dollars should prioritize buildings on the tax roll or nonprofit-run programming. Commissioners urged clearer metrics for measuring social returns from investments.
At a virtual CRA workshop, Panama City elected officials reopened a policy debate over how to use CRA funds: whether to prioritize buildings that return to the tax roll, to underwrite nonprofit programming, or to develop a lending pool using TIF funds.
The commission discussed exploring a CRA borrowing pool and asked staff for benchmarks on what percentage of TIF to dedicate to lending. One participant noted limited remaining CRA life and the effect that has on loan term choices: with about 10–18 years left, shorter-term or bridge loans may be more feasible than long-term financing.
‘‘Part of the thing is you’re letting people borrow money cheaply and then they’re…
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