PANAMA CITY - Bay County commissioners are jump-starting a dredging project for several of the canals in the King's Point area.
The county has applied to Hancock Bank for a $650,000 line of credit at a fixed rate of 1.19% interest. If approved, then contractors can begin the dredging project soon.
The total estimated cost for the project is about $700,000 with property owners paying a majority of the cost at almost $600,000 or about $5,000 each.
Each King's Point homeowner that benefits from the work will have to pay back the county, either a lump sum payment, or through their yearly property tax bill over 10 years. Commissioners say the project has been in the works for several years.
"In that area, it will give them easy access to the bay and it'll give them a lot better drainage through there. It'll be a win-win," said Mike Nelson, a Bay County commissioner.
The county will also contribute a little more than $100,000 and Panama City will pay about $50,000.