Panama City - The first company to benefit from Bay County's economic development incentive plan is in financial trouble. Chiropractic software and billing company, Redpine Healthier Technologies, lost one of it's major financial backers.

Bay County Commissioners gave the Washington state based company $350,000 to relocate to Panama City back on June, so Redpine could receive $400,000 from the state's quick action closing fund.

In order to qualify for Bay County's incentive package, for Redpine industries had to meet a number of requirements, including a promise to create 410 new jobs, paying an average of about $49,000 a year, by the end of 2015. The company used the local and state incentives to relocate the company, and hire and train it's initial workers. Now many doubt Redpine can meet incentive requirements.

"We're out there doing everything we can to get jobs for Bay County and its going to be a rocky road we knew that when we took it, but on the other hand the rewards are there," said George Gainer, Bay County Commissioner.

If Redpine can't create meet the county's requirements, company officials will have to repay the incentives. Gainer says he hopes it doesn't come to that.

"We really want the jobs and we still do and hopefully they'll get a new investor and we'll move forward," said Gainer.

Redpine CEO Shad Wheeler did not respond to any of our phone calls Monday. This comes as commissioners prepare to discuss another incentive package Tuesday for a solar energy manufacturing company.