New agreement supports redevelopment around PC Mall property
PANAMA CITY, Fla. (WJHG/WECP) - The Panama City Mall has been mostly shut down since Hurricane Michael, but local officials took another step to revitalize the area.
On Tuesday, Bay County Commissioners agreed to enter an agreement with Panama City. The city’s plan is to expand the Community Redevelopment Area for the Downtown North District to include the Panama City Mall.
This agreement essentially will help provide the tools needed to foster and support redevelopment around the mall property.
It will also allow Bay County to retain 15% of taxes levied in the area. This essentially allows the county to receive a portion of any new revenue the area creates. Panama City can use the rest of the tax money to address dilapidated areas within the Downtown North CRA.
“This is a win-win for both the city and the county,” Bay County Commissioner Bill Dozier said. “So instead of all of it going one way, entering this agreement, we are able to share and help out all the citizens, and so this is a good agreement.”
The agreement was adopted by commissioners in Panama City last month.
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