University Academy granted $11 million in bonds for expansion project
PANAMA CITY, Fla. (WJHG/WECP) - One local charter school has a unique opportunity to expand its campus.
Panama City Commissioners extended University Academy’s ability to get tax-reduced bonds at Tuesday’s meeting. The public charter school in SweetBay is receiving $11 million in bonds from Cadence Bank.
The money will go toward a gymnasium, a new lobby, and support spaces. A synthetic turf athletic field, covered walkways, and other landscaping are also part of the project.
Commissioners said taxpayers are not responsible for paying any default that could occur. The city is merely acting as the conduit to make it happen.
“We’re not a school board,” Commissioner Josh Street said. “We’re not a governing entity for our schools, but this is one way we can extend and help. We always try to do that, whether it be with parks, whether it be with facilities, or whether it be with bonding capacity. This is a way for us to do that and to be a good partner.”
NewsChannel 7 wasn’t given a timeline for the project.
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