Triumph Gulf Coast creates a Hurricane Michael Recovery Fund

PANAMA CITY, Fla. (WJHG/WECP) - At Tuesday's Bay County Commission meeting commissioners adopted a resolution for the concept of developing a short term bridge loan program from Triumph Gulf Coast funds.

During a special session of the Triumph Gulf Coast Board, they addressed the concept for a recovery fund with some modifications.

The resolution they adopted was for the creation of a Triumph Gulf Coast Hurricane Michael Recovery Fund to be used for the purpose of ad valorem relief and other possible relief efforts dealing with economic recovery for local governments located in Bay, Franklin, Gulf, and Wakulla counties.

The bridge loan issue was set aside until such a time that the state would guarantee any short term loans from Triumph. Board member Allan Bense said the state needs to guarantee those loans from Triumph.

"If they pass some kind of legislation that in the next 30 or 45 days [that] approves, guarantees, say, up to $50 million, maybe a $100 million in short term loans that Triumph could make. If they'll guarantee them we'll have the money out April first," said Bense.

Guidelines for the submission of requests for the recovery funds will be developed for approval at the next regularly scheduled triumph meeting.