l. Environmental remediation

Community Redevelopment Board · 2026-06-02 · agenda_item

This agenda item concerns environmental remediation and eligible development costs for projects seeking participation in a program. The program has specific requirements, including a minimum owner's equity of 10% of project costs and a minimum capital investment threshold of $500,000. Projects must be compatible with surrounding development and permissible under the Panama City Land Development Code. Historically significant buildings are also defined within the context of this program. The potential Tax Increment Rebate (TIR) award can be up to 90% of the increment associated with eligible project costs over a fifteen-year period. Bonus guidelines, such as including affordable housing or public amenities, may increase the rebate award. This item is currently under review by the Community Redevelopment Board, City of Panama City, Bay. The scope of work would involve site preparation, environmental cleanup, and construction of eligible improvements, followed by potential landscaping and finish trades. Contractors, suppliers, and service providers interested in potential work related to environmental remediation and development projects should engage early to understand program requirements and potential opportunities before specific project plans and bids are finalized.

owner's equity

10 %

minimum capital investment threshold

500000 $

maximum Tax Increment Rebate award

90 %

minimum Tax Increment Rebate award

70 %

TIF rebate period

15 year