Panama City tweaks agreement with Bay City Point developer

By April 25, 2017Press Release

Tuesday, April 25, 2017 PANAMA CITY — With site work started on the new commercial development at the intersection of 23rd Street and State 77, the city is tweaking its agreement with the developer.

During Tuesday’s meeting, the City Commission voted to amend the agreement for development — which is meant to incentivize the developer to build within the city — at the request of R H
Ledbetter Property Inc.

The original agreement had said the developer would receive 95 percent of the 1 percent merchant tax collected on the property for the first 15 years, or until they receive $15 million. The amended agreement says the developer would receive 90 percent of the merchant tax for the first 30 years, or until they receive $15 million.

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