BAY COUNTY, Fla. (WMBB) — Back in September, Bay County and Panama City Beach officials negotiated terms of the beach’s Community Redevelopment Plan to get more money back to the county. On Monday, Bay County commissioners adopted that inter local agreement.
The agreement sets a yearly maximum amount of $15 million that the county will give to the city for their community redevelopment plan projects. Anything over that $15 million will be shared back into the county through an annual rebate.
Bay County Chairman, Philip “Griff” Griffitts says the county did not want the CRA to become so expensive that they would have to find the money to write the check back to the city each year.
“The growth in the CRA is very expensive and so the check is becoming larger and larger every year and there was going to be a time that that check would be so much that we would probably have to raise taxes to pay that check, and that’s what we were trying to avoid and so we worked with the city to reach this agreement,” Griffitts said.
Bay County and Panama City Beach officials agree to have a high level staff meeting once a year to make sure the CRA’s budget works well for both sides.