About Our Community Redevelopment Agency
The Panama City Community Redevelopment Agency has four districts to alleviate conditions of blight by reinvesting TIF monies into those areas. CRA districts are one of the few remaining tools that local governments can use to attract new business, invest in infrastructure improvements and rebuild blighted areas. CRA districts are a popular and effective redevelopment tool, used in 44 states across the country.
The four CRA districts in Panama City lie in the historic Downtown district, the historic commercial/fishing district of St. Andrews, a district called Downtown North, which encompasses areas from the Cove, Glenwood, and historic Jenks / Grace neighborhoods, and finally the historic Millville community.
The Community Redevelopment Agency was created by the City of Panama City in 2006 under the powers granted by the Legislature. Prior to 2006, the CRA was a combined agency with the Downtown Improvement Board. It's goal is to combat neighborhood deterioration and eliminate economic blight in the designated Community Redevelopment Areas. The work program for the Agency is defined in the Community Redevelopment Plan for each Community Redevelopment Area. In the Redevelopment Plans, comprehensive strategies were formulated to promote community development in various Community Redevelopment Areas - Downtown, Downtown North, Millville and St. Andrews.
TIF stands for Tax Increment Financing. It is a way to pay for improvements to vacant and underused land in the City, so that it becomes productive again. The City has created the CRA/TIF districts to help develop blighted areas, build and repair roads and infrastructure, clean up polluted land, and put vacant properties back to work for the people of Panama City. By returning formerly vacant properties to the tax rolls, the City created new sources of revenue within the TIF district, generating the funds needed to make necessary improvements without raising taxes in the community. The City's investments in these areas are repaid through improved, productive properties that become new, permanent revenue generators.