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Announcements

Posted on: July 31, 2018

Half-Cent Surtax Project Plan

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Update:

The City Commission has awarded a bid to Trustmark Bank for a bank loan in the amount of $15.1 Million. The City will use the money to expedite badly needed infrastructure projects and use the City's portion of the referendum-adopted Sales Surtax to pay back the loan.

The loan has a 3.02% interest rate with the option to prepay at any time without penalty.

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Previous version:

The City Commission of the City of Panama City is exploring the feasibility of borrowing money and pledging the City's portion of the referendum-adopted Sales Surtax to expedite badly needed infrastructure projects.

The below infrastructure projects have been identified as ones that are most needed to start on immediately. Construction could be started in the first quarter of 2019 and most projects could be completed within 2019 or the first quarter of 2020. None of the estimated costs are based on engineering designs, so the actual costs will vary depending on the design and then the bid price.


Cherry Street Project - $5,200,000 estimated cost.

This project consists of replacing water mains, force mains, and gravity mains along Cherry Street from Beach Drive. to Tyndall Drive, as well as Corto Street and S. Palo Alto Avenue. This project will remove the entire pavement section and construct a new full-depth asphalt roadway with new City utilities beneath it and provide wider sidewalks for residents to use.


4th Street Project - $1,250,000 estimated cost.

This project consists of reconstructing 4th Street between Luverne Avenue and Cove Boulevard. The existing street consists of concrete pavement overlaid by asphalt. The utilities (water, sewer and storm water) are old and numerous repairs have combined with the reflective cracking from the underlying concrete to provide a low quality roadway. This project will remove the entire pavement section and construct a new full-depth asphalt roadway with new City utilities beneath it.


Baker Street Project - $3,200,000 estimated cost.

This project consists of replacing water and sewer lines that serve residents on 10th Street, Baker Court, and Fairy Avenue. The existing water and sewer lines are old with heavy tuberculation, and the new lines will provide better quality drinking water (color and pressure) and sewer services to the residents. This project will remove the entire pavement section and construct a new full-depth asphalt roadway with new City utilities beneath it.


11th Street Project Phase 1 - $4,750,000 estimated cost.

This project consists of starting at Frankford Avenue and replacing water lines that serve residents on and near 11th Street. The existing water lines are old with heavy tuberculation, and the new lines will provide better quality drinking water (color and pressure) to the residents. The length of Phase 1 down 11th Street will be determined by the amount of available funds remaining in the Loan.


The City's Financial Advisor, Gary Akers with Hilltop Securities, predicts the City will receive an offer for a bank loan ($14,486,000) at 3.5% for a term of 8 years, the remaining life of the Sales Surtax. It's also estimated there should be at least an additional $1,000,000 in Surtax Revenues each year for additional infrastructure projects. The Commission recently voted to request Mr. Akers prepare and send out Request for Proposals to qualified banks. After the proposals are received, Mr. Akers will make a report with the recommended bank along with final costs for obtaining the Loan.

To view all Half-Cent Surtax projects going on in Bay County, click here.

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