City sees good deal in Millville purchase
5/19/2008
By JEREMY MORRISON, Florida Freedom Newspapers
Waterfront park will be created on CRA land
MILLVILLE - With some help from Panama City, the Millville Community Redevelopment Area is looking forward to a new waterfront park.
Commissioners last week approved a partnership in which the city essentially loans the CRA the $2.5 million needed to purchase the property.
“Everything went off quite well,” said Cynthia Godbey, executive director of the Panama City Community Redevelopment Agency board, which oversees the city’s four CRAs. “The Millville community is really excited about it.”
The deal was approved Tuesday during the Panama City Commission meeting. The city will purchase four waterfront parcels from Teco People’s Gas, located at the end of Third Street, some of which borders Panama City’s water plant, for $2.5 million using a bond revenue note. The city will lease the properties to the Millville CRA.
“This is a loan,” said Panama City Commissioner John Pilcher, estimating it would take five or six years for the CRA to repay the debt. “While it’s an upfront expense, it’ll be completely paid back.”
Pilcher said the deal was a good move for Panama City because if offered a buffer for the water plant, as well as secured waterfront property.
“Anything that we can buy that’s waterfront, it is a plus; they’re just not making any more of it,” he said. “In the long run, it will be a plus for the citizens.”
Though Pilcher thinks Millville will repay the loan within six years, the commissioner said waiting until the CRA could afford the property would be a mistake.
“We couldn’t wait five or six years until they had the money,” he said. “The price would be too high.”
The Millville CRA’s income, derived from increases in property tax collections within the designated area, is on an uptick. The CRA recently reported triple its projected numbers for this fiscal year, pulling in $545,000. The Millville CRA was created in 2003 and did not top $100,000 until last year. The spike is attributed to growth in the residential market.
Godbey said because Panama City is participating in the land buy, the expense might be eligible to for a 50-percent reimbursement from the Florida Communities Trust Grant Program.
The open space will be a “passive park.” There will be water access, and conceptual plans call for a small amphitheatre.
Panama City has agreed to fund the necessary construction at the site, which could be up to $325,000. The money will be taken from the city’s Park Fund.
Though the Panama City’s purchase is immediate, Millville’s park might require a bit of a wait.
“We have to close first,” Godbey said. “The actual development of the property, that could be a little further out, maybe two years.”
| Article Photos | |
Click on the thumbnails to see the full size image.
|
