The Bay County Chamber of Commerce, Central Panhandle Association of REALTORS®, and Bay Economic Development Alliance (Bay EDA) are proud to announce their partnership in supporting the Panama City Economic Development Ad Valorem Property Tax Exemption program. Panama City voters will be asked to weigh in on the issue on the April 18^th ballot.

The program is a valuable tool that attracts new businesses in critical industries such as manufacturing and technology, incentivizes business expansion, and creates high-paying jobs in the region. By offering tax exemptions to qualified businesses, the program encourages economic growth and development in Panama City and the surrounding areas.

The program is not new to our area and is outlined by a State of Florida Statute. For decades, this tax incentive assisted the Bay EDA in attracting vital business to our city. Cities and counties throughout Florida are using this program as an incentive, including Bay County and the City of Lynn Haven. Panama City voters have previously approved this program three times, which allowed the City to grant these Ad Valorem Property Tax Exemptions for 30 years.

Qualifying companies in the manufacturing, fabricating and tech business industries must bring at least 10 new jobs with above average wages to our city, build new facilities and invest in new equipment. Further, each applicant must be approved by the City Commission and report annually on sustained job numbers and expansion.

"We are excited to partner with the Bay County Chamber of Commerce and Bay EDA to support this program, which will bring new business opportunities and high-paying jobs to our community," said Jennifer Ledesma, President of Central Panhandle Association of REALTORS®. "This program is a valuable tool in the toolbox of our EDA as they work to drive businesses from around the globe to our area."

The Central Panhandle Association of REALTORS® will also be launching a $25,000 campaign to Panama City voters urging them to ‘Vote Yes’ for the abatement referendum. Voting residents will receive informative mail pieces, text messages, and digital ads. The mail pieces are expected to arrive as early as March 24^th and will continue up until election day on April 18^th.

The partnership of Central Panhandle Association of REALTORS®, Bay County Chamber of Commerce, and Bay EDA sends a clear message that the community is committed to promoting economic growth and development in Panama City and the surrounding areas. By leveraging the strengths of each organization, the partnership aims to promote economic development in Panama City and foster a vibrant business community.

"The Panama City Economic Development Ad Valorem Property Tax Exemption program is a powerful incentive for businesses looking to invest and grow in our community," said Carol Roberts, President of Bay County Chamber of Commerce. "In asking for our citizens to vote yes, we ask them to join us in our mission to build a better Bay County and Panama City.”

Further information about the program requirements and impact is available at: https://www.panamacity.gov/CivicAlerts.aspx?AID=535