PANAMA CITY — Panama City Downtown Improvement Board has laid out a plan to pay off its debt.
The DIB will pay $20,000 using the $55,000 loan granted from the city in March and then pay $5,000 each proceeding month, eventually out of DIB funds. Chairman Jim Hayden said they are hoping to have the amount owed to the city reduced to $25,000 by the end of the fiscal year.
The DIB’s existing debt was accrued in part to severances paid to former DIB directors but also included information guides, service packets and operational costs. The former loans were with Doral Bank and Regions, but the DIB borrowed money from the city to pay the loans off.
The board has also merged all of its accounts at Trustmark Bank, completed the Florida Department of State audit and is close to completing the board’s annual audit.
In other business: Executive Director Jared Jones identified 12 locations in need of code enforcement in downtown. He is planning to submit the list to officers. He wants to make this a monthly routine.
- The DIB has received Florida Main Street accreditation. Although the Main Street board had national accreditation last year, it was not state accredited.
- Jones expects the DIB to have 34 or 35 vendors for the Friday Fest on March 6, when the event returns for the year.
- The DIB will continue to buy fireworks for the July 4 Salute to Freedom event.
- Jones said he is courting a vendor that will make the upcoming Oktoberfest celebration bigger and more authentic.
- DIB is preparing for the Race the Riviera bike race on April 11. The cycling race is on a 1.1 mile track in downtown where riders will be challenged to complete as many laps as possible in a set time.