PANAMA CITY BEACH — Local officials have approved an "aggressive" budget to fund the Front Beach Road Community Redevelopment Area Plan next year.
In a City Council meeting Thursday, leaders approved an approximately $66.274 million CRA budget for Panama City Beach in fiscal year 2023. This is a 220% increase over the same budget for fiscal year 2022 of more than $20.725 million.
"Much of the money is rollover funds from the past year, but with our new management ream locked in and focused, we are seeing a much more aggressive and realistic schedule for the CRA," Mayor Mark Sheldon wrote in an email. "All great things for the community as a whole."
Panama City Beach residents:Stay informed on CRA's busy schedule
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Several major capital improvement projects are in the city's pipeline, including three segments of the CRA plan slated to break ground next year. They are:
There also is an ongoing portion of the CRA plan — Segment 3 — that should be complete by December 2023. It includes reconstruction of Front Beach Road west of State Road 79 to about Lullwater Drive, as well as along State Road 79 from Front Beach Road to Panama City Beach Parkway (Back Beach Road).
A roundabout also is being constructed at State Road 79 and Front Beach Road.
In a budget workshop last month, officials noted capital improvement projects make up 89% of the 2023 CRA budget, with 7% going to existing debts, 3% covering operating costs and 1% paying city employees.
It is funded 47% by tax-increment financing, 46% by grants and contributions to the city, 4% by "other fees," 2% by CRA assessment fees paid by residents and 1% by transportation proportionate shares.
The CRA was formed in 2001 with the goal of installing tram lanes, bicycle lanes, sidewalks, improved lighting, new street signs and landscaped medians along Front Beach Road and its connecting roadways.
Residents who want to stay up to date with CRA construction can sign up for an email list to receive information on roadway closures, traffic detours and the status of projects. Those interested should email ktownsend@corradino.com.
"Being multi-model is a priority for the city," Sheldon wrote. "We know that traffic is a major concern for people, so if we can get more people using alternative methods (of transportation), it will reduce the number of vehicles on roadways giving everyone a better experience."