PANAMA CITY — With plans to construct a premier metropolis, Panama City commissioners have approved metropolis workers to pursue $80 million in loans and set up an office to handle the tasks funded by the loans.

At Tuesday’s common assembly, City Manager Mark McQueen made the advice to approve the institution of a project management office following the fee’s unanimous vote to pursue the road of credit score from PNC Bank.

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“We established a relationship with PNC Bank where they have a line of credit so that we can draw from that line of credit, which is tied directly to each of those obligated funded projects by FEMA,” McQueen stated. “This will allow us to draw against that line of credit, do 90 days’ worth of work, submit for reimbursement to the state and get those funds back and pay down the loans immediately.”

The loans will cowl 72 tasks associated to “Hurricane Michael response, recovery and mitigation, including debris removal and stormwater system repair” — all of that are 75% reimbursable by FEMA, in line with metropolis officers. The remaining 25% of prices might be shared with the state, with town’s portion starting from 5% to 12.5%.

Commissioners appeared content material with the settlement.

“It’s just safe to say it’s a work in progress,” Commissioner Billy Rader stated. “It’s a matter of doing it right.”

“I’m happy that the staff and everybody came up with a way to start this process because we don’t have cash — everybody knows that — and we can’t do something until we have the money for it … because (FEMA) doesn’t pay us until we do the project,” stated Commissioner Jenna Haligas. “This is really going to speed up the process.”