PANAMA CITY — Members of the Downtown Improvement Board (DIB) heard signs of a positive outcome for their debt woes during a special meeting Thursday.
Board members originally discussed selling downtown parking lots owned by the DIB to pay its $58,789 in outstanding debt. About $50,000 of the debt is accruing interest at 4.75 percent. DIB members also lobbed the idea of approaching city commissioners to buy out the debt and allow the DIB to repay the city at a lower interest rate.
During Thursday’s meeting, Chairman Jim Hayden told DIB members that city officials agreed to place on an upcoming City Commission agenda the question of whether the city will buy the debt and charge an interest rate of 2 percent.