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.