Civil Municipal - April 2024

Mayor Sheldon proudly declares,“Panama City Beach is truly Paradise. I say it all the time.” He emphasizes the city’s unique financial structure, which spares its residents from personal property tax, thanks to a thriving tourism sector that fuels the local economy with a 1% business tax receipt. This arrangement allows the city to forgo the usual ad valorem tax, making it a rarity in the state.“We’re kind of a unicorn in Florida because of that,” he notes. The city’s approach to governance and community development is three-legged, prioritizing residents, the local business community, and tourists in that order. This strategy has fostered a harmonious environment where each sector supports and enhances the others. The mayor shares the importance of the local business community, stating, “Without them, none of it works together.” BOOSTING HEALTHCARE IN PANAMA CITY BEACH In Panama City Beach’s development landscape, the recent focus on healthcare marks a significant shift towards enhancing the quality of life for its residents and visitors alike. This pivot towards healthcare infrastructure, led by The St. Joe Company under Jorge Gonzalez’s guidance, reflects a broader vision of community enrichment and economic growth. Gonzalez begins by outlining The St. Joe Company’s structure, a publicly traded entity on the New York Stock Exchange, with its headquarters firmly rooted in Panama City Beach.“We are a fully diversified real estate company,” he explains, detailing the company’s involvement across residential, commercial, and hospitality segments. The mention of 12 active residential communities, a commercial portfolio boasting 1.2 million square feet, and a hospitality arm with 13 hotels, among other assets, paints a picture of a behemoth driving significant economic activity in the region. With a landholding of approximately 180,000 acres across northwest Florida, The St. Joe Company positions Panama City Beach at the heart of its operations. This strategic focus is emphasized by an impressive capital expenditure of $781 million over the last three years, aimed at new projects that bolster the community’s infrastructure and 155 CIVIL AND MUNICIPAL VOLUME 5, ISSUE 04 PANAMA CI TY BEACH, FLORIDA