PCB approves Walmart contract
Feb 24, 2012 (Menafn - The News Herald - McClatchy-Tribune Information Services via COMTEX) --PANAMA CITY BEACH -- The City Council gave unanimous approval Thursday to a contract with Walmart that officials hope will mean a new supercenter opening in spring 2013.
The "public-private partnership agreement" means Walmart will foot the initial bill for improvements on north Powell Adams Road and the city will repay the money in later installments.
The Panama City Beach Community Development Agency (CRA) already had planned to four-lane the entire roadway as part of its long-range plans for city street improvements.
The agreement approved Thursday allows at least part of the work to begin sooner and save the city some money, as well, officials said. Walmart plans a 156,000-square-foot-supercenter on the southeast corner of Powell Adams Road and Back Beach Road.
CRA engineer John Alaghemand told council members the agreement, already approved and signed by Walmart officials, outlines 2.9 million in roadway and off-road improvements similar to the CRA's standards on other north-south connector roads such as Churchwell Drive and Richard Jackson Boulevard.
A traffic light and turning lanes also are planned for the intersection of Powell Adams and Back Beach roads, and the four-laning will go about halfway south to Front Beach Road.
The city's portion of the money, estimated at about 1.5 million, will be repaid in installments of 50 percent, 25 percent and 25 percent, with the first due 60 days after construction, the next June 30, 2014, and the final installment on June 30, 2015, respectively.
The deal with Walmart means the city's CRA will save about 400,000, officials said. Walmart plans to advertise for bids in March and begin construction in April.
After the roadway improvements are completed, the Powell Adams Road right of way and maintenance will be dedicated back to the city, officials said.
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