PANAMA CITY, Fla. (WMBB) – The city of Panama City is getting another large settlement to put towards Hurricane Michael recovery.
The city commission approved the memorandum with the Florida Municipal Insurance Trust Tuesday morning.
The total value of the settlement is around $73-million.
Around $40-million of that has been used already on immediate repairs following the storm which were conducted by a contractor the insurance agency hired.
But on Tuesday, the city signed off on receiving the remaining $30-million dollars in cash.
Mayor Greg Brudnicki said this was a long process.
The city had to prove the damage was caused by the storm to insurance companies.
“It’s the same thing that homeowners went through and other commercial businesses go through,” Brudnicki said. “We went through it the same way except we had a lot of buildings. Dozens and dozens of buildings with all kinds of different insurance amounts.”
Brudnicki said the city will now take charge of hiring crews to do the rest of the work.