All terms expire in two years. The Airport District was created for the purpose of acquiring, constructing, improving, financing, operating and maintaining airport projects and any other development of land owned or leased by the District and necessary to the economic welfare of the inhabitants of the district and which will promote the economic, commercial and industrial development of the district. The Panama City Port Authority was created by a Special Act of the Legislature of the State of Florida to manage the operations of the City's Deep Water Shipping Port. The Port Authority also manages the Port's Industrial District and Foreign Trade Zone. The Panama City Port Authority's Board of Directors are appointed by the City of Panama City Commission.
Directors serve four-year terms of office.
The Port Authority's Board of Directors oversees personnel, management and finances, with the City's control over finances limited to approval of the Port's annual budget. The Port Authority is the lessee in an agreement with the City of Panama City for the land occupied by the Port Authority. The lease is for a period of 99 years, expiring August 31, 2065. The Port Authority leases a substantial portion of its property to various businesses under operating lease agreements. The Panama City Planning Board is designated as the local planning agency and acts in an advisory capacity to the City Commission.