PANAMA CITY, Fla. (WMBB) — On this day in 1909, the City of Panama City was officially incorporated. Wednesday is the 113th anniversary. When Panama City was first developed in 1887 it was called Park Resort. “Demorest and Jenks were the first two gentlemen to develop the town and the name gives an idea of what they intended the development to be. They had a park in mind that we are standing on the edge of now,” Bay County Historical Society Vice President Bob Hurst said.