The Walton County Sheriff's Office identified the suspect as 49-year-old Kevin Robert Holroyd, according to WVTM.
They also confirmed that the incident was connected to a suspicious death that occurred earlier Tuesday morning in Walton County. The sheriff's office identified that victim as 30-year-old Clinton Street. Street was found with multiple gunshot wounds.
Witnesses said they heard between 50 and 100 gunshots, the local NBC affiliate WJHG reported.
At least one person received a minor injury and was taken to a hospital, city spokeswoman Caitlin Lawrence told CNN. A local school district announced that two schools had been placed on lockdown as a safety precaution, adding that "All students are safe."
The Panama City News Herald reported that authorities zeroed in on Briarwoods Apartments, where they believed Holroyd was hiding.
Florida Gov. Rick Scott tweeted that he'd spoken with the Bay County sheriff and offered any state law-enforcement support necessary.
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