Thanks to uncertainty regarding the future of residential property taxes statewide, what was once nearly a perfunctory exercise to secure funding for each phase of development of The Bay is now more of a challenge.
On April 21, Bay Park Conservancy Founding CEO AG Lafley addressed the Sarasota County Commission on what has become a routine practice — securing a release of tax increment financing (TIF) district funds for the next round of work at The Bay park.
The model for funding of the estimated $200 million buildout of the 53-acre, bayside park, which is closing in on completion of its second phase, is 50% philanthropy via the BPC, 25% city and 25% county, the public dollars derived from the property tax revenues on the improved tax value of residential property in the downtown area adjacent to the park, set against assessed values of the property in 2019…