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Commission backs concept of $20M Bay Park Phase 3 financing, contingent on county participation
Summary
The commission approved the Bay Park Conservancy’s request to proceed with design and planning for Phase 3, asking the county to match funding; the commission also agreed to allow up to $1 million in near‑term design invoices to be paid from existing TIF reserves while parties finalize permitting and financing.
The Sarasota City Commission on Oct. 20 endorsed the Bay Park Conservancy’s proposal to advance design and early work for Bay Park Phase 3, agreeing in principle to a $20 million funding concept that will be split equally with Sarasota County and paid through the existing Bay Tax Increment Financing (TIF) mechanism — contingent on the county’s concurrence.
Bay Park Conservancy chair Jennifer Compton and CEO AG Lafley presented the request and an update on current Phase 2 construction and the park’s resiliency strategy. They described Phase 3 as two linked projects: Phase 3a (Centennial Park, roughly the northernmost 11 acres) and Phase 3b (the center portion of the park). The Conservancy asked for $16 million for design and construction work on Centennial Park and $4 million to continue design and planning for the center of the park, for a combined $20 million concept.
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