Commission backs concept of $20M Bay Park Phase 3 financing, contingent on county participation
Get AI-powered insights, summaries, and transcripts
Subscribe
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.
City manager Dave Bullock and the Conservancy explained the near‑term cash needs: the Conservancy asked to invoice for roughly $1 million of design and pre‑construction work in the next several months. Bullock said city and county staff have a joint fund for Bay Park work and, if the county agrees, the city can advance the immediate invoices from existing joint funds; larger financing (debt issuance) for the balance would come later in 2026 once permitting and 60% design milestones are firm.
Resilience, scope and timeline: The Bay Park team stressed that all work is being planned with resiliency, stormwater treatment and shoreline improvements as primary goals. Phase 3a plans include seawall rehabilitation, floating day docks, a two‑lane boat launch and increased trailer parking, upgraded restrooms, and stormwater/landscape measures to treat runoff. Phase 3b work will focus on raising central park grades, installing a buried/structured parking solution and reintroducing play and water features within a terraced stormwater treatment system. The Army Corps and SWFWMD permits were identified as critical path items; staff said permitting and design timing make 2026 the likely year to issue debt and start most construction.
County cooperation and financing mechanics: The Bay Park program uses a tax‑increment financing approach in which the city issues debt and the county pays half of the principal and interest annually out of increment revenues deposited to the Bay TIF. The commission’s approval was a concept approval contingent on the county agreeing to an equal funding share; the city manager and county staff will coordinate next steps. The commission voted unanimously to approve the concept and to authorize the Conservancy to invoice against the shared TIF account for initial design work if the county signs off.
Why this matters: Bay Park is a multi‑phase, multi‑year park project that the Conservancy and the city say improves water quality, increases shoreline resiliency and provides public open space. The commission’s action gives the Conservancy the go‑ahead to proceed with near‑term design and permitting work while the county considers its participation in long‑term financing.
Next steps: The county commission is scheduled to consider the Conservancy’s request; if the county concurs the city will issue debt for the project (anticipated 2026) and the Conservancy will proceed with permitting and construction scheduling. The Conservancy also invited the commission and the public to a “state of the park” event and a weekend of public programming that includes a fundraiser and the November music events.