In a 5-0 vote on Wednesday, September 14, the Bay Park Improvement Board (BPIB) unanimously approved a $48 million capital improvement project to develop Phase 2 of The Bay.
Approval of this Phase 2 Capital Improvement project and funding will enable The Bay Park Conservancy to complete the circle of the new and improved public park, south of the 10th St public boat launch over the next 4 years from 2023 to 2026.
The City of Sarasota and Sarasota County created a new tax increment financing (TIF) district in 2020 to capture increases in property tax revenue from within the district’s boundaries, setting aside those funds for capital improvement projects for the redevelopment of 53 acres of city-owned land. These TIF revenues may only be used for capital improvements at the park, a portion of a new Sarasota Performing Arts Center, and bicycle, pedestrian, and multimodal facilities within the district.
“As we approach the Grand Opening of The Bay, this milestone approval by the Bay Park Improvement Board enables The Bay Park Conservancy to accelerate the construction of the park and open more park – faster and for the benefit of the entire community,” said AG Lafley, Founding CEO of the Bay Park Conservancy.
Following the September 14 approval, The Bay Park will present these Capital Improvement Plans and Projects to the City Commission on October 3, and the Board of County Commissioners on October 11.
For more information about the TIF, please view the following informational video: https://www.youtube.com/watch?v=B2Wg0NYbCyI
To view Wednesday’s BPIB presentation, click here.