The Patterson Foundation has committed up to $5 million for the transformation of the 53-acre property on Sarasota Bay.
SARASOTA — Because private donors have invested $5 million into the first phase of The Bay’s master plan, the first of three potential $1 million gifts from The Patterson Foundation will arrive in the project’s coffers.
Combined with a previous $2 million gift from Patterson, the latest grant marks a total of $8 million raised toward the master plan for The Bay, a multi-year effort to transform 53 acres on Sarasota’s bayfront into a public park and performing arts hub.
The Patterson Foundation has committed up to $5 million to the Bay Park Conservancy in an effort to draw the $15 million needed to fulfill the $20 million first-phase fundraising goal from private sources. The foundation’s investment includes an initial gift of $2 million, along with additional contributions of $1 million each time $5 million is raised in private support.
“In a matter of months, other donors have collectively contributed $5 million toward this legacy endeavor for our community,” said Debra Jacobs, president and CEO of The Patterson Foundation, in a statement on Thursday. “The Bay’s commitment to engage the community throughout this process aligns with The Patterson Foundation’s emphasis on addressing shared aspirations, and the foundation is proud to be a part of the journey.”
Phase 1 will bring the first round of enhancements to the space and result in the creation of a 10-acre community park stretching from U.S. 41 to the bayfront along Boulevard of the Arts. The Sarasota City Commission unanimously approved the implementation plan in September. This latest approval followed the City Commission’s unanimous approval of a partnership agreement with the Bay Park Conservancy in April, which outlines how both entities will work together to create, co-fund, build and operate the park for the community.
NOTE: This article was originally published by the Herald-Tribune on October 10, 2019.