Bayfront 20Money

When it comes to achieving a big goal, good intentions are not enough. Commitment is essential. Commitment is what separates doers from dreamers. Planning for the City of Sarasota’s future Bayfront Park – the public’s 53 waterfront acres which include the greening of the Van Wezel parking lot – has now moved beyond the “vision” stage into the “make it happen” stage. Historically, this is where big plans in Sarasota can go very wrong.

We’ve seen big promises when it comes to public-private partnerships before.

The Benderson Rowing Park non-profit, SANCA (Southwest Aquatic Nature Center Association), said they would raise $22 million to construct a boathouse, grandstand and finish tower in time for the 2017 World Rowing Championships at the rowing park. Instead of SANCA raising that $22 million, a second non-profit, the Benderson Foundation, funded the $5 million finish tower just in time for the event. The rowing park still lacks a boathouse and grandstand. Public money – over $50 million – has been the main source for the rowing park’s construction. Sarasota County is the ongoing source of funds for park maintenance. SANCA has not brought the funding it promised.

In 2009, as part of their stadium deal, the Orioles promised to raise $10 million to construct a Cal Ripken Youth Academy out at Twin Lakes Park. This was the sweetener, the game-changing project that was going to “re-invent spring training”. Kids playing with the pros, a great economic engine that would fuel our local economy! Today there is no Cal Ripken Youth Academy. Taxpayers funded the stadium but didn’t get the baseball academy they were promised in return.

Tangible commitments are SMART – Specific, Measurable, Attainable, Relevant and Time-Bound. Both the rowing park and Cal Ripken Youth Academy were promises, not commitments. The associated contracts between the County and SANCA, and between the County and the Orioles were effective at compelling the County to spend public money, but worthless regarding ensuring the promised private sector financial support.

Enter the Bayfront Park Conservancy (BPC) agreement.

Everyone agrees a 53 acre bayfront park is a great idea. The park vision includes a softened shoreline, transformation of the Van Wezel parking lot into green space and a new performing arts hall. Estimates for the cost of the envisioned Bayfront Park are up to $500 million dollars. Love the vision! But in ceding management of the public’s 53 acres to a private conservancy, the contract currently being hammered out between the BPC and the City of Sarasota should answer a fundamental question: Why does the City need the BPC? What tangible value does the conservancy bring to the table? That value – which must include fundraising – has to be specific, measurable, attainable, relevant and time-bound. Right now it isn’t. Among other problems, there is no dollar amount specified that the BPC will raise, and no associated deadline.

Funding the ongoing costs of operation and maintenance of this new park will be critical to its financial sustainability and the financial health of the City of Sarasota.. The annual operations and maintenance costs for the proposed park has been estimated at $5-6 million dollars. The draft agreement says the BPC will develop an operating and maintenance plan for each phase of the park, but there is no requirement that the BPC plan actually be successful. Why not? This is a glaring omission.

The park plan began with an emphasis on private money. However, it has become clear that the lion’s share of the project financing will come from public coffers. This relatively new clarity about reliance on public money is clear in the draft agreement. The current contract obligates the City financially, but fails to spell out the financial commitment of the private sector. Come on people. We’ve been down this road before. Show us the money

If the BPC is unable or unwilling to commit to fundraising and other performance benchmarks in a contract with the City of Sarasota, this is an important red flag. Relinquishing control of 53 acres of waterfront land to a conservancy has to work for City residents. What’s in it for us? The more specific the contract is about the City’s obligations, and the more vague the contract is about the conservancy’s obligations, the more reason there is to for City residents to be nervous. The City Commission must get this right.

The City Commission will be discussing the draft contract with BPC on March 18th.