SARASOTA (WWSB) -Homes and condos that sit across the 53 acres of the Sarasota Bayfront have the potential to have an increase in property values once the Sarasota Bay project is complete.
“What we’re evaluating is a possible TIFT district. That’s tax increment financing district. It’s not a new tax but it recycles increased property taxes back into this project and helps build it”, says Bill Waddell of the Bay Sarasota.
This is one topic discussed with City and County Commissioners today along with an update on the project.
Bill Waddell of the Bay Sarasota says Wednesday’s talk with the City and County Commissioners was all about the future funding needs for the project.
The first phase of the of the project will include 9 acres and run from U.S 41 to the water along Boulevard of the Arts.
“The 9 acres on the south is going to include a great waterfront sunrise and sunset pier and also a living learning laboratory where we’re going to test all types of outdoor events”, says Waddell.
Waddell says the phase could be built and potentially open in the next three years.
The Bay Sarasota is hopeful to have a finalized agreement with the city in April.
The planning on what the 53 acres will become has been going on for quite sometime now.
The park under the first phase will be first of it’s kind in the State of Florida .
Waddell explains it would operate much like Central Park in New York and Piedmont Park in Atlanta.