On the strength of a second $5 million raised from private sources, The Patterson Foundation of Sarasota has granted a second of four potential $1 million challenge matches toward The Bay Park Conservancy’s $24 million capital campaign, which began in July 2021.
The nonprofit is overseeing the transformation of the 53-acre, city-owned property on Sarasota Bay into a world-class public park. The Patterson Foundation’s challenge grant matches $1 million toward every $5 million raised by The Bay Park Conservancy, up to a maximum of $4 million.
With the half-way point reached in one year, 18 months remain in the campaign.
“The Bay Park Conservancy has demonstrated consistent excellence throughout all of its efforts to bring the community’s vision to life,” said Debra Jacobs, the president and CEO of The Patterson Foundation. “This continued support from generous donors will propel that excellence forward through the first phase of The Bay Park and its continued evolution.”
The additional $12 million takes the total raised from community, private and local government sources to more than $36 million, not including additional private and government commitments to the project. A successful conclusion of the current capital campaign will bring the total to $48 million or more.
The Bay Park transformation is projected to cost between $100 million and $150 million and to require seven to 10 years to complete over three phases.
“From the beginning of The Bay, The Patterson Foundation has been encouraging and generous, not only with their funding support but also with the resources of their talented team,” said A.G. Lafley, the founding CEO of The Bay Park. “Debra Jacobs has been quietly inspiring and steadfast in her support of The Bay Park Conservancy, and helping create one park for the benefit of the entire community.”
Formed in 2019, The Bay Park Conservancy has entered into a long-term partnership with the city of Sarasota to fund, develop, operate and sustain the park on Sarasota Bay.