An additional $5 million in private philanthropy triggers an additional $1 million match from The Patterson Foundation
Sarasota, Fla. – July 12, 2022 – The Bay Park Conservancy (BPC), the non-profit organization responsible for overseeing the transformation of 53-acres of city-owned land along Sarasota’s bayfront into a world-class public park, has reached another significant milestone. Thanks to generous community donors, The Bay has raised a second $5 million from private sources, triggering a second $1 million match from The Patterson Foundation’s current challenge match.
This additional match marks the second major milestone in The Patterson Foundation’s challenge for the $24 million capital campaign announced in July 2021, which has now generated over $12 million from private philanthropic, community sources, and matches. This brings the capital campaign to the halfway point with 18 months left in the campaign. All of the funds will be used to develop and build new public park space at the Bay.
“The Bay Park Conservancy has demonstrated consistent excellence throughout all of its efforts to bring the community’s vision to life,” said Debra Jacobs, 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.”
“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,” says AG Lafley, 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.”
In July of 2021, The Patterson Foundation announced its continuing support for The Bay by committing up to $4 million in matching funds to catalyze private donations to complete development of the first phase of the park. Each time private philanthropy donates $5 million through 2023, The Patterson Foundation will provide a $1 million match, up to a total contribution of $4 million — resulting in a $24 million investment into The Bay.
The current challenge match follows a previous $5 million challenge match provided by The Patterson Foundation, which donors achieved in May of 2021. The $5 million in matching dollars helped catalyze a $20 million total investment by private philanthropy into Phase 1.
This is the second major milestone in the current challenge match. This additional $12 million takes the total raised from community, private, and local government sources to over $36 million, with additional private and government commitments not included.
About The Bay
The approved Bay Master Plan will conserve 53 acres of city-owned land and create an iconic public park along Sarasota Bay. The Bay is on track to open phase one of the park in the fall of 2022, providing an iconic destination that will welcome everyone to Sarasota.The Park will cost about $100-150 million and will take between 7-10 years, over 3 or more phases to complete. The Blue Pagoda serves as a welcome center for visitors and an on-site office for The Bay Park Conservancy. For more information or general inquiries about this initiative, please visit www.thebaysarasota.org or call 941-203-5316.
About The Bay Park Conservancy
The Bay Park Conservancy (BPC) was formed as a 501c3 not-for-profit organization in 2019 to implement the master plan approved by the Sarasota City Commission to conserve 53 acres of public land for a community park on Sarasota Bay. The BPC entered a long-term partnership with the City and will fund, develop, operate, and sustain the park for the benefit of the community, now, and for generations to come. For more information, visit www.thebaysarasota.org.