Sarasota commissioners approve partnership for new $350 million performing arts center
SARASOTA, Fla. - Future plans for a new performing arts center slated to be a world-class facility located in Sarasota's the Bay promises to transform the city's waterfront, but some are worried the price tag could break the bank.
"This is half a billion dollars that city taxpayers like me will be on the hook for," stated Dan Lobeck, a Sarasota resident and attorney.
Lobeck worries the price tag could leave the city and residents singing the blues.
"If you're going to buy a car you want to know how much it costs and how you will pay for it before you sign the contract. If a friend is going to pay half the money you probably want that upfront," said Lobeck.
The Sarasota City Commission just approved a contract with the Van Wezel Foundation. It says the city will fund 50% of the total cost of construction. The Van Wezel Foundation would fund the other half through private donors.
"This is not something we will necessarily have to deal with, but a future commission and a future city manager. But it’s a lot of money. It’s $150 million-plus," said Mayor Erik Arroyo.
Mayor Arroyo and Commissioner Jen Ahearn-Koch wanted to move forward with plans but had hoped for a good-faith agreement without plans being legally binding.
"It felt a little bit rushed," said Ahearn-Koch.
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The city has said funds will likely come from tourism tax and other avenues like a revenue bond. The bond would come from people who buy tickets to performances. Commissioner Ahearn-Koch is concerned if there isn't enough revenue to pay the bond, residents could end up hurting if city services have to be cut to foot the bill.
"From my end, there were just some areas that I could not commit the citizens to without some more clarity," said Ahearn-Koch.
The Van Wezel Foundation asked the commission for trust and commissioners gave it to them in a three to two vote.
"We are actively looking at ways to continue to achieve our mission and build a flexible performing arts center that can meet the needs for the next 50 years," explained Van Wezel Foundation CEO Cheryl Mendelson.
With an estimated price upwards of $350 million, some will argue, that's a lot of trust.
"Everybody wants improvement. Everybody wants progress, but at what cost and for what," stated Lobeck.