County Looks to Bolster Economic Incentive Fund

Since 2009 Sarasota County has spent nearly $10 million in economic incentives to lure businesses to Sarasota.

Of the money put into the incentive fund two years ago, only $569,000 remains. On Thursday during a county commission workshop, commissioners directed staff to look at options to replenish the fund.

“Over the past couple years, the ROI (return on investment) has been pretty high,” said Commissioner Joe Barbetta of the incentive grants. “It’s another tool for EDC and staff to utilize. It would behoove (us) to keep it going.”

Barbetta suggested having a $5 million revolving fund for economic incentives. To do that, he suggested selling some of the county’s unused properties. Selling of those properties, Barbetta said, would not only bring in one-time funds, but also put those properties back on the tax role.

“In the end we get paid back handsomely,” he said.

County Finance Director Steve Botelho said that could be a viable option moving forward. There are not a lot of other options to replenish the economic inventive fund without using the general fund, Botelho said.

The commission directed staff to first look at a property on Cattleman Road to get is appraised and report back to the commission with a recommendation within 30 days.

“I would like to see us make a decision on Cattleman,” said Commissioner Jon Thaxton. “What is the present estimated value at its current zoning and what would be its highest and best use?”

Commissioner Christine Robinson said a report from staff on county-owned surplus properties should be produced every month from now on. 

The direction for staff to have monthly surplus reports and recommendations received unanimous consent.

“I support this because of what these dollars are going to,” said Comission Chair Nora Patterson. “I do not support the county selling off assets just to prop up the general fund.

“Given the state and the goal that’s been proposed, [I] think it’s pretty logical depending on the numbers that come back to us.”