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Sarasota News Leader December 28, 2012 Page 67 OCT. 24 director. Meanwhile, Hoverter is drafting yet another advertisement for the opening of a The City of Sarasota Firefighters Pension city department head position ��� his own. He Board has complied with a city request to plans to retire soon as well. drop its estimated rate of return, but in a way unlike the two other boards overseeing city OCT. 30 pensions. Facing millions in pension shortfalls, the City Commission recently requested Sarasota���s Downtown Improvement District gives support to a plan to study a pedestrian all three boards cut their estimated rates of overpass across U.S. 41 at the bayfront. The return on investments to 7 percent. Two did idea goes back to 1959. Gil Waters was one of so ��� the Police Pension Board and the General the original proponents of the overpass, and Employees Pension Board. Each of the three at 86, he is still pushing to complete the plan boards is totally independent, a fact that manto bring downtown and the bayfront together ifests itself in various ways. For example, the as a walkable whole. He started a new orgaPolice and General Employees boards exclude management and operational fees from their nization ��� Sarasota Vision ��� to make his case. expected rates of return. The firefighters pen- The group has offered $200,000 as seed money sion fund includes a fee of one-half percent. for design and engineering work. Therefore, the Firefighters pension plan rate ���It increases commercial vitality, it offers a of return at 7 percent translates into an actual complete shopping and pleasurable experirate of return of 6.5 percent, once the manageence and it provides a safe and scenic bridge ment and operational fees are subtracted. The to walk over U.S. 41 to the bayfront and Island board recognizes that difference and votes to cut its estimated rate of return to 7.5 percent. Park,��� says Waters of his vision. ���It���s not too late, but it certainly isn���t too soon.��� Waters is a ��������� former city commissioner, news reporter and It has been a year of changes for the City of property developer. Sarasota, changes at the top of the bureaucracy. Two of those transitions already have been completed, with a new city manager and new police chief named. Three more are coming. Human Resources Director Kurt Hoverter confirms he is extending the search time for a new finance director and a new utilities Waters says he was asking for the district���s support prior to going before the Sarasota City Commission and then to U.S. Rep. Vern Buchanan, R-Longboat Key, in search of funding. The overpass is estimated to cost about $3 million. % Take Your Time You Have All Week Enjoy The News Leader Anytime - Day or Night