Issue link: https://newsleader.uberflip.com/i/146256
Sarasota News Leader July 26, 2013 Page 45 $76 million, that downtown Sarasota suffers of the CRA is to sustain and improve the tax base. Every expenditure should be an investfrom "slum and blight." ment with an expected ROI [return on invest"It is not the Webster's dictionary definition of ment]." 'blight,'" she added. "It is the statutory definiThe best way to do that, she said, is partnering tion of 'blight.'" with non-government entities. "When will pri"I've had one county commissioner say, 'I vate industry want to invest in the area? The would have to get past telling people down- CRA gives an incentive, based on a committown Sarasota is blighted with a straight face ment to a plan. It gives additional certainty to before I could vote for it,'" said Committee developers. What are the chances the private Chairman David Merrill, a former Sarasota sector will want to be your partner?" mayor. While the CRA investment may be a one-time "If you cannot passionately defend [the CRA], boost to a developer, the CRA will reap the maybe it shouldn't be in the area," Westmo- benefits of increased tax revenue year after reland responded. "You have to prove it; you year. Last month, the committee heard the exhave to do a study. Crime, parking, flooding, ample of the downtown Whole Foods grocery vacancies: These all can be used to demon- store. In 2003, the CRA provided almost $5 strate blight. It is all subjective." million to bring the company to downtown Sarasota. GETTING TO THE ROOT "It's about the money. And more [communities] are using the money for operations because cities and counties are hurting," Westmoreland continued. "But you can get into legal trouble if you do not fund what you promised to fund. The mantra for spending should be, it's in the plan and it's in the district." The year the deal was cut, the property was assessed for tax purposes at $3.2 million. Today it is on the books for $57.4 million, and Whole Foods has paid $6.6 million in property taxes. In this case, it is a 2:1 return-on-investment ratio, plus the city has a share of the store's parking garage. Westmoreland says her organization regularly sees 14:1 rates of return on CRA partnerships "Where most CRAs get into trouble is fighting with private industry. If the CRA is not extendover control of the money. Who do you want ed, she added, "You lose the investment from to control the money?" she asked. "Indepen- the private sector." dent boards are few; you can count them on the fingers of one hand. The fact is, 95 percent At its first meeting, the committee decided to are elected [officials]. Maybe that's the trend; divide its time into thirds: one-third research, one-third deliberation and one-third to draft a maybe that's a best practice." report. Westmoreland's visit was the fourth of Westmoreland returned time and again to the 14 planned meetings. The next one is schedfundamental role of the CRA, one the commit- uled for Tuesday, Aug. 13, at 5:30 p.m. in Saratee has heard again and again. "The mission sota City Hall. It is open to the public. %