The Bay Park to cost millions less and be completed five years sooner under new agreement

The Bay Park will cost millions of dollars less and be completed five years sooner than expected, according to a news release from the nonprofit organization managing and developing the city-owned property.

The Sarasota City Commission unanimously approved changes in the partnership agreement between city officials and The Bay Park Conservancy will save an estimated $15 million to $20 million in capital costs and an additional $5 million to $10 million in operating expenses. The change also speeds up eventual completion of the project.

“The commissioners' unanimous vote will accelerate the development of The Bay, a park designed for all - the full and rich diversity of our Sarasota community,” AG Lafley, founding CEO for The Bay Park Conservancy, said in a news release. “We are extremely grateful for the support of the City Commission, the City Manager Marlon Brown, City Attorney Robert Fournier, city management staff and supporters throughout the community who helped us achieve this historic decision.”

Previous coverage: The Bay Park could be defining feature of Sarasota when complete, first phase moving along

More: Construction on Sarasota’s The Bay project to start next month

The changes focused on streamlining the process by which "the bay will be designed and planned, funded and built, operated and sustained."

"It simplified multiple agreements into one and includes the BPC (Bay Park Conservancy) Guiding Principles, The city-approved master plan for the park, the implementation agreement for managing the park and both a naming rights and conflicts of interest policy," the news release reads.

“Smart delegation to qualified people is a sign of good governance and good leadership,” said City Commissioner Hagen Brody. “We’re excited to take this next step in ensuring that we develop a park that can soon be enjoyed by our entire community.”

This article originally appeared on Sarasota Herald-Tribune: Sarasota's The Bay Park will cost millions less and be done five years sooner