Our View: Institute yes, tax support no

There is a lot to like in the Institute for the Ages. It draws on one of our area’s strengths that is not well-utilized. Although we do a pretty good job with the beaches and tourism, construction and retail, there never has been a great avenue for capitalizing on the demographic of being the oldest metro area in the country.

The United States will look similar in the future to what Sarasota County looks like now because of the rolling tide of aging baby boomers. In fact, projections show that Sarasota today reflects almost exactly what the entire developed world will look like in 2050. In a way, we are a petri dish for the future. And that makes us the perfect opportunity for a range of disciplines and industries.

Hence, the Institute for the Ages, born from a SCOPE study over the past five years. It’s a concept that will pull together foundations, companies and individuals to test new ideas for everything from disease treatments to social interactions and do it cost effectively. The institute would provide infrastructure to help with managing projects, linking partners, finding funding and offering it all in a community laboratory.

A large laboratory. About 30% of Sarasota’s 388,000 residents are over age 65.

The idea has great potential, although it is mostly potential right now.

So it is encouraging to see the financial support for the Institute for Aging within the community. The goal is to raise $900,000 in private money, and the group is nearly there.

The Patterson Foundation has given $25,000 unconditionally and committed to $375,000 more during the next three years. Sarasota Memorial Hospital is providing office space valued at $100,000 and national research institute RTI International has pledged $200,000. Another $180,000 has been promised by other groups.

But here is the Godzilla-sized catch: All of that private pledged money — $855,000 — is contingent on Sarasota County plunking down $1.2 million over three years. No, not Sarasota County: taxpayers. The county only has money it takes from taxpayers — many of whom continue to struggle in this economy and would not choose to roll the dice on something only with potential.

The County Commission, however, didtake the politically expedient route when it unanimously approved the request last week — despite going through four years of budget cuts with more on the horizon. There was a lot of power arrayed for this.

The defense will be that this will create jobs, spur the economy and generate more taxes. Perhaps. Perhaps not. Hence the dice.

It is just simply not the role of county government to invest in startups, no matter how good the idea appears. The private sector could invest that money, and much more, without shaking down taxpayers.

+ Eating the Golden Apple
The Golden Apple Dinner Theatre wants to convert to a non-profit corporation so it can queue for taxpayer money that is so common among arts organizations.

Actually, if it were not for those ubiquitous tax funds given away each year to every other arts organization under the bright Sarasota sun, the Golden Apple would not be tempted to go non-profit.

But you can understand the motivation if you’re the Golden Apple. Why pay 35% tax rates on profits and try to compete against other similar arts groups that pay no taxes — and receive charitable contributions and taxpayer subsidies? If you can’t beat ’em, join ’em.