Longboat Key property values projected to decrease in 2021

Longboat Key's overall property value slipped a bit in the last year while still remaining above the $6 billion mark, according to estimates provided by the tax appraisers' offices in Sarasota and Manatee counties. 

In May, the town forecasted a 1.5% gain in property values in preliminary budget estimates.

 However, June estimates provided by both counties now indicate an overall decrease of 1.3% to an total of $6.08 billion. Specifically, Sarasota County property values are projected to be down 3.28% ($4.17 billion) while Manatee County property values are up an estimated 3.31% ($1.91 billion).

Both counties will deliver final valuations by July 1, on which Longboat Key commissions can base firm budget decisions on. 

“The Sarasota County portion is about 70% of our tax base, so it has the greater influence overall,” Town Manager Tom Harmer said.

Without changing the projected millage rate of 2.1144 — which has gone unchanged since the 2017 budget —  it is estimated the town will collect about $12.35 million in property taxes.

“We’ve had some earlier conversations with the Sarasota County property appraiser,” Harmer said. “He’s indicated that that’s primarily due to some lower values on some of the condominium properties more so than single-family [homes.]”

During the July 1 regular meeting, commissioners will set the maximum millage rate for fiscal year 2021, which runs from Oct. 1, 2020, through Sept. 30, 2021. After commissioners set that rate, they can reduce it but are prohibited from setting any rate higher. 

Monday’s budget workshop was also the first time commissioners have heard publicly about the costs for phase two of improvements to Town Center Green.

The total budget for phase two of the project is estimated  between $849,150 and $1,018,980. However, the current proposed fiscal year 2021 budget has only allocated $650,000 for phase two improvements.

The proposals for the site include a 1,000-square-foot pad to accommodate a portable stage, a 23,000-square-foot lawn that can accommodate 2,500 people standing for a concert or 1,200 people for a seated reception and a restroom facility.

The plan also calls for walkways, lighting and resodding of the site, which sits next to the Public Tennis Center and the Shoppes of Bay Isles.

“I think completing phase two is essential with respect to the long-range site and the long-range plan,” Daly said.

Town leaders have discussed for years how to fund a future Town Center and what specifically to build. Possibilities include a community center, a new recreation center, a library, pickleball courts and a cafe among other things.

Commissioners Sherry Dominick and BJ Bishop expressed their concerns about the site’s parking.

“This just harkens back to the issue that BJ [Bishop] had raised before,” Dominick said. “At this point, will there be any parking reserved or dedicated for this at all, or is it just catch as catch can for people who want to visit?”

Public Works Director Isaac Brownman estimated the site will have about 80 parking spaces, mostly in place of the former Amore restaurant parking lot.

“What I don’t know for sure if we had a major event and additional parking was needed, how feasible would it be for a one-off to utilize other parking areas off sites such as the Temple [Beth Israel] overflow parking or the Mediterranean Plaza?” Brownman said.

Bishop said commissioners need to be “cognizant of the long-term projection” for how the site can be successful.

“It certainly can’t be successful by hoping other people may or may not let you use their property,” Bishop said. 

Phase two construction will cost about $738,150, which includes a 5% contingency. Design and permitting will cost about $111,000 with a 15% contingency.

Crews are projected to complete phase two of the project by April 2021.