The Bay Park Conservancy (BPC), the non-profit organization responsible for overseeing the transformation of 53-acres of city-owned land along Sarasota’s bayfront into a public park, has now raised $15 million towards its $20 million initial funding goal from private sources. The goal was reached due to a $5 million match challenge from The Patterson Foundation, which includes an initial $2 million investment made in May 2019 followed by three additional $1 million contributions made each time The Bay raises $5 million from private sources toward its initial $20 million goal. The latest milestone marks Patterson Foundation's second $1 million contribution.

Phase 1 of The Bay’s master plan will create a 10-acre park the community to use and enjoy. The funding from foundations, philanthropists and individual donors will be combined with support from government sources, including  annual capital and operating budget support from the City of Sarasota, grants from various government agencies for projects such as the natural shoreline and kayak launch, and tax increment financing by the city and Sarasota County, which was recently approved for up to 30 years.