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SARASOTA — A research team hired by the Sarasota Bay Estuary Program (SEBP) released findings from phase one of its economic valuation study of Sarasota Bay. The researchers estimated the total capitalized value of single-family properties on or near Sarasota Bay at $3.6 billion in the study, according to a news release.
The total shows the lofty value area residents place on living around Sarasota Bay and the Gulf of Mexico.
On Sept. 7, the SBEP Policy Board, which includes representatives from Sarasota and Manatee counties, the cities of Sarasota and Bradenton, and the town of Longboat Key, approved funding for phase two of the study to be completed in 2013. Phase two includes a survey of residents and visitors who use the bay for recreational activities such as boating, fishing, scuba diving and bird watching. Information collected will detail how people access and use resources associated with the bay.
The use valuation from phase two will be added to the $3.6 billion property valuation to present an overall economic value of the Sarasota Bay ecosystem, according to the release. The SBEP, hopes this valuation will help it shape policy affecting the bay. The organization's goal is to restore the bay, including improve water quality, increase habitat and enhance the natural resources of the area.
“The economic value study of Sarasota Bay will help guide policy planning in the future,” says Mark Alderson, SBEP director, in the release. “It's important to know as much as we can about the full value of Sarasota Bay given its importance to our environment and economy.”
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