River Regatta a major factor in Bradenton branding, yielding solid return on tax investment
The question of the economic development value of the Bradenton Area River Regatta re-entered the public arena with the Bradenton City Council debating the cost to taxpayers. While council members back the free day-long event, there is a split on continued funding.
Ward 2 Councilman Patrick Roff is raising the issue over his estimate that the cost amounts to some $100,000 to city taxpayers, mostly for police and public works employees. Last week he suggested capping the 2017 cost at $50,000, but backed off that position during Wednesday's council session.
The council then unanimously approved the city's participation in the 2017 event without imposing financial limits on Bradenton's costs. That sensible decision allows the event more time to further establish a track record of success and secure additional private sponsorships for the fan-friendly spectacle. The city, though, vowed to resume the government spending issue by 2018.
Bradenton Mayor Wayne Poston countered Roff's point that the event is not economic development when the first edition, in 2015, attracted some 80,000 spectators, many from out of town.
By one estimate, the first Formula 2 racing regatta and stunt performances pumped more than $4 million and an additional $400,000 in new tax revenue into the area. Spectators on the Green Bridge and Riverwalk enjoyed perfect weather. Inclement weather dampened attendance at the 2016 event.
It's shortsighted to view the popular regatta as lacking in long-term economic development and new jobs when major events give communities priceless exposure that could entice visitors not only in returning but relocating their companies here.
Years ago the city of Bradenton engaged the community in a visioning process in order to advance a mission of downtown revitalization and cultural development. Hundreds of residents participated, and 2010 marked the incorporation of the brainchild of that civic engineering, Realize Bradenton.
The organization's mission is branding the city as an vibrant, inviting and up-and-coming community that is building the quality of life through events and assets that attract all manner of people. Numerous cultural and popular happenings highlight Realize Bradenton's place-making.
This past weekend the community enjoyed one of the fruits of that endeavor, the fifth annual Pickin' Picnic along the city's crown jewel, Bradenton Riverwalk -- which itself fulfilled a long-held dream but only gained momentum as a result of that civic engagement.
The Pickin' Picnic, with perfect weather, attracted quite a throng of people to the free daylong series of concerts with food trucks feeding the crowd. The cost to the city in terms of security and cleanup apparently did not rile the public.
Last week Ward 4 Councilman Bemis Smith expressed a middle ground in this debate. While supportive of the regatta and the city's initial investments, he suggests the city ween the event off tax dollars and become self-sufficient over the course of three to five years.
The spectacular success of the initial regatta should entice new sponsors and likely fulfill the full-funding goal. But the city should not be concerned about "weening" itself off of the investment in the regatta. The "investment" has a great return -- invest nothing and get nothing in return. The city should be prepared to invest as long as it sees a return in tax revenue and economic impact to the community. A win, win for certain.
The recently completed Modern Pentathlon World Cup Finals at three local venues and the upcoming 2017 World Rowing Championships at Nathan Benderson Park not only provide an immediate economic spark but such international sporting events give global publicity to the Manatee-Sarasota region. Local governments contribute tax dollars to those events.
While Bradenton debates the investment amount for the next few years, the city of Palmetto jumped into approval last month without a discussion. Event organizers spread the wealth to the city last year, so to speak, by placing several of the 2016 event's prime performances along the Palmetto riverfront.
Manatee County has yet to sign up for the 2017 regatta, but that is expected soon.
The region has gained invaluable media exposure for this truly unique event, the largest spectator event in Manatee County history. This certainly boosts the city's branding mission and growth goal. Bradenton cannot afford to let this opportunity slip away.
This story was originally published May 13, 2016 at 12:00 AM with the headline "River Regatta a major factor in Bradenton branding, yielding solid return on tax investment ."