Sarasota Herald Tribune " An Investment for the Ages

An investment for the ages

Published: Thursday, July 28, 2011 at 1:00 a.m.

Last Modified: Wednesday, July 27, 2011 at 8:50 p.m.

The Sarasota County Commission voted yesterday to invest in an institute that promises to capitalize on a great demographic trend — an aging population, locally and nationwide, that needs new goods and services.

Also, by unanimously agreeing to grant the Institute for the Ages economic-development incentives, the commissioners invested in a community-generated initiative anchored by broad-based partnerships.

Commissioners cited the support of a coalition of local organizations — from the Economic Development Corp. and chambers of commerce, to leading philanthropic foundations, community-engagement groups such as SCOPE and the Sarasota Memorial Health Care System — as a key factor in their decision to approve the incentives.

The depth and breadth of support were impressive, providing positive signs that the institute has the potential to meet the county's benchmarks for releasing $400,000 annually over a three-year period.

The institute's $1.2 million request was the largest of five proposals considered yesterday. But it was accompanied by more support materials — financial plans and projections, detailed staff analysis and letters of community and corporate support — than were the other proposals presented.

Furthermore, supporters of the institute reported progress toward raising nearly $900,000 in private-sector contributions — some of which were contingent on the County Commission's affirmative vote. The institute's case was bolstered Monday when The Patterson Foundation made an immediate cash contribution and pledged $375,000 more if certain goals are achieved during the next three years.

Years in the making

Both the county staff and the institute's volunteer board of directors recognized that the organization — incorporated last September and awaiting nonprofit status — is a "start-up" operation. (The two businesses also approved for incentives yesterday are small, emerging organizations.)

The commissioners recognized that, while the institute sought start-up funding, it is a work long in progress.

The Institute for the Ages was born of community engagement. It began in 2006, the product of a community-driven study — "Aging: The Possibilities." The study's volunteers were convened by SCOPE — a nonprofit, countywide organization that specializes in community engagement. The study proposed an in-depth, community-based examination of how the county might capitalize on its age-related demographics, which foretell national and global trends.

By 2009, more than 900 people had participated in the extended study. Its final report called for creating a locally based, but nationwide, institute focused on "addressing how the community responds to the aging population and the demographic shift."

Feasible and marketable

A leading economic-research firm — RTI International — was hired, and paid with private donations to study the feasibility of an institute. A researcher from RTI advised the county commissioners yesterday that the concept is feasible and marketable.

RTI reported finding that brand-name companies and powerhouse nonprofits are particularly interested in Sarasota County and the surrounding region, which have the oldest median age of any mid- to large-size metropolitan area in America. The institute, RTI said, would provide these entities with opportunities to examine aging-related issues in a community that has substantial size and complexity — and, of course, a population ahead of the longevity curve.

As a result, the institute, currently governed by local board of volunteer directors, hopes to make Sarasota County a premier place for the private and public sectors to test products and services — and conduct research — aimed at the rapidly expanding market of older Americans. The institute also intends to work with government agencies, businesses, foundations and individuals to examine the intergenerational challenges associated with an aging populace.

RTI provided the county commissioners with examples of three specific projects or studies that are expected to be conducted during the next 12 months. The research firm presented a long-term financial plan and also committed to conducting a national expo on aging in Sarasota County.

Following the commissioners' approval of the funding, the county staff — which favored the institute's request — summarized the county's economic-incentive program. As the staff report showed, some incentives have provided the anticipated outcomes and desirable results, while others have not.

All of the incentives have involved some uncertainty. But it was certain yesterday that the Institute for the Ages had the compelling level of community support to warrant the County Commission's decision to join the partnership.

An investment for the ages

HeraldTribune.comJuly 27, 2011 8:50 PM

The Sarasota County Commission voted yesterday to invest in an institute that promises to capitalize on a great demographic trend — an aging population, locally and nationwide, that needs new goods and services.Also, by unanimously agreeing to grant the Institute for the Ages economic-development incentives, the commissioners invested in a community-generated initiative anchored by broad-based partnerships.Commissioners cited the support of a coalition of local organizations — from the Economic Development Corp. and chambers of commerce, to leading philanthropic foundations, community-engagement groups such as SCOPE and the Sarasota Memorial Health Care System — as a key factor in their decision to approve the incentives.The depth and breadth of support were impressive, providing positive signs that the institute has the potential to meet the county's benchmarks for releasing $400,000 annually over a three-year period.The institute's $1.2 million request was the largest of five proposals considered yesterday. But it was accompanied by more support materials — financial plans and projections, detailed staff analysis and letters of community and corporate support — than were the other proposals presented.Furthermore, supporters of the institute reported progress toward raising nearly $900,000 in private-sector contributions — some of which were contingent on the County Commission's affirmative vote. The institute's case was bolstered Monday when The Patterson Foundation made an immediate cash contribution and pledged $375,000 more if certain goals are achieved during the next three years.Years in the makingBoth the county staff and the institute's volunteer board of directors recognized that the organization — incorporated last September and awaiting nonprofit status — is a "start-up" operation. (The two businesses also approved for incentives yesterday are small, emerging organizations.)The commissioners recognized that, while the institute sought start-up funding, it is a work long in progress.The Institute for the Ages was born of community engagement. It began in 2006, the product of a community-driven study — "Aging: The Possibilities." The study's volunteers were convened by SCOPE — a nonprofit, countywide organization that specializes in community engagement. The study proposed an in-depth, community-based examination of how the county might capitalize on its age-related demographics, which foretell national and global trends.By 2009, more than 900 people had participated in the extended study. Its final report called for creating a locally based, but nationwide, institute focused on "addressing how the community responds to the aging population and the demographic shift."Feasible and marketableA leading economic-research firm — RTI International — was hired, and paid with private donations to study the feasibility of an institute. A researcher from RTI advised the county commissioners yesterday that the concept is feasible and marketable.RTI reported finding that brand-name companies and powerhouse nonprofits are particularly interested in Sarasota County and the surrounding region, which have the oldest median age of any mid- to large-size metropolitan area in America. The institute, RTI said, would provide these entities with opportunities to examine aging-related issues in a community that has substantial size and complexity — and, of course, a population ahead of the longevity curve.As a result, the institute, currently governed by local board of volunteer directors, hopes to make Sarasota County a premier place for the private and public sectors to test products and services — and conduct research — aimed at the rapidly expanding market of older Americans. The institute also intends to work with government agencies, businesses, foundations and individuals to examine the intergenerational challenges associated with an aging populace.RTI provided the county commissioners with examples of three specific projects or studies that are expected to be conducted during the next 12 months. The research firm presented a long-term financial plan and also committed to conducting a national expo on aging in Sarasota County.Following the commissioners' approval of the funding, the county staff — which favored the institute's request — summarized the county's economic-incentive program. As the staff report showed, some incentives have provided the anticipated outcomes and desirable results, while others have not.All of the incentives have involved some uncertainty. But it was certain yesterday that the Institute for the Ages had the compelling level of community support to warrant the County Commission's decision to join the partnership.

Back to news articles