The Bradenton Area Economic Development Corporation will have to manage a 30% funding cut after Manatee County Commission voted to eliminate its annual contract with the organization.
At a mid-September meeting, Manatee commissioners in a split 4-3 vote chose to not renew the county’s annual contract with the EDC. The move caught President and CEO Sharon Hillstrom by surprise, saying the move is “kind of pulling the rug out from under us.”
Since that vote, the EDC has formed a 90-day task force with the goal of getting back in front of the County Commission to present its case and restore funding.
The 501(c)(6) organization is jointly funded by public investments and private donors, according to its annual report which shows $1.1 million in revenue in 2024. The largest public contributor, by far, is Manatee County with $336,900. The city of Bradenton issues the second largest check, totaling $100,000.
Longboat Key provides $3,500 per year to the organization — less than 0.5% of the EDC’s budget. Town Manager Howard Tipton said that being such a small town limits the amount it can provide to organizations, but the small contribution “reflects our general support of economic development in the region.” The existing impacts from the EDC to the Key, however, are minimal. Tipton said the island is essentially “built out” and that businesses the EDC would recruit are typically looking for a large footprint.
“They really can be a great vehicle for business expansion,” Tipton said. “We’re kind of a built-out island, so we don’t necessarily see the fruits of their labors on our properties, but the overall region benefits and is stronger when the EDC is active and successful.”
The EDC’s mission is to attract and retain high-wage jobs for area residents and connect established businesses to resources they need to succeed, according to the organization’s website. Hillstrom said in a statement that the EDC will “allocate resources” to continue its work despite the cut in funding. She said EDC’s impact on Longboat Key is indirect.
“Regarding Longboat Key, the vast majority of business relocation projects are site-driven,” Hillstrom said in an email. “Typically, companies will locate in areas that are zoned for their use. Longboat Key may not always have the sites and zoning for such projects, but the town benefits indirectly from businesses that invest in unincorporated Manatee County. As companies invest and provide high-wage jobs, our tax base increases to enhance infrastructure and services that benefit Longboat Key.”
Manatee County Commissioner Tal Siddique said some reasons he voted to cancel funding to the EDC were the size of the board, a lack of concentration outside of urban cores and a lack of transparency. He also thinks the EDC’s impact on the Key was minimal and was disappointed they weren’t involved in community center planning.
“On the Manatee side we’ve been working to find a community center which can be an economic driver in a small sense. It’s a communal creative space, and to not see the EDC involved or even reach out on the Bradenton side was disappointing to say the least. They don’t really do a lot on Longboat Key on the Manatee side, and I don’t think I’ve ever really heard from them about the Manatee side of Longboat Key.”
Siddique said he thinks the $336,900 the county is keeping won’t go to anything in particular but will be put into the general fund. “I just see it as cost savings,” he said. As far as whether he would support renewing the contract next year, it’s a no unless there are changes.
“I’m hopeful for change. But I think it doesn’t make sense until they enact severe reforms, and that board is way too large. It’s just not great practice for a board to be that large,” Siddique said.
One member of the EDC’s 47-member board is Longboat Key Commissioner Sarah Karon. She said she recently joined and was favorably impressed with the organization after attending her first meeting. Karon said that the EDC’s role is more than just attracting new businesses but providing resources to existing businesses and furthering the economy of the region as a whole, saying a rising tide lifts all boats.
“When I look at what the EDC does, it’s some of the bigger picture growing the industry business and employment base of the county which is going to benefit Longboat in terms of improving the overall economic climate of the county and bringing more visitors to Longboat Key,” Karon said. “I have a feeling the EDC would definitely be an ally for us if we were working on bigger picture issues with, say, the county government or the state government that they could help us with, but we’re one small piece of the puzzle in terms of the big economic picture for Manatee County.”
