What kind of bait do you mean? Something poison like fly bait or you mean just food used to catch it alive? Depending on how large the pond is, you could just drain it and leave it dry until the thing moves on somewhere wetter. I don't know anything about alligators, are they protected? I would think if it is being a continual menace in a residential yard, you would have the right to shoot it, or otherwise kill it.
