Subject:
Title
Tourism Promotion Agreement with Old Salt Fishing Foundation, Inc. for a Fiscal Year 2025 Elite Event.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Tourism Promotion Agreement with Old Salt Fishing Foundation, Inc. (Old Salt) for a Fiscal Year 2025 (FY25) Elite Event.
• Agreement with Old Salt for $50,000.00 supports the 32nd Annual Spring King of the Beach (Spring KOTB) fishing tournament.
• Funding is allocated between sponsorship benefits, and marketing and advertising expenditures and is paid post event:
o $15,000.00 for sponsorship benefits.
o Up to the sum of $35,000.00 for marketing and advertising expenditures.
• FY25 Elite Event funding was recommended by the Tourist Development Council on July 17, 2024, and approved by the Board of County Commissioners (Board) on August 13, 2024.
Body
Strategic Plan:
Prosperity and Opportunity
3.2 Provide and promote tourism opportunities
Summary:
The Tourism Promotion Agreement is for Spring KOTB, which is scheduled to be held April 24-26, 2025, at the Madeira Beach Recreation Complex. Funding is paid on a post event basis upon receipt of a report and other supporting documentation.
Background/Explanation:
On August 13, 2024, the Board approved 39 events for the FY25 Elite Event Funding Program for a maximum (or “up to”) total funding amount of $2,000,000.00.
This will be the 7th year the County has supported Spring KOTB through the Elite Event Funding Program. In FY22, the Convention and Visitors Bureau (CVB) had its research firm perform an ROI study on this event. According to the study, the County received over $5.3 million in direct economic impact from Spring KOTB. The CVB is currently researching more cost-effective methods for obtaining attendance and economic impact data, especially for non-ticketed events, such as Spring KOTB. This information will be used when reviewing future Elite Event funding requests.
Funding for this event is allocated between sponsorship benefits and marketing and advertising expenditures which are detailed in Exhibits A and B of the agreement. Funding is paid on a post event basis upon receipt of a report and other supporting documentation and is due within 45 days of the event.
Fiscal Impact:
$50,000.00 Total Cost
Funding to support this Tourism Promotion Agreement in the amount of $50,000.00 is included in the CVB’s Annual Operating Budget. The source of funding is the Tourist Development Tax Fund.
Delegated Authority:
Authority for the County Administrator to sign this Tourism Promotion Agreement is granted under Code Section 2-62 (a)(1).
Staff Member Responsible:
Brian Lowack, Director, Convention and Visitors Bureau
Partners:
Tourist Development Council
Attachments:
Tourism Promotion Agreement