Subject:
Title
Tourism Promotion Agreement with Copperhead Charities, 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 Copperhead Charities, Inc. (Copperhead) for a Fiscal Year 2025 (FY25) Elite Event.
• Agreement with Copperhead for $150,000.00 supports the Valspar PGA Championship.
• Funding is allocated between sponsorship benefits, and marketing and advertising expenditures and is paid post event:
o $120,000.00 for sponsorship benefits.
o Up to the sum of $30,000.00 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.
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Strategic Plan:
Foster Continual Economic Growth and Vitality
4.6 Support a vibrant community with recreation, arts, and culture to attract residents and visitors
Summary:
The Tourism Promotion Agreement is for the Valspar Championship, which is scheduled to be held March 17-23, 2025, at Innisbrook Resort in Palm Harbor. 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.
The County has supported the Valspar Championship through the Elite Event Funding Program since FY11. According to the CVB’s research firm, the FY23 event resulted in a direct economic impact of $43.2 million to the County.
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 written and other supporting documentation, which is due within 45 days of the event.
Fiscal Impact:
$150,000.00 Valspar Championship
Funding to support this Tourism Promotion Agreement in the amount of $150,000.00 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