Subject:
Title
Amendment to the Capital Projects Funding Program Guidelines as recommended by the Tourist Development Council.
label
Recommended Action:
Recommended Action
As requested by the Tourist Development Council (TDC), consider the amendment to the Capital Projects Funding Program Guidelines (Guidelines) related to recent changes to the Tourist Development Plan (Plan).
Body
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 proposed amendment to the Guidelines articulates the desire of the TDC to: 1) align the Guidelines with the recently amended Plan, 2) simplify and further clarify the Guidelines, and 3) ensure that a single project does not consume the entire funds available for distribution. The implementation of the Capital Projects Funding Program application process is contingent upon approval of the Guidelines.
Background Information:
The Board of County Commissioners (Board) approved the Guidelines on May 6, 2014.
On November 24, 2015, the Board adopted Ordinance No. 15-47, amending Section 118-32 of the Pinellas County Code relating to the Plan. Revisions to the Plan included a reduction in the number of categories of use from eight to five, established a minimum allocation of sixty percent of Tourist Development Tax revenue collected in any fiscal year to Categories A and B, and a maximum of forty percent to Categories C, D, and E. The Amendment also simplified the Plan and eliminated funding restrictions within some categories.
On March 16, 2016, the TDC discussed and approved certain revisions to the Guidelines but did not complete or approve final revisions.
On April 20, 2016, the TDC discussed and unanimously approved final revisions to the amended Guidelines. They are now before the Board for consideration.
Fiscal Impact:
Funding to support the Capital Projects Funding Program is provided through the CVB’s Annual Operating Budget. The source of funding is the Tourist Development Tax.
Staff Member Responsible:
David Downing, Director, Convention and Visitors Bureau
Partners:
Tourist Development Council
Municipalities and other community stakeholders
Attachments:
Capital Projects Funding Guidelines (redline version)
Capital Projects Funding Guidelines (clean version)