Subject:
Title
Revisions to the Capital Projects Funding Program Guidelines from the Tourist Development Council.
label
Recommended Action:
Recommended Action
Approve the Tourist Development Council’s (TDC) recommended revisions to the Capital Projects Funding Program Guidelines (Guidelines).
The Capital Project Funding Program (CPFP) provides Tourist Development Tax funds for eligible capital projects that will draw a large number of attendees and room nights in the County.
Body
Strategic Plan:
Foster Continual Economic Growth and Vitality
4.4 Invest in infrastructure to meet current and future needs
4.6 Support a vibrant community with recreation, arts, and culture to attract residents and visitors
Summary:
The proposed amendment to the Guidelines reflects the desire of the TDC to make adjustments to the CPFP as a result of the initial implementation of the first application and funding cycle.
With Board of County Commissioners (Board) approval, the Convention and Visitors Bureau (CVB) staff will begin using the amended Guidelines to administer Tourist Development Tax funds through the CPFP on a bi-annual basis beginning with the Fiscal Year 2019 (FY19) application and funding cycle.
Background Information:
The CPFP is one of the programs administered by the CVB on behalf of the TDC. The original Guidelines were approved by the Board on May 6, 2014, and amended on June 7, 2016.
On August 16, 2017, the CVB’s CPFP consultant, Dennis Long, presented recommendations for improvements to the CPFP based on completion of the initial program funding cycle and to further maximize the County’s return on investment while protecting the investment of public funds in capital projects. The consultant’s recommendations addressed the timing of the CPFP cycle, established tourism economic impact thresholds for project eligibility, revised matching fund requirements, and added a requirement for applicants to use a County designated consultant for tourism data/projections.
On September 15, 2017, the TDC met to discuss the consultant’s recommendations. The TDC reached a consensus on all of the recommendations, subject to a few revisions.
On September 20, 2017, during a regular TDC meeting, the members reviewed the revised recommendations with the understanding they would be presented to the Board for approval.
On October 24, 2017, at a Board work session, the Board agreed to the recommendations that were made and reached consensus that matching funds should remain at a one-to-one ratio, as stated in the current Guidelines.
The revised Guidelines establish the following:
1. Two year funding cycle
2. Ad hoc funding requests for sports franchises, spring training, etc.
3. Economic impact thresholds
4. Operations and maintenance offset
5. Application review and funding standards that address the following:
A. Match and award post application
B. Application review; County designated consultant
C. Completion of project requirement
D. Marketing and economic impact contribution
E. Establishment of available capital project funds
F. County’s insurable interest
G. Application review and scoring
Fiscal Impact:
N/A
Staff Member Responsible:
David Downing, Director, Convention and Visitors Bureau
Partners:
Tourist Development Council
Attachments:
Capital Projects Funding Program Guidelines (CPFP) Redline
Capital Projects Funding Program Guidelines (CPFP) Clean
Recommended Revisions to the CPFP Guidelines (Consultant Report dated September 20, 2017)