Subject:
Title
Resolution to affirm the County’s commitment of Tourist Development Tax funds to the City of Dunedin for its spring training facility capital project.
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Recommended Action:
Recommended Action
Adopt a Resolution affirming the County’s commitment of Tourist Development Tax Funds to the City of Dunedin (City) for its spring training facility capital project through the Tourist Development Council’s (TDC’s) Capital Project Funding Program.
The Capital Project Funding Program provides Tourist Development Tax funds for eligible capital projects that will draw a large number of attendees and room nights in the County.
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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
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
Summary:
This resolution will formally establish support in the amount of $41,700,000.00 for the City’s Spring Training facilities (Capital Project) until the terms and conditions of the Capital Project Funding Agreement are finalized.
Background Information:
Consistent with the Capital Project Funding Guidelines recommended by the TDC and approved by the Board of County Commissioners (Board), on April 25, 2017, the Board directed staff to move forward and negotiate the terms and conditions for the City’s Capital Project with a maximum funding amount of $46,500,000.00.
The County Administrator presented the elements of a conceptual agreement with the Toronto Blue Jays to the Board on September 19, 2017. The negotiated funding amount was $41,700,000.00.
The City has applied, or will be applying for funding from the State of Florida for this project. In order to satisfy the State’s requirements, the City is requesting the County to provide documentation that substantiates the County’s funding commitment.
Fiscal Impact:
The County’s funding is based on the anticipated cost for the Capital Project of $81,044,000.00. If actual costs are less than $81,044,000.00, the County may reduce its funding contribution.
Funding to support this Resolution in the amount of $41,700,000.00 is provided through the Tourist Development Tax Fund. The source of funding is the Tourist Development Tax.
Staff Member Responsible:
David Downing, Director, Convention and Visitors Bureau
Partners:
Tourist Development Council
City of Dunedin
Toronto Blue Jays
Attachments:
Resolution