Subject:
Title
Capital Projects Funding Program application received from the Salvador Dali Museum, Inc. in accordance with the Capital Projects Funding Program Guidelines for Category D projects.
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Recommended Action:
Recommended Action
Approval of the application from the Salvador Dali Museum, Inc. (Dali) to be processed under the Capital Project Funding Program (CPFP) Guidelines for Category D projects, including, but not limited to, consultant and Tourist Development Council (TDC) review.
• The Dali submitted an application for $17.5M net present value for a capital project expansion.
• Proposed project duration is two (2) years and includes meditated exhibitions, community and education spaces and a new parking garage.
• CPFP Guidelines require Category D applicants to provide 1:1 matching funds (which application meets).
• Next steps:
1.) Due diligence review by County and Consultant.
2.) TDC reviews Consultant report and recommends projects and funding for consideration by the Board of County Commissioners (Board).
3.) Board considers CPFP projects and authorizes staff to engage in negotiations.
4.) Board considers negotiated funding agreements supported by deliverables.
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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 Dali is seeking CPFP funding to support a Museum expansion project from Tourist Development Tax (TDT) proceeds. The project includes meditated exhibitions, community and education spaces, a new parking garage and a potential solar voltaic system. The Dali is seeking $17.5M in TDT funds. The total project cost, including the solar voltaic system, is $38,763,000. If the solar voltaic system is not included, the project cost is $35,180,000.
Application deliverables include economic impact study, detailed project description, budget, timeline, financing plan and marketing and benefits plan. County review of deliverables will include review of legal analysis to determine applicability of using TDT proceeds for the project, compliance with CPFP Guidelines, as well as financing, funding, and agreement terms.
Background Information:
In accordance with the current CPFP Guidelines, projects requesting more than $10M NPV shall first be presented to the Board for conceptual approval prior to the applicant being permitted to participate in the funding cycle application process. The Dali’s application includes deliverables and any additional deliverables as directed by the Board and the TDC.
If the Board grants conceptual approval, the Dali’s application, as well as other applications, will receive due diligence review by staff with support from the Consultant to determine funding eligibility for the 2019 funding cycle. At future meetings, the Board will have the opportunity to consider the TDC’s recommendation of CPFP projects and final negotiated agreements for approval.
Fiscal Impact:
There is no fiscal impact associated with this action.
Staff Member Responsible:
Jim Dean, Interim Director, Convention and Visitors Bureau
Partners:
Tourist Development Council
Salvador Dali Museum
Attachments:
Capital Projects Funding Application
Capital Projects Funding Program Guidelines