Subject:
Title
Tourism Promotion Agreement with Copperhead Charities, Inc. d/b/a Valspar Championship for a Fiscal Year 2022 Elite Event.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Tourism Promotion Agreement with Copperhead Charities, Inc. d/b/a Valspar Championship (Valspar) for a Fiscal Year 2022 Elite Event.
• Agreement with Valspar for $125,000.00 supports the 2022 Valspar PGA Championship to be held March 14-20, 2022.
• Funding is paid on a post event basis and is allocated between marketing and advertising expenditures and sponsorship benefits, which are outlined in Exhibits A and B.
• The Convention and Visitors Bureau’s research firm will provide consistent analysis of Elite Events to validate the County’s return on investment.
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 Tourism Promotion Agreement is for the 2022 Valspar PGA Championship which is scheduled to be held March 14-20, 2022, at the Innisbrook Golf Resort in Palm Harbor.
Background/Explanation:
On July 13, 2021, the Board of County Commissioners (Board) approved the recommendations of the Tourist Development Council (TDC) to fund 18, FY22 Elite Events for a maximum (or “up to”) total funding level of $1M and to allow staff to negotiate the terms and final funding amount of each agreement for increased tourism promotional benefits. Following the Board’s approval, St. Pete BikeFest requested to be considered for category 2 funding level instead of category 3, which the event had been approved for. On October 12, 2021, the Board approved BikeFest for category 2 funding, which increased the maximum funding for FY22 Elite Events to $1,050,000.00. In order to receive funding, these high-profile events must meet minimum criteria for room night generation, and/or attendance, as well as media and/or marketing exposure for the County.
The CVB’s research firm, Destination Analysts, Inc., will provide a consistent and comparative research analysis on the impact of Elite Events to the County. Research findings from these studies provide important data including visitor volume, room nights, economic impact, and which Elite Event yielded the highest return on investment.
In accordance with the Elite Event Funding Program Guidelines, funding for this event has been allocated between marketing and advertising expenditures and sponsorship benefits, which are detailed in Exhibits A and B of the agreement. Funding for this event will be paid on a post event basis upon receipt of a written report and supporting documentation.
Fiscal Impact:
Total Expenditure: $125,000.00
Funding to support Elite Events is provided through 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:
Steve Hayes, Director, Convention and Visitors Bureau
Partners:
Tourist Development Council
Attachments:
Tourism Promotion Agreement