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Published byFranklin Gardner Modified over 9 years ago
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Proposed Uses of Tourist Development Tax October 22, 2013 ORANGE COUNTY
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Tourist Development Tax Visit Orlando Community Venues Performing Arts Center Citrus Bowl MLS Soccer Stadium Actions Requested Outline
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Tourist Development Tax Visit Orlando Community Venues Performing Arts Center Citrus Bowl MLS Soccer Stadium Actions Requested Outline
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Tourist Development Tax County levies 6% tourist development tax Approximately $186 million in annual collections for FY 2013 Historic growth rate = 9.5% FY 2013 growth rate = 6.7% (estimate) State Law governs uses Not allowed for: roads, schools, public safety, etc.
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Tourist Development Tax 6 th cent Levied in 2006 Split between tourism promotion and new Amway Center
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Tourist Development Tax 1-5 th Cents TDT County keeps TDT collections up to defined Base Amounts FY 13 Base Amount = $144.1 million Base Amounts continue to grow at 2% per year City receives surplus TDT Collections
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Five Year Totals at 4% Growth Tourist Development Tax 1-5 th Cents (in millions) Revenue Base Amounts County keeps collections up to Base Amounts to fund TDT plan expenditures 5 year Base Amounts Total = $764.9 M
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Tourist Development Tax County Funding -Base Amounts provide enough funds for ongoing expenditures including Convention Center and Visit Orlando -Maintains Reserves: -Debt Service at $73.3 million -Target Reserves at 56.9 million -Approximately $35 - $40 million in reserves available for other priorities
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Five Year Totals at 4% Growth Tourist Development Tax 1-5 th Cents (in millions) Revenue Base Amounts City receives surplus TDT revenues to help finance Community Venues
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Five Year Totals at 4% Growth Tourist Development Tax 1-5 th Cents (in millions) Revenue Base Amounts City $107.3 County $764.9
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Tourist Development Tax County Funding -$25 million over 5 years from TDT reserves for tourism promotion -$2.5 million over 5 years from TDT reserves for sports tourism -$10 million over 5 years from TDT reserves for additional Convention Center capital improvements -$137,500 incentive funds for 2014 March Madness
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Five Year Totals at 4% Growth Tourist Development Tax 1-5 th Cents (in millions) Revenue Base Amounts City receives surplus TDT revenues to help finance Community Venues
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Tourist Development Tax City Funding – Surplus TDT Revenues -$25 million additional for the new Performing Arts Center -$12 million additional for “Competitive Scope” enhancements for Citrus Bowl -$20 million contribution for MLS Soccer Stadium
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Tourist Development Tax Proposed Uses TDT Reserves Community Venues Agreement Tourism Promotion$ 25 Attracting Sporting Events 2.6 Future Convention Center Capital 10 Performing Arts Center$ 25 Citrus Bowl12 Soccer20 Total$ 37.6$ 57 Proposed TDT Funding Summary (in millions)
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Tourist Development Tax Visit Orlando Community Venues Performing Arts Center Citrus Bowl MLS Soccer Stadium Actions Requested Outline
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Tourist Development Tax Visit Orlando Community Venues Performing Arts Center Citrus Bowl MLS Soccer Stadium Actions Requested Outline
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Actions Requested Approval of: 1.Third Amendment to Orlando/Orange County Interlocal Agreement - and - Amended and restated Interlocal Agreement 2. Tourist Development Plan Amendment Ordinance 3.Third Addendum to the 2007 Tourism Promotion Agreement with Visit Orlando -and- Agreement with Central Florida Sports Commission
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Proposed Uses of Tourist Development Tax October 22, 2013 ORANGE COUNTY
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