Proposed Uses of Tourist Development Tax October 22, 2013 ORANGE COUNTY
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- Slide 1
- Proposed Uses of Tourist Development Tax October 22, 2013
ORANGE COUNTY
- Slide 2
- Tourist Development Tax Visit Orlando Community Venues
Performing Arts Center Citrus Bowl MLS Soccer Stadium Actions
Requested Outline
- Slide 3
- Tourist Development Tax Visit Orlando Community Venues
Performing Arts Center Citrus Bowl MLS Soccer Stadium Actions
Requested Outline
- Slide 4
- 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.
- Slide 5
- Tourist Development Tax 6 th cent Levied in 2006 Split between
tourism promotion and new Amway Center
- Slide 6
- 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
- Slide 7
- 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
- Slide 8
- 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
- Slide 9
- 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
- Slide 10
- Five Year Totals at 4% Growth Tourist Development Tax 1-5 th
Cents (in millions) Revenue Base Amounts City $107.3 County
$764.9
- Slide 11
- 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
- Slide 12
- 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
- Slide 13
- 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 -$20
million contribution for MLS Soccer Stadium
- Slide 14
- Tourist Development Tax Proposed Uses TDT Reserves Community
Venues Agreement Tourism Promotion$ 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)
- Slide 15
- Tourist Development Tax Visit Orlando Community Venues
Performing Arts Center Citrus Bowl MLS Soccer Stadium Actions
Requested Outline
- Slide 16
- Tourist Development Tax Visit Orlando Community Venues
Performing Arts Center Citrus Bowl MLS Soccer Stadium Actions
Requested Outline
- Slide 17
- 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
- Slide 18
- Proposed Uses of Tourist Development Tax October 22, 2013
ORANGE COUNTY