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
