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RFI#19-001 Request for Information for Hospitality Tax Projects Pre-Submittal Meeting

RFI#19-001 Request for Information for Hospitality Tax Projects Pre-Submittal Meeting. October 25, 2018. Wake County Hospitality Taxes. State legislation approved in 1991 and amended in 1995 levies 6% on occupancy stays and 1% on prepared food and beverage countywide

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RFI#19-001 Request for Information for Hospitality Tax Projects Pre-Submittal Meeting

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  1. RFI#19-001Request for Information forHospitality Tax ProjectsPre-Submittal Meeting October 25, 2018

  2. Wake County Hospitality Taxes • State legislation approved in 1991 and amended in 1995 levies 6% on occupancy stays and 1% on prepared food and beverage countywide • Wake County and City of Raleigh are responsible for oversight and approval for uses of revenues • Revenues must be used for projects supporting arts, cultural, sports or convention • Revenues in FY1995 = ~ $12 million • Revenues in FY2018 = ~ $55 million www.wakegov.com/roomfoodtax 2

  3. Marbles Museum Historic Yates Mill Park Raleigh Convention Center PNC Arena 5 County Stadium Cary Soccer Park Art Museum Performing Arts www.wakegov.com/roomfoodtax

  4. Staff Review Team • Operating Principles established a staff review team to assist City and County managers to help plan, review model scenarios and advise on the distribution of tax revenues • Staff review team developed proposed review process • Review Team: • Centennial Authority • City of Raleigh • Greater Raleigh Convention and Visitors Bureau • Town of Cary • Town of Knightdale • Town of Morrisville • Wake County • Wake County Hospitality Alliance www.wakegov.com/roomfoodtax 5

  5. Interlocal Review • An interlocal agreement between the City of Raleigh and Wake County along with 20 amendments articulate the oversight and uses of the revenues • 20th Amendment calls for a public review • Review Financial Models • Current Projections and Forecast • Review PNC Capital Plan • Review Convention Center Capital Plan • Inclusive of stakeholders • Complete by January 1, 2020 www.wakegov.com/roomfoodtax 6

  6. 2019 Interlocal Review Schedule • September 4, 2018 – Briefed Wake County Commissioners • September 11, 2018 – Briefed Raleigh City Council • October 1, 2018 – Briefed stakeholders • October 10, 2018 – Released Request for Information (RFI) • Goal of RFI: Seek to learn about capital projects that are being planned or proposed in Wake County related to arts, culture, sports or convention from period 2019 – 2024 with a minimum project cost of $20 million that may request interlocal funds at a future date • October 25, 2018 – RFI Pre-submittal meeting • January 10, 2019 – Receive RFI responses 7 www.wakegov.com/roomfoodtax

  7. RFI • This RFI is issued solely for information and planning purposes • It does not constitute a Request for Proposal (RFP), a promise to issue an RFP in the future or that any projects will receive or be guaranteed any funding.

  8. Minimum Criteria • Project fully located within Wake County • Project must meet statutorily defined purpose of funding • Project must be capital in nature with a minimum value of $20 million • Project anticipates requesting use of interlocal funds for some portion of the project cost at a future date

  9. Information to be Submitted • Maximum length 5 pages • Project purpose and design concept • User, primary tenant, local and out of town users • Regional benefit and return on investment • Lead organization and known partners • Project costs - capital and operating and how operating will be met • Timeline

  10. Next Steps • Q & A Today • Written questions due November 9, 2018 • Responses distributed to attendees and posted at wakegov.com/Finance and wakegov.com/roomfoodtax • Responses Due – January10, 2019 • Deliver to Tom West • Wake County Finance by 3:00 pm • One hard copy and USB drive

  11. 2019 Interlocal Review Schedule • January/February 2019 – Stakeholders meet to review financial models, results of capital maintenance plans for Raleigh Convention Center Complex, PNC Arena and Cary Sports Facilities • March 2019 – Develop recommended modifications to financial models to address findings of facility studies and develop process for consideration of new investments • March/April/May 2019 – If funding available, conduct process for consideration of new investments www.wakegov.com/roomfoodtax 12

  12. Questions? www.wakegov.com/roomfoodtax

  13. This presentation will be posted to: www.wakegov.com/roomfoodtax For more information, contact: Denise Foreman Assistant County Manager 919-856-5578 denise.foreman@wakegov.com

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