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Orange County Tourism Funding Proposal

Proposal outlines uses of tourist development tax for Orlando's venues: Performing Arts Center, Citrus Bowl, MLS Soccer Stadium. Requesting approval for funding allocations.

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Orange County Tourism Funding Proposal

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  1. ORANGE COUNTY Proposed Uses of Tourist Development Tax October 22, 2013

  2. Outline • Tourist Development Tax • Visit Orlando • Community Venues • Performing Arts Center • Citrus Bowl • MLS Soccer Stadium • Actions Requested

  3. Outline • Tourist Development Tax • Visit Orlando • Community Venues • Performing Arts Center • Citrus Bowl • MLS Soccer Stadium • Actions Requested

  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.

  5. Tourist Development Tax • 6th cent • Levied in 2006 • Split between tourism promotion and new Amway Center

  6. Tourist Development Tax • 1-5th 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

  7. Tourist Development Tax 1-5th Cents (in millions) Five Year Totals at 4% Growth Revenue County keeps collections up to Base Amounts to fund TDT plan expenditures Base Amounts 5 year Base Amounts Total = $764.9 M

  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

  9. Tourist Development Tax 1-5th Cents (in millions) Five Year Totals at 4% Growth City receives surplus TDT revenues to help finance Community Venues Revenue Base Amounts

  10. Tourist Development Tax 1-5th Cents (in millions) Five Year Totals at 4% Growth Revenue City $107.3 Base Amounts County $764.9

  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

  12. Tourist Development Tax 1-5th Cents (in millions) Five Year Totals at 4% Growth City receives surplus TDT revenues to help finance Community Venues Revenue Base Amounts

  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

  14. Tourist Development Tax Proposed TDT Funding Summary (in millions)

  15. Outline • Tourist Development Tax • Visit Orlando • Community Venues • Performing Arts Center • Citrus Bowl • MLS Soccer Stadium • Actions Requested

  16. Outline • Tourist Development Tax • Visit Orlando • Community Venues • Performing Arts Center • Citrus Bowl • MLS Soccer Stadium • Actions Requested

  17. Actions Requested • Approval of: • 1.Third Amendment to Orlando/Orange County Interlocal Agreement • - and - • Amended and restated Interlocal Agreement • Tourist Development Plan Amendment Ordinance • 3. Third Addendum to the 2007 Tourism Promotion Agreement with Visit Orlando • -and- • Agreement with Central Florida Sports Commission

  18. ORANGE COUNTY Proposed Uses of Tourist Development Tax October 22, 2013

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