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II. WHY RENEW THE TRI- VALLEY TOURISM BUSINESS <br /> IMPROVEMENT DISTRICT? <br /> There are several reasons why now is the right time to renew the IVTBID; the most compelling <br /> reasons are as follows: <br /> 1. The Need to Increase Occupancy <br /> The renewal of the TVTBID is a proactive effort to provide supplemental funding beyond <br /> that provided by the City. The funding will ensure that adequate financing exists for the <br /> investment required to increase occupancy in the lodging industry and be competitive in the <br /> conference segment of the tourism market. The investment will cover an expanded <br /> marketing and promotional budget needed to reach this market segment. <br /> 2. Stable Funding for Tourism Promotion <br /> The TVIBID will provide a stable source of funding for consistent tourism promotion <br /> efforts. The TVTBID will provide funding for tourism promotion free of the political and <br /> economic circumstances that can reduce or eliminate government funding for tourism <br /> promotion. <br /> 3. An Opportunity for Increasing City Tax Revenues <br /> As occupancy rates increase, so too will the City's TOT revenue. With stable public /private <br /> funding for tourism marketing efforts, annual occupancy rates should increase significantly <br /> as new marketing and sales promotion programs are implemented. Greater occupancy will <br /> also produce an increase in sales tax revenues from tourist spending. This represents a <br /> substantial return to the City. The renewal of the TVTBID in partnership with the TIVCVB <br /> creates a stable funding source tied directly to tourism promotion. <br /> Tri- Valley Tourism Business Improvement District Management District Plan Page 3 <br />