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budget, or $15,200, prorated based on the percentage of hotel rooms in each city; Pleasanton's share would be about $5,775. Per the Management District Plan, the CVB will place 5% of all TVTBID assessments received into a Contingency Fund for future economy uncertainty and renewal costs. DISCUSSION Renewal of the TVTBID requires the participation of each of the five Tri- Valley cities, through the adoption of resolutions by each and an amended ordinance by Pleasanton. As Pleasanton will continue to serve as the lead agency, on April 20, 2010, the City of Pleasanton adopted a Resolution Requesting Consent to Renew the Tri Valley Tourism Business Improvement District from the Cities of Dublin, Livermore and San Ramon, and the Town of Danville. Concurrently, the City of Pleasanton adopted a Resolution of Intention to renew the district. Subsequently, the Councils of the Cities of Dublin, Livermore and San Ramon, and the Town of Danville, have each adopted Resolutions Granting Consent to the City of Pleasanton to renew the tourism business improvement district. Therefore, the City of Pleasanton has set June 1, 2010, as the date of the public meeting to hear protests to the renewal of the tourism business improvement district; all 37 eligible lodging businesses proposed to be included in the district have been sent notice of the public hearing. The public hearing will solicit comments of support or protest. To date, one letter of protest has been received from the La Quinta Inn in Livermore. As there is no majority protest (50 the City Council is being asked to introduce the attached ordinance amending and renewing the Tri Valley Tourism Business Improvement District and to authorize the City Manager to enter into the attached Agreement between the Tri Valley Convention Visitors Bureau and the City of Pleasanton to administer the district. A second reading to adopt the ordinance will be scheduled for the June 15, 2010 Council meeting. Should the ordinance be adopted, the renewed TVTBID will be effective as of July 15, 2010. The ordinance defines the boundaries of the TVTBID, allows for the collection of assessments and provides the power to contract with a non profit organization, the Tri Valley Convention Visitors Bureau, to carry out the marketing and promotion purposes for which the assessments are levied. The agreement between the City of Pleasanton and the CVB defines the roles and responsibilities of the parties in how district services are provided. To ensure there is financial oversight by the five Tri Valley cities, the agreement specifically requires the CVB to prepare and submit a fiscal year budget, and an annual report, to each of the cities, for each year in which assessments are levied and collected. The agreement also requires an annual financial review by an independent Certified Public Accountant. The agreement specifies that the CVB will maintain a complete lodging properties database and accompanying assessment records to accurately reflect the status of the lodging businesses. This is the same relationship that the City of Pleasanton currently has in place for the business improvement district managed by the Pleasanton Downtown Association. Page 4 of 5