11 - Laserfiche WebLink

The ordinance defines the boundaries of the TVTMD, allows for the collection of assessments and provides the power to contract with a non-profit organization — Visit Tri-Valley — to carry out the marketing and promotion purposes for which the assessments are levied. The agreement between the City of Pleasanton and Visit Tri- Valley defines the roles and responsibilities of the parties in how district services are provided. To ensure there is financial oversight by the cities and counties, the agreement specifically requires Visit Tri-Valley to prepare and submit a fiscal year budget and an annual report, to each of the agencies, 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 Visit Tri-Valley 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. The term of the renewed district will be seven years — until June 30, 2022 — after which the cities and counties will need to determine whether to again extend the term of the district or to dissolve it. However, because the district is not issuing bonds or will not have other financial obligations, the City of Pleasanton could terminate the district in a 30-day annual window at the request of lodging businesses that pay 50% or more of the assessment, or in cases of misappropriation of funds, malfeasance, or violation of law. bm�: Fis view: Approved by: tom' amela Ott Tina Olson Nelson Fialho irector of Economic Director of Finance City Manager Development Page 4 of 4