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Per the Management District Plan, Visit Tri-Valley will place up to 5% of all Tri-Valley Tourism Marketing District assessments received into a Contingency Fund for future economic uncertainty and renewal costs. The contingency funds will be banked until such time as the total fund reaches an amount equal to six months of operating expenses (amount is determined by the VTV board). After that balance is achieved, contingency funds may be reallocated to sales and marketing programming. DISCUSSION To begin the formal process of renewing the Tri-Valley Tourism Marketing District, on February 17, 2015, the City of Pleasanton adopted both a Resolution of Intention to renew the business improvement district and a Resolution Requesting Consent from the Cities of Danville, Dublin, and Livermore as well as Alameda and Contra Costa Counties. In each of the cities and counties, the Resolution Granting Consent to the City of Pleasanton to be included in the TVTMD was approved; city staff has copies of the resolutions granting consent from each of the partner agencies. Public Hearings The City of Pleasanton held the first of two public hearings on April 21, 2015 to hear any protest to the renewal of the Tri-Valley Tourism Marketing District. All 37 lodging businesses proposed to be included in the district were sent notice of the public hearings and the City's intention to adopt a Resolution Renewing the Tri-Valley Tourism Marketing District effective July 1, 2015. From the February 18, 2015, notice through the time of issuance of this report, one protest was presented to the City Council at the April 21 meeting by the Rose Hotel. Tom Walker, Director of Sales for the Rose Hotel, requested the current district's 35+ room threshold be carried over to the renewed TMD. He further stated the Rose Hotel does not benefit from the marketing and promotional efforts of Visit Tri-Valley as the hotel's clientele are primarily business travelers and the small size of the hotel does not well accommodate tourism groups. As part of the Council's consideration to renew the TMD on May 5, a public hearing to accept protest or other comments will be conducted. Resolution Modifying the Management District Plan To complete the formal process of renewing the TVTMD, the Council would adopt a Resolution Modifying the Management District Plan of the Tri-Valley Tourism Marketing District (Attachment 1). Since the Council was presented with the draft MDP on February 17, the plan has been amended to clarify that vacation properties are not included among the lodging businesses to be assessed, shown on page 7 of the MDP: As used herein the term "lodging business" means any structure, or any portion of any structure, which is occupied or intended or designed for occupancy by transients for sleeping purposes. Lodging business includes any hotel, apartment complex, inn, motel, studio hotel, bachelor hotel, lodginghouse, or roominghouse. Lodging business does not include vacation rentals. The final MDP dated April 21, 2015 is included as part of the resolution modifying the district. Page 3 of 4