SR 05:331 - Laserfiche WebLink

The Resolution of Intention and the Agreement assume that the life of the district "Will be five years, after "Which the four Councils "Will need to determine "Whether to extend the term of the district or to dissolve it. If, ho"Wever, because the district is not issuing bonds or has other financial obligations, the four City Councils could agree to terminate the district before the end of the five years. As the BID "Will bring significant revenue to the CVB, next fiscal year "Would be an appropriate time for the cities to reduce their current levels of funding to the organization. Each of the four Tri- Valley cities "Will continue to be members of the CVB at a designated city membership rate of $2,500. The Tri- Valley Convention & Visitors Bureau "Will begin using assessment funds for operational costs on July 1, 2006. FISCAL IMPACT The fiscal impact to the City could be significant in that the $180,000 currently budgeted for the CVB "Would no longer be requested by the organization. The City's annual CVB membership dues "Would be $2,500. Any staff costs generated by the administration of the assessment district and/or the collection of funds "Will be offset by the administrative fees received as described in the Management District Plan. ATTACHMENTS I. Proposed Ordinance creating the Tri- Valley Tourism Business Improvement District (Chapter 5.36) 2. Proposed Agreement betW'een the Tri-Valley Convention & Visitors Bureau and the City of Pleasant on to administer the Tri-Valley Tourism Business Improvement District Respectfully Submitted, amela Ott Economic Development Manager .. ,==~~~;G-~J Cs~ 5~ Director of Finance ~ Nelson Fialho City Manager SR:05:331 Page 4