DEPARTMENT: Convention & Sports Facilities
DEPARTMENT HEAD: Michael J. Sawaya
COUNCIL DISTRICTS IMPACTED: Council District 1, 2
SUBJECT:
Local Contribution related to Major Reimbursable Events
SUMMARY:
An Ordinance approving a local contribution in the amount of $128,800.00 to the Events Trust Fund to qualify for reimbursement of eligible expenses in an amount up to $920,000.00 related to the American Dental Association (ADA) 2014 Annual Session event held at the Alamodome and Henry B. Gonzalez Convention Center from October 9 - 14, 2014.
BACKGROUND INFORMATION:
The Events Trust Fund legislation (Vernon's Texas Civil Statutes 5190.14) provides municipalities and counties the opportunity to obtain reimbursement for eligible expenses related to hosting and attracting high-visibility, high-tax impact events to the State of Texas that could otherwise take place outside the State.
Similar to previous legislation, which pertained only to major sporting events, reimbursable dollars for these convention events are based on anticipated tax gain for a particular event. In order to obtain reimbursement for eligible expenses, municipalities are required to match funds that are deposited in the Event's Trust Fund on a ratio of 1:6.25.
ISSUE:
The Convention & Sports Facilities Department (CSF) will submit qualified expenses related to the 2014 ADA Annual Session which took place October 9 - 14, 2014 and had an estimated 20,000 attendees. Qualified expenses include, but are not limited to, the installation of new security cameras, renovation of lower level restrooms, and parking lot repairs at the Alamodome.
ALTERNATIVES:
If the matching funds are not deposited within the Events Trust Fund, the City loses its opportunity to obtain reimbursement for eligible expenses related to hosting this meeting.
FISCAL IMPACT:
Funds in the amount of $128,800.00 are available within the CSF State Reimbursement Fund. Upon re...
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