DEPARTMENT: Convention & Sports Facilities
DEPARTMENT HEAD: Michael J. Sawaya
COUNCIL DISTRICTS IMPACTED: Council District 2
SUBJECT:
Local Contribution related to Major Reimbursable Events
SUMMARY:
An Ordinance approving a local contribution in the amount of $71,559.00 to the Events Trust Fund in anticipation of reimbursement of up to $518,800.00 from the Texas State Comptroller Office for eligible expenses related to the 2016 Valero Alamo Bowl; authorizing the execution of a reimbursement Agreement with the San Antonio Bowl Association for reimbursement of conference fees totaling up to $447,241.00, contingent upon State reimbursement; and authorizing payment upon the receipt of such funds from the Events Trust Fund. This ordinance appropriates $71,559.00 of fund balance from the Convention & Sports Facilities (CSF) State Reimbursement Fund to be used for the local contribution.
BACKGROUND INFORMATION:
The annual Alamo Bowl was established in 1993 with the opening of the Alamodome, and celebrated its 20th anniversary in 2012.
The Valero Alamo Bowl matches two teams in the Big 12 Conference and the Pac-12 Conference, after the Bowl Championship Series (BCS) teams are selected.
The Valero Alamo Bowl is one of the most popular bowls in the country, producing some of the highest rated bowl games in ESPN history. The Valero Alamo Bowl has drawn over one million spectators collectively since its beginning and has generated in excess of $250M in direct economic impact locally.
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 of the state.
ISSUE:
The annual Valero Alamo Bowl is one of the premier events that the city and the Alamodome hosts each year. In 201...
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