DEPARTMENT: Convention & Sports Facilities
DEPARTMENT HEAD: Patricia Muzquiz Cantor
COUNCIL DISTRICTS IMPACTED: Council District 2
SUBJECT:
Local Contribution related to Event Trust Fund Program
SUMMARY:
An Ordinance authorizing submission of a local contribution in the amount of $57,241.38 to the Texas Governor's Office in anticipation of reimbursement of up to $415,000.00 from the Texas State Events Trust Fund for the Mexican National Team US Tour 2019 at the Alamodome. Funding in the amount of $57,241.38 is available in the FY 2020 Convention and Sports Facilities State Reimbursement Fund Adopted Budget.
BACKGROUND INFORMATION:
The Events Trust Fund Program created through statute, 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 would otherwise have taken place outside of the state. The Event Trust Funds may be utilized to pay for eligible expenses in attracting and securing the event such as hosting obligations to include costs associated with conducting an event to including acquisition of equipment or improving facilities.
The Events Trust Fund applies local and state gains from sales and use, auto rental, hotel and alcoholic beverage taxes generated over a 30-day period from the date of an event or series of events conducted no more than once annually. Reimbursable dollars for these sports 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.
The Mexican National Team US Tour 2019 was held at the Alamodome on September 10, 2019 with an estimated attendance of 53,982. Hosting obligations for this event included facility rental costs, ...
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