DEPARTMENT: Convention & Sports Facilities
DEPARTMENT HEAD: Patricia Muzquiz Cantor
COUNCIL DISTRICTS IMPACTED: Council District 1 & 2
SUBJECT:
Local Contribution related to Event Trust Fund Program
SUMMARY:
Authorizing the payment of an Events Trust Fund Program Local Contribution of $285,729.00 related to the 2021 NCAA Division I Women's Basketball Championship at the Henry B. Gonzalez Convention Center and Alamodome and a Reimbursement Agreement with the San Antonio Local Organizing Committee (SALOC) to reimburse the City $285,729.00 from the amount it receives from the Events Trust Fund Program and appropriating funds in the amount of $285,729.00 in the Hotel Occupancy Tax Redemption and Capital Fund.
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.
ISSUE:
This action w...
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