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Proposed Uses of Tourist Development Tax October 22, 2013

ORANGE COUNTY. Proposed Uses of Tourist Development Tax October 22, 2013. Outline. Tourist Development Tax Visit Orlando Community Venues Performing Arts Center Citrus Bowl MLS Soccer Stadium Actions Requested. Outline. Tourist Development Tax Visit Orlando Community Venues

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Proposed Uses of Tourist Development Tax October 22, 2013

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  1. ORANGE COUNTY Proposed Uses of Tourist Development Tax October 22, 2013

  2. Outline • Tourist Development Tax • Visit Orlando • Community Venues • Performing Arts Center • Citrus Bowl • MLS Soccer Stadium • Actions Requested

  3. Outline • Tourist Development Tax • Visit Orlando • Community Venues • Performing Arts Center • Citrus Bowl • MLS Soccer Stadium • Actions Requested

  4. Tourist Development Tax • County levies 6% tourist development tax • Approximately $186 million in annual collections for FY 2013 • Historic growth rate = 9.5% • FY 2013 growth rate = 6.7% (estimate) • State Law governs uses • Not allowed for: roads, schools, public safety, etc.

  5. Tourist Development Tax • 6th cent • Levied in 2006 • Split between tourism promotion and new Amway Center

  6. Tourist Development Tax • 1-5th Cents TDT • County keeps TDT collections up to defined Base Amounts • FY 13 Base Amount = $144.1 million • Base Amounts continue to grow at 2% per year • City receives surplus TDT Collections

  7. Tourist Development Tax 1-5th Cents (in millions) Five Year Totals at 4% Growth Revenue County keeps collections up to Base Amounts to fund TDT plan expenditures Base Amounts 5 year Base Amounts Total = $764.9 M

  8. Tourist Development Tax • County Funding • Base Amounts provide enough funds for ongoing expenditures including Convention Center and Visit Orlando • Maintains Reserves: • Debt Service at $73.3 million • Target Reserves at 56.9 million • Approximately $35 - $40 million in reserves available for other priorities

  9. Tourist Development Tax 1-5th Cents (in millions) Five Year Totals at 4% Growth City receives surplus TDT revenues to help finance Community Venues Revenue Base Amounts

  10. Tourist Development Tax 1-5th Cents (in millions) Five Year Totals at 4% Growth Revenue City $107.3 Base Amounts County $764.9

  11. Tourist Development Tax • County Funding • $25 million over 5 years from TDT reserves for tourism promotion • $2.5 million over 5 years from TDT reserves for sports tourism • $10 million over 5 years from TDT reserves for additional Convention Center capital improvements • $137,500 incentive funds for 2014 March Madness

  12. Tourist Development Tax 1-5th Cents (in millions) Five Year Totals at 4% Growth City receives surplus TDT revenues to help finance Community Venues Revenue Base Amounts

  13. Tourist Development Tax • City Funding – Surplus TDT Revenues • $25 million additional for the new Performing Arts Center • $12 million additional for “Competitive Scope” enhancements for Citrus Bowl • $20 million contribution for MLS Soccer Stadium

  14. Tourist Development Tax Proposed TDT Funding Summary (in millions)

  15. Outline • Tourist Development Tax • Visit Orlando • Community Venues • Performing Arts Center • Citrus Bowl • MLS Soccer Stadium • Actions Requested

  16. Outline • Tourist Development Tax • Visit Orlando • Community Venues • Performing Arts Center • Citrus Bowl • MLS Soccer Stadium • Actions Requested

  17. Actions Requested • Approval of: • 1.Third Amendment to Orlando/Orange County Interlocal Agreement • - and - • Amended and restated Interlocal Agreement • Tourist Development Plan Amendment Ordinance • 3. Third Addendum to the 2007 Tourism Promotion Agreement with Visit Orlando • -and- • Agreement with Central Florida Sports Commission

  18. ORANGE COUNTY Proposed Uses of Tourist Development Tax October 22, 2013

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