1 / 14

RFI#19-001 Request for Information for Hospitality Tax Projects Pre-Submittal Meeting

Learn about Wake County's hospitality tax projects, funding sources, and review process. Submit capital projects for potential interlocal funding by January 10, 2019.

maes
Download Presentation

RFI#19-001 Request for Information for Hospitality Tax Projects Pre-Submittal Meeting

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. RFI#19-001Request for Information forHospitality Tax ProjectsPre-Submittal Meeting October 25, 2018

  2. Wake County Hospitality Taxes • State legislation approved in 1991 and amended in 1995 levies 6% on occupancy stays and 1% on prepared food and beverage countywide • Wake County and City of Raleigh are responsible for oversight and approval for uses of revenues • Revenues must be used for projects supporting arts, cultural, sports or convention • Revenues in FY1995 = ~ $12 million • Revenues in FY2018 = ~ $55 million www.wakegov.com/roomfoodtax 2

  3. Marbles Museum Historic Yates Mill Park Raleigh Convention Center PNC Arena 5 County Stadium Cary Soccer Park Art Museum Performing Arts www.wakegov.com/roomfoodtax

  4. Staff Review Team • Operating Principles established a staff review team to assist City and County managers to help plan, review model scenarios and advise on the distribution of tax revenues • Staff review team developed proposed review process • Review Team: • Centennial Authority • City of Raleigh • Greater Raleigh Convention and Visitors Bureau • Town of Cary • Town of Knightdale • Town of Morrisville • Wake County • Wake County Hospitality Alliance www.wakegov.com/roomfoodtax 5

  5. Interlocal Review • An interlocal agreement between the City of Raleigh and Wake County along with 20 amendments articulate the oversight and uses of the revenues • 20th Amendment calls for a public review • Review Financial Models • Current Projections and Forecast • Review PNC Capital Plan • Review Convention Center Capital Plan • Inclusive of stakeholders • Complete by January 1, 2020 www.wakegov.com/roomfoodtax 6

  6. 2019 Interlocal Review Schedule • September 4, 2018 – Briefed Wake County Commissioners • September 11, 2018 – Briefed Raleigh City Council • October 1, 2018 – Briefed stakeholders • October 10, 2018 – Released Request for Information (RFI) • Goal of RFI: Seek to learn about capital projects that are being planned or proposed in Wake County related to arts, culture, sports or convention from period 2019 – 2024 with a minimum project cost of $20 million that may request interlocal funds at a future date • October 25, 2018 – RFI Pre-submittal meeting • January 10, 2019 – Receive RFI responses 7 www.wakegov.com/roomfoodtax

  7. RFI • This RFI is issued solely for information and planning purposes • It does not constitute a Request for Proposal (RFP), a promise to issue an RFP in the future or that any projects will receive or be guaranteed any funding.

  8. Minimum Criteria • Project fully located within Wake County • Project must meet statutorily defined purpose of funding • Project must be capital in nature with a minimum value of $20 million • Project anticipates requesting use of interlocal funds for some portion of the project cost at a future date

  9. Information to be Submitted • Maximum length 5 pages • Project purpose and design concept • User, primary tenant, local and out of town users • Regional benefit and return on investment • Lead organization and known partners • Project costs - capital and operating and how operating will be met • Timeline

  10. Next Steps • Q & A Today • Written questions due November 9, 2018 • Responses distributed to attendees and posted at wakegov.com/Finance and wakegov.com/roomfoodtax • Responses Due – January10, 2019 • Deliver to Tom West • Wake County Finance by 3:00 pm • One hard copy and USB drive

  11. 2019 Interlocal Review Schedule • January/February 2019 – Stakeholders meet to review financial models, results of capital maintenance plans for Raleigh Convention Center Complex, PNC Arena and Cary Sports Facilities • March 2019 – Develop recommended modifications to financial models to address findings of facility studies and develop process for consideration of new investments • March/April/May 2019 – If funding available, conduct process for consideration of new investments www.wakegov.com/roomfoodtax 12

  12. Questions? www.wakegov.com/roomfoodtax

  13. This presentation will be posted to: www.wakegov.com/roomfoodtax For more information, contact: Denise Foreman Assistant County Manager 919-856-5578 denise.foreman@wakegov.com

More Related