Interoffice Memorandum
DATE: October 8, 2024
TO: Mayor Jerry L. Demings and County Commissioners
THROUGH: N/A
FROM: Stephanie Taub, Division Manager
CONTACT: Stephanie Taub, Division Manager
PHONE: 407-836-5915
DIVISION: Fiscal and Business Services
ACTION REQUESTED:
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Approval of a Tourist Development Tax Grant Application Review Committee grant for each of the applicants listed in Attachment A, in the amounts, fiscal years, and for the projects listed therein, subject to:
• the execution of a Funding Agreement, including a provision for the TDT ARC funds to revert back to the County if the project is not completed within the period of time specified in the Funding Agreement, as well as any other terms, conditions, or restrictions that may be included therein,
• each applicant shall enter into such Funding Agreement within the first fiscal year within which they are allocated funding; for those applicants awarded funding in fiscal year 2024, a Funding Agreement shall be executed by the end of fiscal year 2025, and
• with the exception of those funds being used only to repair an existing facility, prior to receiving any TDT funds, applicants must demonstrate to the County’s satisfaction that a minimum of 80% of non-TDT funding necessary to complete the TDT project have been raised. (Tourist Development Tax Grant Application Review Committee)
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PROJECT: 2024 TDT ARC Grant Application Cycle
PURPOSE: During the October 3, 2023, meeting, the Board approved allocating $75 million of tourist development tax (TDT) over five years to the Tourist Development Tax Grant Application Review Committee (ARC). Subsequently, at their March 15, 2024, meeting, the ARC voted to open an ARC application funding window from April 1, 2024, through April 30, 2024, to accept capital project grant requests in excess of $2 million and up to $15 million for TDT eligible projects. With the assistance of United Arts and pursuant to the established application review criteria, the ARC evaluated and scored 11 eligible applications and submitted their funding recommendations to the Tourist Development Council (TDC). At their September 27, 2024, meeting, the TDC unanimously voted to advance the ARC recommendations to the Board for review and final approval. Attached is a summary document that provides an overview of each project, as well as a document that outlines each project funding recommendation by fiscal year (referred to as Attachment A). The use of TDT revenues is authorized pursuant to section 125.0104 of the Florida Statutes. If approved, the Comptroller will disburse TDT funds in accordance with the terms of funding agreements to be prepared by staff for future Board approval.
BUDGET: N/A