Title
Resolution Approving Capital Fund Expenditures From Occupancy Tax Proceeds Received by the Greensboro/Guilford County Tourism Development Authority for the Bryan Park Soccer Complex Expansion Project
Body
Department: Parks and Recreation
Council District: |913|
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Wade Walcutt, Parks and Recreation Director, 336-373-2964
Contact 2 and Phone: Phil Fleischmann, Community Recreation Services Division Manager, 336-373-3275
PURPOSE:
The Greensboro/Guilford County Tourism Development Authority desires to provide funding not to exceed $250,000 in fiscal year 2015-2016 for the expansion and improvement of the Bryan Park Soccer Complex. Together with the City's contribution of $1,000,000, total public investment of $1,250,000 in this $4,500,000 project will result in a return on investment of $13,000,000-$18,000,000.
To proceed with the project, a resolution authorizing the expenditure of existing and future revenues, not to exceed $250,000, from the City of Greensboro's portion of the Greensboro/Guilford County Tourism Authority's fiscal year 2015-2016 capital fund is requested from Council. In addition, the resolution authorizes the City Manager and staff to enter into a Memorandum of Understanding with the Greensboro/Guilford County Tourism Development Authority and Greensboro United Soccer Association for the Bryan Park Soccer Complex expansion project.
BACKGROUND:
In 1989, the General Assembly amended an act permitting Guilford County to levy a three percent (3%) room occupancy and tourism development tax. After allocating $170,000 for specific tourist-related events or activities, the remaining portion of twenty percent (20%) of the seventy percent (70%) net proceeds of the occupancy tax be received by the Greensboro/Guilford County Tourism Development Authority shall go to the City of Greensboro for convention and tourism capital improvements.
The Greensboro/G...
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