Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted: 10-23-18
Requesting Agency: Finance
Division:
Subject Matter Expert:
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Name: Michael Kerrigan - Finance |
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Email: michael.kerrigan@denvergov.org |
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
A bill for an ordinance approving the 2019 Annual Plan and Operating Budget for the Denver Tourism Improvement District.
Approves the 2019 Operating Plan and Budget for the citywide Denver Tourism Improvement District. The Committee approved filing this item at its meeting on 10-31-18.
body
Affected Council District(s) or citywide?
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
The Denver Tourism Improvement District (the “TID”) was created when City Council passed ordinance number 2017-0883 and subsequently the TID electors approved the ability of the TID to levy a 1% tax on the purchase of lodging in the City and County of Denver. The TID creation ordinance requires the TID to create an Annual Plan and seek approval from City Council. The Annual Plan is the TID Board of Directors’ annual report outlining the TID’s revenues, expenditures, projects, and goals. The Annual Plan for the Denver Tourism Improvement District is submitted annually.
General Description of District and Location: The TID boundaries are coterminous with the boundaries of the City and County of Denver and includes all lodging businesses with 50 or more rooms in the City. As of the 2019 Annual Plan, the TID includes 111 hotels.
District Purpose: The TID was created with three primary purposes 1.) to pledge up to $3.8 million per year in support of the City’s certificate of participation financing for the Colorado Convention Center (CCC) expansion and improvement; 2.) to fund future capital improvements and maintenance for the CCC; 3.) to generate revenues for marketing and promotional use by Visit Denver to bring convention and leisure visitors to Denver.
District Structure: The Board of Directors oversees the operations of the TID. The Board has contracted with Visit Denver to provide management functions for the TID. The Board is comprised of seven members. After holding a public hearing the Board has put forth the TID’s Annual Plan. The Plan proposes total expenditures of $8,745,00, of which $5,200,000 are for marketing and promotions, $3,450,00 are for payments in support of the City’s certificate of participation, and $95,000 are for administration. The TID has no debt and will continue to assess a 1% tax on lodging purchases for 2019.
Address/Location (if applicable):
Legal Description (if applicable):
Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable):
Draft Bill Attached?