TITLE
Recommendation to authorize City Manager to execute the Fifth Amendment to Agreement No. 28164 with the Long Beach Area Convention and Visitors Bureau to provide funding in the amount of $3,930,366 for Fiscal Year 2008. (Citywide)
DISCUSSION
On October 1, 2002 the City Council approved a five-year agreement with the Long Beach Area Convention and Visitor's Bureau, Inc. (LBACVB) to develop a program to promote the city as a convention and tourist destination. The LBACVB administers a marketing program to establish the city as a site for conventions and tourism, which advertises and publicizes the city, its natural advantages, resources, attractions, climate and facilities. On October 19, 2004, as part of the Second Amendment, the City Council extended the initial five-year term by an additional seven years, through September 30, 2014. This agreement is amended annually to reflect the level of funding appropriated by the City Council.
At this time, staff is requesting authorization to enter into a Fifth Amendment to Agreement No. 28164 with the LBACVB. The total amount of the proposed amendment for Fiscal Year 2008 (FY 08) is $3,930,366, which represents the same funding level as in FY 05, FY06 and FY 07. As in prior years, the agreement includes $115,000 for the design and construction of the Rose Parade Float, and $35,000 to support Grand Prix promotional activities, both of which support the City's economic development objectives.
Over the previous five fiscal years the LBACVB realized a 36 percent growth in hotel room night sales. This year, both hotel occupancy and average room rates have increased over the same period last year (76.3 percent vs. 74 percent and $145/room vs. $132/room). In FY 2007, the LBACVB was recognized with a number of industry awards, including Successful Meetings Pinnacle Award (fourth time in a row), Insurance & Financial Management Meetings World Class Award (first time), Meeting News Magazine Planner's Choice Award (fourth...
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