TITLE
Recommendation to approve the budget for the Long Beach Tourism Business Improvement Area; and authorize City Manager to execute a contract with the Long Beach Convention and Visitors Bureau for the period of August 1, 2005 through September 30, 2006, to manage the Long Beach Tourism Business Improvement Area. (Districts 1,2,4,5)
DISCUSSION
The California Streets and Highways Code (Section 36000) (Law) allows cities to contract with organizations for management of business improvement districts forrned under the Law. On May 24, 2005, the City Council adopted a Resolution creating the Long Beach Tourism Business Improvement Area (LBTBIA), as requested by several of the City's hoteliers, and managed by the Long Beach Convention and Visitors Bureau (CVB). The purpose of the LBTBIA is to promote and market the City of Long Beach as a tourism destination and to fund projects, programs and activities that benefit the hotels within the boundaries of the Area. The LBTBIA will be funded through a 3 percent self- assessment of the hoteliers, which is expected to generate $3,000,000 in the first year. The LBTBIA will be required to present an annual report and budget each year. The first year budget is attached pursuant to Section 36533 of the Law. No annual report is required as operations are just now commencing. The initial operating period is August 1, 2005 to September 30, 2006. Budgeted revenue for this initial fourteen-month period is $3,500,000. Subsequent contracts will coincide with the City's fiscal year. This letter was reviewed by Assistant City Attorney Heather Mahood and Budget Management Officer David Wodynski on August 1,2005.
TIMING CONSIDERATIONS
[Timing Considerations]
FISCAL IMPACT
[Fiscal Impact]
SUGGESTED ACTION
Approve recommendation.
BODY
[Enter Body Here]
Respectfully Submitted,
[Respectfully Submitted,]