HomeMy WebLinkAboutResolution - 2010-R0447 - Amendment To Hotel Occupancy Tax Revenue Allocation - 09/16/2010Resolution No. 2010-RO447
September 16, 2010
Item No. 6.7
RESOLUTION
' WHEREAS, the City Council of the City of Lubbock, by Ordinance No. 2002-00049,
amended Subsection 26-22(b)(2) to allow for allocation of Hotel Occupancy Tax Revenues by
Resolution; and
WHEREAS, the City Council of the City of Lubbock deems it to be in the best interest of
the citizens of Lubbock to adjust the current allocation of hotel occupancy tax revenues; NOW
THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
1. THAT the funds received from the tax levied under Section 26-22(a) of the Code of
Ordinances of the City of Lubbock shall be distributed as follows:
Civic Center Operations/Marketing 34.07525 percent
Convention & Tourism Bureau 37.96186 percent
Visiting Participatory & Spectator Sports Marketing 12.03814 percent
Civic Lubbock, Inc. 5.71429 percent
Buddy & Maria Elena Holly Plaza Debt Service 2.32563 percent
North Overton TIF Conference Center Debt Service 7.71040 percent
Fund Balance 0.17443 percent
Total 100.00 percent
2. THAT to the extent revenue is collected, each of the above entities will receive 100% of
actual revenue at the percentage indicated.
3. THAT, because the 2009-10 allocation for Civic Lubbock, Inc. will be paid in FY 2010-11,
and in order to more clearly budget the allocation to Civic Lubbock, Inc., no additional allocation
will be distributed in FY 2010-11. The allocation distribution to Civic Lubbock, Inc. will begin
again in FY 2011-12.
Passed by the City Council on September 16 , 2010
ATTEST:
Rebe ca Garza, City Secreta
APPROVED AS TO CONTENT:
/1' SA4W-L--
Andy Burc am,
Chief Financial Officer
LCr 'city att/LindafRES-2010 Hotel,Motel - 7.9. 10
TOM MARTIN, MAYOR
APPROVED AS TO FORM:
Linda L Chamales,
Economic Development Attorney