Fiscal Note
Funding for this study was not included in the 2008 Operating Budget. The Room Tax Fund has sufficient resources available to cover the cost of the study. Adoption of this resolution would commit the City to an appropriation of $40,000 (account # SO01-54901). There is no impact on the tax levy or the Expenditure Restraint Program eligibility as a result of this expenditure.
Any costs associated with implementation of committee recommendations would require separate budgetary authorization in the future. Reallocation of staff time is available to provide assistance to the study committee.
Title
SUBSTITUTE - To establish the Downtown Hotel Feasibility Study Committee and to designate and confirm its members. Additionally, to amend the 2008 Capital Budget TID25-Wilson Street Corridor Room Tax Fund Operating Budget to purchase services for a Downtown Hotel Feasibility Study.
Body
PREAMBLE
In 2007, a group of downtown business leaders known as the Monona Terrace Strategic Business Study Committee began meeting with City staff to discuss and understand the issues regarding the number of downtown hotel rooms and the potential need for another downtown hotel. As a result of these meetings, it was recommended that the City create an ad hoc Downtown Hotel Feasibility Study Committee to oversee requests for a professional analysis of the overall Madison hotel market conditions and, specifically, the need for another downtown hotel.
Now therefore, be it resolved that, the City hereby establishes an ad hoc seven member Downtown Hotel Feasibility Study Committee whose functions shall be to: prepare a Request for Proposals seeking proposals for a Downtown Hotel Feasibility Study whose cost shall not exceed $40,000; set criteria for the selection of a proposal; review all submitted proposals; send its recommendation of a selected firm to the Common Council for its approval; review and comment on ...
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