Fiscal Note
This resolution authorizes a 4 year service contract for tourism marketing services between the City and the Greater Madison Convention and Visitors Bureau (CVB), with the potential for a 4 year extension. The primary fiscal element of the contract is an increase in the share of prior year room tax revenues collected by the City and paid to the CVB from the current 20 percent level to 26 percent by 2018. If the contract is extended another 4 years, the share would increase to 32% by 2022. The amount of room tax revenues paid to the CVB is expected to increase from $2.179 million in 2014 to $3.6 million in 2018 and $5.3 million in 2022. These estimates assume growth in room tax revenues of 10 percent in 2014, 7.3 percent in 2015 and between 3 percent and 4 percent annually over the remaining years of the contract and extension period.
Title
Authorizing a 4 year service contract for tourism marketing services, between the City and the Greater Madison Convention and Visitors Bureau.
Body
WHEREAS, the Greater Madison Convention and Visitors Bureau (the “Bureau”)provides tourism marketing services and seeks to attract new destination businesses, visitors, conventions, events and trade shows to the greater Madison area; and
WHEREAS, the City, through the Monona Terrace Community and Convention Center has contracted for such services under a prior contract with the Bureau, dated January 1, 2007, and which expires on December 31, 2014, and
WHEREAS, the City, through the Monona Terrace Community and Convention Center, has been satisfied with the services provided by the Bureau, and
WHEREAS, the City, through the Monona Terrace Community and Convention Center, desires to engage the Bureau to promote Madison for conventions, conferences, events and tourism travel for the period after the expiration of the current contract and the City and the Bureau have negotiated terms for a new contract; and
WHEREAS, the revenue funding for the contract come...
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