Fiscal Note
Payment in 2024 is estimated to be $5,591,000, based on 28% of estimated 2023 room tax collections of $19,967,000. This is 6.2% more than the payment that will be made in 2023.
Title
A resolution authorizing a five year sole source contract for tourism marketing services, between the City and the Greater Madison Convention and Visitors Bureau, Inc. (GMCVB), dba Destination Madison. (District 4)
Body
WHEREAS, the Greater Madison Convention and Visitors Bureau, Inc. (GMCVB), 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 GMCVB, dated November 27, 2017 and which expires on December 31, 2023; and
WHEREAS, the City, through the Monona Terrace Community and Convention Center, desires to engage the GMCVB 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 GMCVB have negotiated terms for a new contract; and
WHEREAS, the proposed contract establishes destination marketing program goals, along with sales and marketing goals to generate sales for Monona Terrace to be met by the GMCVB and for payments to the GMCVB based upon the achievement of performance measures achieved by the GMCVB; and
WHEREAS, in 2024 through 2028 the City’s payment to the GMCVB for destination marketing services will equal 28% of the actual prior year’s room tax collections; and
WHEREAS, the City and the GMCVB agree there shall be a mid-term review of the contract prior to March 31, 2027 to evaluate the financial terms of the contract in light of the performance of room tax collections over the first three years of the contract, and as a result of this review, financial terms of the contract may be modified by mutual agree...
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