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to the Visitors Bureau Board to see if they would be able to endorse it. He anticipates having that done within the next two to three months. Laurie Paolicelli offered that it would be easier for visitors to find the Visitors Bureau if it were more centrally located and that many of our visitors are looking for a sense of local history. John Coleman of OTO Developers joined the board to provide an update on the new Marriott AC Hotel that has been approved by the Chapel Hill Town Council for the northeast corner of Rosemary St. at Church St. They anticipate 14 -15 months of construction. The hotel will have 123 rooms and two levels of below grade parking. It will feature European style breakfast and small plates and bar offerings in the evening with the idea of leaving the hotel for nearby restaurants. They will develop /own /operate the hotel. OTO Developers will do as much hiring locally, including hiring from the Northside neighborhood as possible. The expected completion date is September 2017. Board Mominations Chair Carey invited Laurie Paolicelli to introduce the new board nominations for this coming term. They include Andrew Strickland, representing the Orange County Lodging Association; Jeffery Strickler for the Alliance for Historic Hillsborough; Rosemary Waldorf has agreed to serve as chair; Lee Pavou will serve as vice - chair. Mark Bell moved and Penny Rich seconded the nominations. ExeCUtive Directors Report Laurie Paolicelli recognized outgoing board members prior to beginning the Executive Directors Report. Mike Gering is leaving the board after six years of service. He has been a great voice for Hillsborough and the Chamber as well as the Alliance for Historic Hillsborough. She invited Rick Strunk to join today's meeting as one of the original architects and founding member of the Visitors Bureau Board. He is retiring after a long career with the NC High School Athletic Association. Ms. Paolicelli expressed her appreciation to outgoing chair Anthony Carey and mentioned the highlights of the six years he has represented the Orange County Lodging Association on the board. Ms. Paolicelli recognized Libbie Hough who is also leaving the board and expressed her appreciation in Libbie's absence. All departing board members were presented a framed proclamation in gratitude for their service. A RFP has been issued to study the feasibility of a conference center in Orange County. Four responses have been received nationally, two from Chicago and one each from Orlando and Minneapolis. Prices for the study range from $55,000 to $125,000. She has provided a link to the proposals online. Laurie Paolicelli advised the board that Commissioner Rich has petitioned the Visitors Bureau to give a report on AIRBNB to the Board of County Commissioners. She shared some highlights from that report as follows; there are currently 263 Orange County dwellings on AIRBNB, 123 entire home rentals, 140 private room rentals. They use the average daily rate of $83, so at 60% occupancy, 158 rooms booked per day yields $13,000 per day in revenue. This translates into $4.7 million in revenue per year, subject to 6% occupancy tax, with yields $287,000, and 7.5% sales tax of $358,000 or $646,191 combined. Compliance is an issue that will be discussed at a County Commissioners meeting in the near future. Ms. Paolicelli will report back to the board on that meeting. Budget Update Penny Rich, Finance Chair, stated that she will be meeting with Laurie Paolicelli before the next meeting to discuss the upcoming budget process. She shared that the fund balance is still high and would like to look at some ways, going forward, to spend that down. Laurie Paolicelli will provide budget information prior to the next meeting so that the board is prepared to review this year's budget and discuss the 2016 -17 budget. Penny Rich would also like to review what the Visitors Bureau is paying for the maintenance of the building. 2 1Page yIIII 0 y V 3 B 0 D M eetiing Ua III L!a ii, y 20, 2016