Agenda 8-s - Performance Agreement Between the Town of Chapel Hill and Visitors Bureau

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: September 4, 2018 Action Agenda Item No. 8-s SUBJECT: Performance Agreement Between the Town of Chapel Hill and Visitors Bureau DEPARTMENT: Economic Development/Visitors Bureau ATTACHMENT(S): 2018-19 Performance Agreement Between the Town of Chapel Hill and the Chapel Hill/Orange County Visitors Bureau for Annual Funding INFORMATION CONTACT: Laurie Paolicelli, 919-245-4322 PURPOSE: To approve the 2018-19 performance agreement between the Town of Chapel Hill and the Chapel Hill/Orange County Visitors Bureau. BACKGROUND: Pursuant to the Chapel Hill/Orange County Visitors Bureau’s annual performance agreement with the Town of Chapel Hill for tourism promotion, $200,000 has been allocated to the Visitors Bureau for Fiscal Year 2018-19. In addition, the Town will pay 50% of any additional revenues collected in the event the hotel/motel occupancy receipts exceed the Town’s budgeted amount of $1,000,000. Budget Year Contribution per Performance Agreement Additional Amount Received Following Release of that Years Audited Revenues FY2012-13 $175,000 plus 50% of collections over $950,000 $ 13,000 FY2013-14 $175,000 plus 50% of collections over $950,000 $ 43,750 FY2014-15 $175,000 plus 50% of collections over $985,000 $ 57,739 FY2015-16 $175,000 plus 50% of collections over $985,000 $108,903 FY2016-17 $200,000 plus 50% of collections over $1,000,000 $ 93,755 FINANCIAL IMPACT: The Town of Chapel Hill will provide $200,000 to the Chapel Hill/Orange County Visitors Bureau, plus 50% of any additional revenues collected in the event the hotel/motel occupancy receipts exceed the Town’s budgeted amount of $1,000,000. 1