02/02/2021 - Laserfiche WebLink

Home Browse Search

Back-up for Feb 2, 2021 item 12.F.1 Excerpt from 12/18/18 Item 1 LA. • The Board approved FY 18/19 Capital Improvements Element fully funds the $4,925,000 deferred maintenance items. • Capital Reserve Fund — Years 1-5 = $800,000/year, Years 6-11 = $400,000/year (as adjusted for inflation. o Years 1-3 utilize 4t1' Cent of Tourist Tax ($650,000/year) with remainder from One Cent Sales Tax ($150,000) o Years 4-11 utilize %2 of 40' Cent Tourist Tax ($325,000/year) with remainder from One Cent Sales Tax ($475,000/year in Years 4-5 and $75,000/ year in Years 6-11) • Requires change to County Code to allow 4' Cent of Tourist Tax ("The Professional Sports Facility Franchise Tax") to be expended to, "promote and advertise tourism in the State of Florida and nationally and internationally. However, if the tax revenues are expended for an activity, service, venue, or event, the activity, service, venue, or event must have as one of its main purposes the attraction of tourists as evidence by the promotion of the activity, service, venue, or event to tourists." in accordance with Section 125.0104, Florida Statutes. The 4th Cent would then be used to fund traditional tourism promotion activities and one of the first 2 cents would be used to fund Dodgertown facility needs (essentially swapping the 4th Cent for the 1St Cent). • In summary this: o Commits a total of $3,225,000 in One Cent Sales Tax for initial County Improvement expenses needed to correct some deferred maintenance issues currently at Dodgertown.. o Provides $1.85 million in One Cent Sales Tax over 11 -year lease for Capital Reserve Fund, compared to $1.375 million in current lease. o Makes $75,000/year in Tourist Tax available for tourism promotion immediately upon lease signing due to elimination of this payment from current lease. o Makes '/2 of the 4th Cent of Tourist Tax available ($325,000) for other uses beginning in 2022. o Makes $125,000/year funding from Half -Cent Sales Tax available to be released to the General Fund to provide for other County services. o Limits the County's commitments to the facility to the above referenced items and requires MLB to fund any other facility needs during the initial 11 -year term essentially transitioning facility responsibilities to MLB going forward. o Verotown will provide insurance for the facility, which will provide an annual premium savings of $70,000 Staff Recommendation: 1. Staff Recommends the Board of County Commissioners approve the attached Amended and Restated Facility Lease Agreement for Historic Dodgertown. 2. Staff requests that the Board of County Commissioners waive the requirement for bids in order to allow Verotown to manage roof replacements, with County oversight, for facilities contemplated in Section 8.04(b) of the agreement and detailed above. 5 1 P a g e 203