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H. 4W <br />0 <br />Ah <br />w <br />following section, of the report as well as the identification of associated <br />governance alternatives. The subsequent sections of this report use the revenue <br />sources described in this section to fund the allocation of recreation and storm <br />protection benefits based on the recommended benefits methodology also <br />described in subsequent sections of the report. <br />5.2 TOURIST DEVELOPMENT TAXES <br />Counties are authorized to levy five (5) separate tourist development taxes on <br />transient rentals pursuant to section 125.0104, Florida Statutes. Tax rates vary <br />by County depending on a County's eligibility to levy particular taxes; however, <br />the absolute maximum rate is six (6) percent. Generally, the revenues derived <br />from the tourist development tax may be used for capital construction of tourist <br />related facilities, tourist promotion and beach and shoreline maintenance. The <br />authorized uses vary by County according to the particular levy. <br />As discussed previously, Indian River County imposes a tourist development tax <br />of three (3) percent, which generates approximately $300,000 for each cent or <br />almost $1.0 million per year. Although only imposing the tax at the three (3) <br />percent rate, the County has the authority to impose a maximum rate of four (4) <br />percent of the tourist development tax, with the additional one (1) percent <br />available to finance a professional sports franchise facility. However, the <br />revenues derived from the additional one (1) percent are restricted in use and <br />cannot be used for beach improvement projects. <br />The County's current limit of the expenditure of 50 percent of the tourist <br />development tax revenues to fund beach improvement projects is provided by <br />statute. Therefore, no additional percentage of the tourist development tax <br />revenue will be available to fund the proposed beach nourishment project. <br />