|June 4, 2013 - Regular Meeting|
Agenda Item #44
2017 World Rowing Championship Letter of Guarantee
Contact and/or Presenter Information
Elliott Falcione, Executive Director, CVB (Presenter) x5913
Monica Luff, Sr. Admin. Spec., CVB (Contact Person) x5913
Authorization for Chairman to execute a Letter of Financial Guarantee (up to $2,782,000) to be included with the final bid packet to be submitted by the Suncoast Aquatic and Nature Center Associates (SANCA) for the 2017 World Rowing Championships.
Code of Laws 2-29-25 Tourist Development Plan
F.S.S. 125.0104 Authorized uses of Resort Tax Funds
- Over the last 8 months, Manatee County Government staff has been working on the development of a bid, in conjunction with Sarasota County Government and the non-profit SANCA, to host the FISA 2017 World Rowing Championships at Nathan Benderson Park in Sarasota.
- The estimated economic impact for hosting this event is $12,970,000 of direct spending by participants and attendees with a total regional economic impact of $24,615,000. Other impacts include the value of reaching a large number of international markets that we would not have access to, continued progress in developing the capital facilities at Benderson Park that will enhance the ability to hold many future events at the site, and branding our two-county area as a top sports and leisure destination.
- As part of the bid requirements, both Manatee and Sarasota are required to sign a letter of financial guarantee as the primary monetary supporters of the event. Based on the budget document developed for the bid, the total amount needed to be included in the letters of financial guarantee by the local governments is $5,562,320. This amount would be split equally between the two counties, resulting in a required guarantee of $2,782,000 (rounded) for Manatee County.
- On May 15, 2013, the Manatee County Tourist Development Council unanimously recommended approval for the Chairman of the Board to sign the financial guarantee letter.
- The letters of guarantee must be included in the rowing bid packet to be provided to the rowing federation by June 21, 2013.
- SANCA, Sarasota County and Manatee County's goal is to deliver a world class event that showcases our community, doing so in a financially responsible manner so as to minimize public funding (tourism tax). This will require continued private sector fund-raising, sponsorships, maximizing event revenues and looking for creative ways to keep expenditure costs as low as possible. We will continue to monitor and actively participate in these activities. Included in the attachments is a letter of commitment from SANCA to meet these goals and apply the revenues and cost savings to reduce the funding commitment of both counties.
- SANCA has also set a goal to develop a fund-raising campaign to build out the vertical components at Nathan Benderson Park.
- All funding involved from Manatee County will be utilized from tourism taxes, NOT ad valorem taxes.
- Based on current tourist tax revenues, reserves, and anticipated future tourist tax collections through 2017, this funding commitment for this event will not have negative impacts on planned expenditures for other tourism marketing and promotional programs.
- Manatee County will reimburse SANCA for operating expenses that are eligible under the tourism tax statute, or will directly pay FISA for bid fees, and commercial & television rights if allowable under the tourism tax statute.
- If selected by FISA to host this event (final determination of selection will be in September of this year), Manatee County Government will need to enter into agreements with SANCA and Sarasota County Government to address funding, oversight and management of the planning and execution of the event.
- Based on the significant economic and other impacts of hosting this event and with the recommendation from the Tourist Development Council, staff recommends authorization for the Chairman to sign the Manatee County letter of guarantee.
County Attorney Review
Other (Requires explanation in field below)
Explanation of Other
Deputy County Attorney William Clague has worked with staff in reviewing documents and will assist in the development of required agreements if we are awarded the event.
Instructions to Board Records
Return original, executed letter to Monica Luff, CVB, and a copy of the approved agenda memo to email@example.com.
Cost and Funds Source Account Number and Name
up to $2,762,000 from Tourist Development Taxes over five years
Amount and Frequency of Recurring Costs
Attachment: lb FISA Guarantee 6.4.13.pdf
Attachment: SANCA committment letter to Sarasota Co- 2017 Rowing Championships 5-30-13.pdf