Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council re-enacts 1% transient-occupancy tax and directs funds to Main Street Lexington
Summary
Council approved an amendment preserving the 1% transient-occupancy tax formerly pledged to the Virginia Horse Center and directed the proceeds, at a minimum of $96,000, to Main Street Lexington; staff noted options and recommended the dedicated funding to support tourism-oriented activities.
City Manager (presenter) summarized an ordinance to maintain a 1% transient-occupancy tax (TOT) that had been in place to support the Virginia Horse Center but which would have lapsed after the Horse Center paid off a promissory note. Under current state law the total occupancy tax rate automatically dropped, but the ordinance before council reimposed the 1% so the city would continue receiving the same overall occupancy rate.
The manager said 1% of occupancy tax…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
