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Visit St. Pete–Clearwater recommends TDT allocation changes to fund beach park facilities, capital projects
Summary
Visit St. Pete–Clearwater recommended two guideline changes to the Tourist Development Tax capital program: allow TDT for beach park facilities and require the board to set a two-year allocation before the application cycle; staff cited $15.3M per category and $30.6M total available for the two-year cycle.
Brian Lowlack, president and CEO of Visit St. Pete–Clearwater, briefed commissioners on recommended changes to the TDT capital projects funding program that the Tourist Development Council approved last month. He said the two principal changes are allowing TDT to fund beach park facilities and requiring the board to set a specific allocation before each two-year application cycle so applicants know the available funding.
Lowlack walked commissioners through the numbers for the proposed two-year cycle: "dollars 15,300,000 each, that's 0.5 of 1 of the 6 percents times 2 because the cycle is 2 years... a total funding of $30,600,000 for this cycle," he said. Under the proposed approach roughly 24% of TDT collections would be available for capital projects while retaining a reserve under the 40/60 plan. Commissioners sought additional detail on reserve balances and the timing of state grant reimbursements tied to recent beach nourishment work; Lowlack and staff said state funds are still being processed and that staff will return with specific budget items for formal allocation next month and open the application cycle in October.
