A RESOLUTION AUTHORIZING THE TOWN MANAGER TO EXECUTE AN AGREEMENT INCREASING ALLOCATIONS TO THE CHAPEL HILL/ORANGE COUNTY VISITORS BUREAU (2008-06-25/R-13)

WHEREAS, the Council of the Town of Chapel Hill expressed interest in providing increased resources for economic development; and

WHEREAS, the Town Manager and Bureau Director negotiated an approach to increasing the allocation to the Visitors Bureau without decreasing funds available to the Town’s operations in Fiscal Year 2009 by the following methods:

• Amend the Fiscal Year 2009 adopted budget to increase the projected occupancy tax revenues to $1,000,000 and increase the budgeted payment to the Visitors Bureau based on the $130,000 budget.
• Beginning July 1, 2008, the Town will make payments to the Visitors Bureau based on the $130,000 budget.
• If the Town’s actual revenues exceed $1,000,000, the Town’s payments to the Visitors Bureau will be one-half of the revenues over $1,000,000 until the additional $20,000 the Visitors Bureau requested is paid.
• At the end of the third quarter (March 2009), the Town Manager and Visitors Bureau Director will review the status.

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Town Manager be authorized to execute an agreement with the Visitors Bureau that reflects the above recommendation.

BE IT FURTHER RESOLVED that the Town Manager be authorized to present a budget amendment to the Council in September 2008 reflecting the terms of the agreement, and to make any payments to the Visitors Bureau before the budget amendment is approved at the rate reflected on the agreement.

This the 25^th day of June, 2008.