TDC Bed Tax Committee Meeting Agenda for Wednesday

by December 1, 2008 • 2 comments

I know, I know, they changed the name to Revenue Enhancement Committee.

Wednesday December 3, 2008, the Revenue Enhancement Committee will meet to further discuss development costs from the strategic plan and get an update on destination marketing from Peter Yesawich from Y partnership.

If you remember from the last Revenue Enhancement Committee, 4 major points were discussed, TDC Marketing and Awareness, Special Events Marketing, Sports Marketing, and Destination Marketing.  The estimated costs tagged with everything proposed totaled more than $52 million.

This meeting, I believe we should see a greater explanation into these costs and some greater detail as to what is feasible and what is not.

Download the agenda here.

AGENDA

REVENUE ENHANCEMENT COMMITTEE MEETING
Bay County Tourist Development Council
Panama City Beach
Wednesday, December 3, 2008              1:00 p.m.        Board Room, Visitor
Information Center

I.    CALL MEETING TO ORDER

II.    ROLL CALL

III.    REQUESTS TO ADDRESS THE COMMITTEE ON AGENDA ITEMS (3 Minutes)

IV.    UPDATE ON DEVELOPMENT COSTS FROM STRATEGIC PLAN, Mr. Dan Rowe, President

V.    UPDATE ON DESTINATION MARKETING, Mr. Peter Yesawich, YPartnership

VI.    AUDIENCE PARTICIPATION

VII.    ADJOURNMENT

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1 Butch Metcalf December 2, 2008 at 8:45 am

It has been mentioned that the REC/TDC is considering raising the bed taxes again. HELLO has any one noticed the economy? Raising the bed tax would be another devistating blow to our local economy. Here is why. Even though they say the bed tax is paid by the visitor, the reality is that the market for a room is the market. Any increase will not be paid by the visitor it will only reduce the cash flow to the owner.
Less cash flow to the owner equals more foreclosures. In a time where most condo owners are feeding their investment by $ thousands per year already while seeing values continue to fall, more expense is the last thing needed.
Every time you cut the cash flow of a property the value drops. Every time the value drops more go into foreclosure and that causes the value to drop even more.
If they want to help the market they need to borrow the money some where and pay it back if the visitor count increases. That way they are not putting it on the backs of the owners if the new spending produces little results.

If the REC/TDC borrows the money they will certainly be accountable for it’s use, and return on investment, for what they spend. Just raising the taxes again will take the incentive out of being sure the money is spent correctly.
Bottom line is if they need money to increase traffic. Let them borrow it, and not take it from the owners. If their plan works they will get it back in additional visitor traffic. If it does not then the REC/TDC will be responsible to foot the bill.

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2 Mom December 2, 2008 at 9:10 am

What Butch said…..Read and take heed!

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