The sales tax increment from the Increment District shall be 50% of the City’s 2% undedicated sales and use taxes generated by events hosted at the new Alva Arena, as measured by the attendance at events hosted by the arena. The annual sales tax increment shall be calculated as the sum of:
(A) One percent of the product of the total number of non-local arena event attendee days and an original daily expenditure amount of $100 subject to city sales and use taxes (which daily expenditure amount shall be increased annually by a percentage equal to the lesser of 2% or the then-applicable percentage increase in the Consumer Price Index for All Urban Consumers (CPI-U) published by the Bureau of Labor Statistics, United States Department of Labor); and
(B) One percent of the product of the total number of local Arena event attendee days and an original daily expenditure amount of $40 subject to city sales and use taxes (which daily expenditure amount shall be increased annually by a percentage equal to the lesser of 2% or the then-applicable percentage increase in the Consumer Price Index for All Urban Consumers (CPI-U) published by the Bureau of Labor Statistics, United States Department of Labor).
(Ord. 2021-002, passed 8-16-2021)