(A) General provisions.
(1) Hotel must be high quality that meets at least a four/three star or four/three diamond hotel rating or higher under the rating criteria established by AAA, JD Power & Associates or comparable hotel rating entity which includes hotel operations on a 24 hour/day, seven (7) day/week basis. The hotel must provide an independent, third-party certification acceptable to the City of the level of quality. Should the hotel fall below the minimum rating, incentives will cease.
(2) Hotel may not be owned by a non-profit entity.
(3) Hotel must offer housekeeping, food/beverage service, and high quality finishes.
(4) The hotel must have a minimum of seventy (70) rooms.
(5) No upfront expenditures would be required for the City, and the incentives would only begin upon completion of construction and opening of the hotel for operation.
(6) The owner/developer is required to spend not less than $150,000/guestroom for new hotels, and renovations must be at least $15,000/guestroom.
(7) Renovated hotels must be in operation for a period of five (5) years prior to the date when the incentives are approved.
(8) The developer must be in good standing with the hotel franchise.
(9) Incentives are not assignable or transferable without the approval of the City based upon the original criteria.
(10) The Development and hotel must be and remain in good standing with all ordinances to be eligible to receive incentives.
(B) New hotels.
(1) Property.
(a) Refund the increased ad valorem property tax paid to the City for the developed property following deveIopment of a new hotel.
(b) The refund would be based on the PVA's assessed value of the property.
(c) The incentive would terminate in five (5) years.
(2) Off-site public improvements.
(a) The City may contribute up to fifty percent (50%) of the eligible costs associated with off-site/public improvements such as roadways, sidewalks, utility undergrounding, and other off-site improvements to a previously undeveloped area based upon the number of jobs to be created and the potential occupational tax attributable to those jobs, total assessed value of the project, and the value of the project to the community. The contributed amount is at the sole discretion of the City Commission.
(b) The amount to be contributed may be paid to the owner over a ten (10) year period.
(3) Transient room tax. The City will refund up to fifty percent (50%) of the transient room tax generated by a new hotel for a period of five (5) years. This incentive would only apply to the three percent (3%) transient room tax paid to the City.
(C) Renovated hotels.
(1) Property.
(a) Refund the increased ad valorem property tax paid to the City for the developed property following development of a new hotel.
(b) The refund would be based on the PVA's assessed value of the property.
(c) The incentive would terminate in five (5) years.
(2) Transient room tax. The City will refund up to fifty percent (50%) of the transient room tax generated by a new hotel for a period of five (5) years. This incentive would only apply to the three percent (3%) transient room tax paid to the City.
(Ord. O-2022-21, passed 11-28-22; Am. Ord. O-2023-08, passed 6-26-23)