181.14 ALLOCATION OF TRANSIENT OCCUPANCY TAX BETWEEN FUNDS.

   The monies received under the provisions of this Chapter shall be allocated between the Convention Center Fund and the General Fund of the City of Sharonville as follows:

   (a)   Any funds received from the Hotel adjacent to the Sharonville Convention Center (known as the Hyatt Place) shall be allocated to the General Fund until such time that the fifteen (15) year Transient Occupancy Tax Credit provided under Ordinance 2015-20E and deferred by 2020-13E has lapsed.

    (b)   Except for the funds received in accordance with Section 181.14(a), the first one million dollars ($1,000,000.00) of Transient Occupancy Tax received in each year beginning with 2022 shall be credited to the Convention Center Fund.

   (c)   Any funds in excess of those amounts in Section 181.14(a) and (b) shall be allocated to the General Fund.

   This fund allocation may be reconsidered and re-appropriated annually based upon the respective expenditures necessary for the operation of the Sharonville Convention Center Fund and the needs of the General Fund of the City of Sharonville.

(Ord. 2022-25. Passed 4-26-22.)