(a) The purpose of this Chapter and the Sections thereof are to enact a transient lodging tax to provide revenue with fifty percent (50%) thereof to be deposited into a separate fund kept by the Director of Finance which shall be spent solely to make contributions to the Champaign County Visitors Bureau operating within the Champaign County Chamber of Commerce to specifically fund the promotion of tourism within Urbana and Champaign County.
(b) The balance of the revenue generated by the tax is to be deposited in the City General Fund to be used in support of economic development, community development, and community planning. Therefore, the distribution shall be fifty percent (50%) to the Visitors Bureau and fifty percent (50%) to the General Fund.
(c) The Visitors Bureau of the Champaign County Chamber of Commerce shall be required to provide a yearly budget and yearly work plan to the Director of Finance and the Community Development Manager by March 1st of each calendar year.
(d) In addition, the Visitors Bureau of the Champaign County Chamber of Commerce shall within one hundred twenty (120) days after the end of their fiscal year provide to the Director of Finance financial statements of the organization for such fiscal year prepared in accordance with generally accepted accounting principles.
(e) It is presumed that all lodging furnished for transient guests is subject to the tax until the contrary is established.
(Ord. 4507-19. Passed 7-23-19.)