VIDEO. TOT is the lifeblood of HMB. The BID can help. Presented at 5/19/2020 City of Half Moon Bay’s City Council meeting.
RECOMMENDATION: By motion:
1) approve the Half Moon Bay Hotel Business Improvement District Annual Report for 2019;
2) adopt a resolution declaring the City’s intention to continue the Half Moon Bay Hotel Business Improvement District, to continue the basis and to levy the assessment for the District, and to set a date (June 16, 2020) for the public hearing on the District and the assessment for FY 2020-21; and
3) consider a $40,000 funding request to be included in the FY 2020-21 Recommended Budget.
BACKGROUND: Transient Occupancy Tax (TOT) is historically the City’s single highest revenue source, accounting for approximately 40 percent of the annual operating budget. TOT revenue typically grows year-over-year, and in recent years has been over $6 million annually. TOT taxes are collected from hotels, bed and breakfasts, inns, RV Parks, campgrounds and short-term vacation rentals. Hotels are the largest contributor, providing approximately 95 percent of TOT collections.
MISSION The assessment levied by the Business Improvement District shall be used to promote lodging within the district and administer marketing programs that increase overnight lodging.
BOARD OF DIRECTORS
- Chair Dana Dahl, Beach House Half Moon Bay
- Vice Chair David Vipond, Nantucket Whale Inn
- Treasurer Keith Wesselman, Half Moon Bay Lodge.
BID Presentation and HMB City Council Discussion:
The New Now ~ Virtual Remote Public Agency Meetings