HomeMy WebLinkAbout2A - PresentationCity of Palm SpringsSMALL HOTEL TOURISM BUSINESS IMPROVEMENT DISTRICT ANNUAL LEVY ASSESSMENT FOR FY25JUNE 27, 20242A - 1
2City of Palm SpringsTBID Levy Assessment FY25•Small Hotel Tourism Business Improvement District (TBID) formed in November2016.•The TBID is a special benefit assessment district that was established by the CityCouncil for the specific purpose of funding activities that promote tourism.•The Levy requested is 1%, same as prior years. Approved by City Council annually.•Approximately 81 small Hotels assess the 1% levy. Small Hotel is defined as 49rooms or less.•The City collects the tax, but the funds are managed by the Palm Springs Bureauof Tourism (PSBOT). The City remits the tax to PSBOT monthly.•The estimated collections for Fiscal Year 2024‐25 are estimated to be $850,000..•The City collects a monthly administration fee which totals approximately$50,000 annually.2A - 2