HomeMy WebLinkAbout2006-02-08; Carlsbad Tourism Business Improvement District; Resolution 2006-11 RESOLUTION NO. 2006-1
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A RESOLUTION OF THE CARLSBAD TOURISM BUSINESS IMPROVEMENT
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DISTRICT (CTBID) BOARD OF DIRECTORS AUTHORIZING THE REPAYMENT OF
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FUNDS ADVANCED BY THE CITY COUNCIL OF THE CITY OF CARLSBAD TO THE
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CARLSBAD CONVENTION AND VISITORS BUREAU FOR COSTS RELATED TO
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THE FORMATION OF THE CARLSBAD TOURISM BUSINESS IMPROVEMENT
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DISTRICT
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WHEREAS, in early 2005 the tourism industry, represented by the Carlsbad
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Convention and Visitors Bureau (CCVB), approached the City Council with a request to
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form a tourism business improvement district under the "Parking and Business
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Improvement Area Law of 1989"; and
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WHEREAS, the creation of a tourism business improvement district required the
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assistance of legal counsel and the development of a marketing program describing the
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activities of such a district; and
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WHEREAS, on April 5, 2005, at the request of CCVB, the City Council of the City
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of Carlsbad approved the loan of $33,500 from the City's general fund to CCVB to fund
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both legal and marketing services; and
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WHEREAS, said loan of funds would be made by the City of Carlsbad as
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invoices for services were received from legal counsel and marketing consultants; and
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WHEREAS, the Finance Director of the City of Carlsbad has paid the full amount
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of $33,500 to legal counsel and marketing consultants for services received, with the
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approval of CCVB; and
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WHEREAS, in March 2006 the CTBID will begin to receive revenue from
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assessments; and
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WHEREAS, the City Manager of the City of Carlsbad, in a letter to CCVB dated
November 23, 2005, has authorized the repayment of the loan over a six month period;
and
WHEREAS, the CTBID now has the financial ability to repay the funds advanced
by the City Council,
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the CTBID
as follows:
1 . That the above is true and correct.
2. That the amount of $33,500 shall be repaid to the City of Carlsbad over a
six-month period beginning in March 2006, with equal amounts being
repaid in each month, except that any additional amount due resulting
from rounding error shall be included in the final payment.
3. That no interest shall accrue or be paid on the outstanding balance due.
PASSED, APPROVED AND ADOPTED at a regular meeting of the CTBID
Board of Directors held on the % _ day of ^ <^< ^^ S . 2006 by the
following roll call vote, to wit:
AYES:
NOES:
ABSENT: 0
Chairperson
ATTEST
Secretary