From
Anna Doll
Title
Resolution approving a contract between the City of Grand Prairie, American Quarter Horse Association, and Lone Star Park at Grand Prairie, for the 2015 American Quarter Horse Association in the amount of $34,695
Presenter
Anna Doll, Deputy City Manager
Recommended Action
Approve
Analysis
Working in partnership with Lone Star Park at Grand Prairie, the City of Grand Prairie applied for funds available from the State of Texas Event Trust Fund to help provide incentives for the American Quarter Horse Association (AQHA) 2015 Bank of America Challenge Championships in our City. The event will be held in November 3rd-7th, 2015. The Trust Fund grant application included an economic impact study showed that the State would receive an incremental increase in sales tax due to the event coming to our City that is used to fund the Trust.
Our application was approved and an estimated $216,838 of State funds is eligible for reimbursement of incentives offered to the AQHA. In order to receive the funds, a local match in a amount equal to the City's local sales tax generated from the event is required, estimated at $34,695. Combined these amounts total $251,533. The reimbursements are calculated from the actual attendance at the event. Before disbursements from the fund can be made, the City must provide its local matching funds to the State.
The State requires that the City and Lone Star Park at Grand Prairie enter into an Event Support Contract directly with the AQHA detailing the incentives offered to host the event. The contract would stipulate that the City would limit its contribution of incentives to the actual amount received from the Trust Fund, up to a total of $251,533 which includes both the State Trust Funds and local match.
Financial Consideration
Funding for the agreement is available in the FY 2015/2016 General Fund budget, contingency account.
Body
A RESOLUTION BY THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING A CONTRACT BETWEEN THE CITY, LONE STAR PARK AT GRAND PRAIRIE, AND THE AMERICAN QUARTER HORSE ASSOCIATION
Whereas, after a highly competitive selection process, including one or more sites that are not located in Texas, American Quarter Horse Association, has selected Grand Prairie, Texas, to host the American Quarter Horse Association Bank of America Challenge Championships November 6-7, 2015 (the "Event"); and
Whereas, upon the request of an endorsing municipality, TEX. REV. CIV. STAT. art. 5190.14 Section 5C (as amended, the "Act") authorizes the Texas Comptroller of Public Accounts (the "Comptroller") to establish the Events Trust Fund (as defined in the Act) to assist with payment of costs for the Event (the "Fund"); and
Whereas, the City of Grand Prairie, as an endorsing municipality, has requested the opening of the Events Trust Fund for the Event; and
Whereas, the Comptroller determined the amount of the incremental increase in the certain sales and use, hotel occupancy, and mixed beverage tax receipts to be collected by or on behalf of the City directly attributable to the preparation for and presentation of the Event; and
Whereas, from its analysis, the Comptroller has determined that it will deposit $216,838 State funds into the Fund if matched by $34,695 in remittances by or on behalf of the City of Grand Prairie for a total Fund of $251,533; and
Whereas, the City, American Quarter Horse Association, Inc. and Lone Star Park at Grand Prairie, desire to enter into an Event Support Agreement to set forth the rights and obligations of the parties relating to the Event;
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. THAT the City Council hereby authorizes the City Manager to enter into an agreement among the City of Grand Prairie, American Quarter Horse Association, and Lone Star Park at Grand Prairie, sponsoring and paying appropriate costs associated with the 2015 American Quarter Horse Association Bank of America Challenge Championships in the amount of $34,695.
SECTION 2. THAT this resolution shall take effect from and after its final date of passage, and it is accordingly so ordered.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 13TH DAY OF OCTOBER, 2015.