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 CONTRAC...
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