From
Anna Doll
Title
Resolution authorizing the City Manager to submit to the Texas Comptroller's Office Trust Fund an application for reimbursement of state tax revenue acquired from the Bank of America Challenge Championships; approve a contingent professional services contract with Texas Trust Funds and allow the City to use its 1% sales tax to reimburse a portion of certain costs associated with the Bank of America Challenge Championship
Presenter
Anna Doll, Deputy City Manager
Recommended Action
Approve
Analysis
Under Vernon's Texas Civil Statutes Article 5190.14 and Article 398, the state of Texas has established a mechanism to promote and fund national and international events in the state through the contribution to the host city or county a portion of the state sales tax revenue generated from the event. An Economic Impact Study is required to analyze and project the increase in sales tax revenue associated with the event.
The Texas Comptroller is authorized to deposit in a separate account state tax revenues from qualified events. After the event, the host city or county can request and receive reimbursement of defined costs from the State Comptroller's Office from the sales tax deposited, to the extent that these deposits are matched by the deposit of local sales tax revenues ($1 in local sales tax revenue for each $6.25 in state sales tax revenue).
The 2015 Bank of America Challenge Championship for American Quarter Horse racing is similar to the Breeders Cup Championships for thoroughbred racing. Regional qualifiers from ten geographic regions located in the US, Canada and Mexico compete in six championships with total purse of $1,250,000.
These races are rotated throughout the country. Lone Star Park hosted this event in 2002 and 2006, and attracted 7,300 fan and 8,100 fans respectively. Competitive bidding for hosting this event takes place annually. The final selection is made by the American Quarter Horse Association (AQHA) Rac...
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