Requested Agenda Date:
5/6/2025
Requested Agenda Title:
Budget Adjustment: Mayor’s Finance Requests to Add $400,000 to the Convention Center Hotel Mitigation Fund for 2025 and an Additional $1.7M Annually for 2026 and 2027
Requested Agenda Item Description: This payment to the Hotel Mitigation Fund, that was established by Utah Code § 63N-2-512, is required by Utah Code § 17-31-9(2). The payments relate to the qualified hotel identified in the Incentive Agreement between Salt Lake City CH, LLC, a Delaware limited liability company and Go Utah.
Pursuant to Utah Code §§ 17-31-9(2) and 59-12-103(11), the maximum liability by SLCO to the Hotel Mitigation Fund is $4,600,000 in total, as listed below. Already budgeted on-going revenue from the 1% Convention Center Hotel Fee has been accumulating in a set aside balance in Fund 290 since 2022, and will continue to come in to cover these payments.
i. 2025: $400,000;
ii. 2026: $2,100,000; and
iii. 2027: $2,100,000.
Requested Action: Discussion - Vote Needed
Presenter(s) (with titles): Hoa Nguyen, Council Budget and Policy Analyst
Time Needed: Less than 5 MINS
Is this Item Time-Sensitive and/or Requesting a Time-Certain? No
Requesting Staff Member: Darrin Casper, Deputy Mayor/Finance & Admin, CFO
Are Supporting Documents Needed for this Agenda Item Request? Yes