3-25-088 Attachment 2.pdf
PDF 163 KB Posted
- Attached to
- Raleigh/Wake Hospitality Tax Funds - 2025-2026
- Solicitation number
- 25-088
- Issued by
- Wake County, Teachey Town, North Carolina
About this file
The document is the Wake County Room Occupancy and Prepared Food and Beverage Operating Principles, updated on August 21, 2023, developed by community stakeholders in March 2017 and revised in August 2023. These principles outline the strategic framework for utilizing room occupancy and prepared food and beverage revenues in Wake County, focusing on investment guidelines and community development objectives.
The principles emphasize prioritizing investments that drive overnight visitation and provide a positive return on investment, support existing capital expenditure programs, and comply with enabling legislation. Key focus areas include maintaining fiscal accountability, supporting equitable economic development, creating sports and cultural opportunities, and ensuring investments enhance the quality of life for visitors and residents. The principles also stress the importance of engaging diverse stakeholders, maintaining a welcoming and inclusive vision, and supporting emerging arts, sports, and cultural experiences with a mix of funding approaches for both large and small-scale projects.
View the file
Other files
| File | Type | Posted |
|---|---|---|
| 1-25-088 Hospitality Tax RFP.pdf | ||
| 6-25-088 Attachment 3.xls | XLS spreadsheet | |
| 2-25-088 TC.pdf | ||
| 4-25-088 Attachment 1.pdf | ||
| 5-25-088 Attachment 4.xlsx | XLSX spreadsheet |
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
Text version
Updated August 21, 2023
Wake County Room Occupancy and Prepared Food and Beverage Operating Principles
Purpose of Principles: The Operating Principles are established to articulate the values of the community and stakeholders related to use of Wake County Room Occupancy and Prepared Food and Beverage Revenues. These Principles were developed by community stakeholders in March 2017 and updated in August 2023. The stakeholders identified all of the listed Principles as important and therefore, the Principles are not listed in any rank or order.
A. Prioritize use of funds for projects that drive measurable, regular overnight visitation or positive return on investment (ROI)
B. Support and promote the on-going capital expenditure program and expansion of existing investments in major facilities to keep them current, relevant and competitive in market
C. Comply with all requirements of the existing enabling legislation
D. Ensure project investments are secured by solid long-term plans, both operational and financial, that demonstrate viability and sustainability
E. Utilize high standards of fiscal accountability in planning and managing the use of tax revenues:
a. Fulfill existing obligations before entering into significant new financial commitments
b. Maintain long-term, conservative financial forecasting
F. Support investments that complement equitable economic development efforts and enhance quality of life experiences for visitors, newcomers and long-time residents
G. Create sports, arts and cultural opportunities, through leveraging community investments and partnerships, that benefit residents and enhance tourism offerings
H. Support a project investment mix that considers location, contribution to quality of place, and equitable, sustainable and types of uses (sports, cultural, arts, convention, etc.)
I. Engage stakeholders representing varying entities, jurisdictions and uses
J. Ensure that investments support a welcoming and inclusive long-term vision of Wake County and its cities and towns as a tourism destination
K. Provide a regular funding source for eligible projects that require a smaller scale investment
L. Support investments that consider emerging arts, sports and cultural experiences and unmet needs
File details come from the government source that posted it. Updated .