HomeMy WebLinkAbout2013 02_City's Hotel Tax
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2013-02
A RESOLUTION OF THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY
EXPRESSING ITS POSITION RELATING TO THE USE OF FUNDS DERIVED FROM THE
CITY'S HOTEL TAX; SPECIFICALLY THE THREE PERCENT PORTION (3%) OF THE TAX
INITIALLY APPROVED BY THE OWASSO VOTERS TO ENCOURAGE, PROMOTE, AND
FOSTER ECONOMIC DEVELOPMENT, CULTURAL ENHANCEMENT, AND TOURISM AND
PURSUE REGIONAL PROMOTION FOR THE CITY OF OW.ASSO
WHEREAS: The voters of the City of Owasso did, on March 5, 2002, approve a tax known as
the Hotel Tax; and,
WHEREAS: Ordinance No. 699, approved by the Owasso City Council on January 8, 2002,
provided for the City Council appropriation and expenditure of the revenues derived from the
Hotel Tax and specifically restricted the use of the revenue derived from the Hotel Tax for the
purpose of encouraging, promoting, and fostering economic development, cultural
enhancement, tourism and pursuing regional promotion for the City of Owasso; and,
WHEREAS: The Owasso Economic Development Authority was created as a means to provide
a pubiic trust for financing economic development prospects, advise and counsel the City
Council and City staff on economic development issues, and promote activities that will benefit
and strengthen the economy of the City of Owasso and the State of Oklahoma; and,
WHEREAS: the Authority seeks to foster an environment that facilitates economic growth by
retaining and expanding established businesses, and attracting new business development,
promoting cultural enhancement, and pursuing regional promotion for the City of Owasso.
NOW THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO ECONOMIC DEVELOPMENT
AUTHORITY:
THAT: The intent of this resolution is to express the desire of the members of the OEDA with
respect to the accumulation and expenditure of funds derived from the initial 3% Hotel Tax; and,
THAT: The Trustees of the Authority encourage the City Council to maintain a strong fund
balance in the Hotel Tax Fund; and,
THAT: The Hotel Tax Fund Balance is available for use as a potential incentive fund for
economic development prospects wishing to relocate or expand making a significant impact to
the City of Owasso.
APPROVED AND ADOPTED this day of ~2013 by the Trustees o Owasso Economic
Development Authority.
Authority Ch ' a
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Authority Srretary