| Synopsis: |
On July 16, 2003, the City Council held a Study Session
to discuss this topic. The previous memo presented to the Council, as well
as the minutes of that meeting are attached.
The study session was attended by the Mayor and council members Laws, Hartzell
and Jackson.
The Council has indicated a desire to modify the allocation of the Transient
Occupancy Tax (TOT). Initially, it was suggested by staff that this modification
be done in conjunction with the preparation of an Economic Development Strategy.
However, after discussion at the study session, it appeared that a better
option may be to separate the topics, and address the Transient Occupancy
Tax and the update of the Economic Element as separate items.
Given the upcoming Budget season, and the need for all parties to be able
to anticipate any changes in the allocation of the TOT, staff believes that
it is necessary for the Council to address this item soon. Further, recent
changes in statutes at the state level may impact the City's options regarding
changes to the TOT. Staff believes that a subcommittee of the Council would
be the best means to address any changes deemed necessary in the allocation
of the TOT.
The update of the Economic Element is scheduled for November, 2003 through
September, 2004. Initial efforts are beginning regarding this update, and
the formation of an ad hoc committee is scheduled before the end of the year.
Staff recommends that we continue to follow this timeline and not prepare
a separate economic strategy, but rather continue with the update of the
Economic Element as outlined in the Council goals. |
