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HomeMy WebLinkAbout19-83 RESOLUTION-YS 4. RESOLUTION NO. /I ?-2.3 ^� A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT WITH THE STATE BOARD OF FINANCE FOR FINANCIAL ASSISTANCE TO THE CITY UNDER THE CITY -COUNTY TOURIST MEETING AND ENTERTAINMENT FACILITIES ASSISTANCE LAW. BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE, ARKANSAS: That the Mayor and City Clerk are hereby authorized and directed to execute an agreement with the State Board of Finance for financial assistance to the City under the - City -County Tourist Meeting and Entertaining -Facilities Assistance. Law: A copy of the agreement' authoried. for execution hereby is attached hereto, marked Exhibit "A", and made'a.part hereof. PASSED AND APPROVED this /5f day of MQoic1?:G�/ , 1983. APPROVED: By: (:),;LJ - Mayor 6.1% S07- A4 r M )r. y. r, Er, ATTEST: By: wt . a fig City Clerk FAYETTEVILLE, ARKANSAS P. 0. DRAWER F 1• TO: Jim McCord FROM: Olivia Kelly SUBJECT: RESOLUTION TO EXECUTE AN AGREEMENT WITH THE STATE BOARD OF FINANCE/CITY-COUNTY TOURIST MEETING AND ENTERTAINMENT FACILITIES ASSISTANCE LAW OFFICE OF CITY CLERK 72701 MEMORANDUM DATE: February 2, 1983 Jim, I am attaching the original Agreement regarding the above in that it needs the signature of the representative of the State Board of Finance. When this has,been accomplished, please return the executed copy for the vault,files.` Thank you. /oak Att. 1501 521-7700 sh,e, ,g/6 ,waticst ftir ow/ ,(%6e&A, ,Auz, f �� a.rra'.r' en c if i LIS 411 Pi ', Full � rov $tt1S19' th•s ill. be getting city attorliev said Wednesday next... toehelpn ..$pa�1199g39 the hoard's refusal to, include serviserviceon the helfr million in ebt the parking,deck will not red'ucc c ssued an timid th>4r�a_.. ,. the amount of rumba& funds to the city because these are based ,. • • on 'the; number.. of.:'out-of-state . • . ; delegates) who_;visit "nu+'rrF •1 mi .11 .. •:P,•,• ... sb, t i-/ 1 . • . • �,.• ... I1 .. ,• .,I•, • mk i, . 1n.•. . . 1 1 • 411.1. ,•,� SII • 'kir.� .• •1. ,. 1•.1.1 •. '.., f•:'11'. .4 .. • ,1.1 �• rb r, AGREEMENT • THIS AGREEMENT made and entered into this 1..5* day of , 1983, by and between the State Board of Finance, an Agency of the State of Arkansas (hereinafter called "State") and the City of Fayetteville, Arkansas, a city of the first class organized and existing pursuant to the laws of the State of Arkansas (hereinafter called "City"): WITNESSETH WHEREAS, Act 763, Acts of Arkansas of 1977, as amended, cited as the "City -County Tourist Meeting and Entertainment Facilities Assistance Law," authorizes financial assistance to qualifying cities and counties for constructing and/or securing tourist and entertainment facilities; and WHEREAS, the General Assembly, in the enactment of said legislation, found and determined that "it is in the interest of both the State and its Cities and Counties for the State to assist any City or County in financing tourist meeting facilities and tourist entertainment facilities by paying to the City or County a portion of the increased State Sales Tax revenues and State Income Tax revenues attributable thereto as in this Act provided;" and WHEREAS, the City has constructed in the said City "tourist meeting facilities" being a convention center and has made appropriate application to the State for financial assistance for said facilities all in keeping and conformance with provisions of said legislation; and WHEREAS, the State, after notice and in keeping with all other provisions of said Act 763, as amended, held a public hearing on October 6, 1982 on the City's application fi -z - and following such public hearing made the following findings and determinations: (a) That the tourist meeting facilities of and by the City, are eligible facilities and have been financed by the City through the issuance of Four Thousand Four Hundred Seventy -Five and No/00 ($4,475.00) Dollars in Tourism Revenue Bonds issued by the City under Act No. 380 of the Acts of Arkansas of 1971, as amended; that the financing of such facilities through a combination of the City's bonds and state assistance under said Act 763, as amended, is in the best interest of the City and the State and the City's application should be approved. (b) That the additional State Sales and Income Tax revenues to be derived from the City's tourist meeting facilities is estimated and projected and found to be $122,278.00 for the fiscal year 1983-1984 and $179,759.00 for the fiscal year 1984-1985. (c) That the investment multiplier for computing additional Street Sales and Income Tax revenues is fixed at 4x. (d) That the debt service requirements of the City for the bonds issued to finance these facilities for the years 1982 through 2014 are set forth on page 3 of the City's application for state assistance a copy of which, marked Exhibit "A", is attached hereto and made a part hereof as though set out herein word for word. (e) That the State assistance shall be two/thirds (2/3) of the additional State Sales and Income Tax revenues herein estimated and projected to be generated by the facilities annually, but in no case shall such exceed eighty (80%) percent of the annual debt service on the bonds issued to f finance the facilities. MIEM NOW, THEREFORE, THE PARTIES HERETO MUTUALLY AGREE AS FOLLOWS: The State hereby covenants and agrees to pay to the City for debt services as reflected on page 3 of Exhibit "A" attached hereto on the City's bonds hereinabove described issued to finance the tourist meeting facilities an amount equal to two-thirds (2/3) of the additional State Sales and Income Tax revenues hereinabove estimated and projected to be generated by said tourist facilities as described in the City's application, but not more than eighty (80%)'per cent of the annual debt service requirementsof said bonds. II. The State hereby covenants and agrees that it will certify to the State Treasurer the amount of assistance to be paid the City which the State hereby agrees to be the sum of $81,519.00 for the fiscal year 1983-1984 and the sum of $119,839.00 for fiscal year 1984-1985 and directs the said Treasurer to make quarterly payments to said City from the "City -Counties Tourist Facilities Aid Fund" established pursuant to the provisions of Act 763, Acts of Arkansas of 1971, as amended. It is understood by the parties that the City will recertify, at the beginning of each two year term that this Agreement is extended, if any, for the State's consideration and determination, the additional State sales and income tax revenues to be generated by said tourist meeting facilities of the City during the ensuing term all for the purpose of computing the amount of state assistance to be paid the City for said ensuing term. r I1I. Payment of such assistance funds by the State shall be made to the Trustee designated by the holder of the City's bonds (First Bank & Trust Company of Mountain Home, Arkansas, or its successor) and said Trustee shall apply all such funds received from said City -County Tourist Facilities Aid Fund to the payment of or redemption of said bonds of the City and to the payment of interest thereon. City covenants that any remaining funds received from the State after retirement of said,bonds shall be returned forthwith to the State Treasurer. IV. Payment of assistance funds as provided for herein is subject to approval by and appropriation of the General Assembly of the State of Arkansas and nothing herein contained shall be construed to be a demand of the General Assembly to make any appropriation pursuant to said Act 763, as amended, or to prohibit the General Assembly from amending or repealing the said Act at any time. V. The term of this Agreement shall be for two (2•) years commencing July 1, 1983, but subject to approval of the General Assembly, will be extended from time to time for additional terms, which additional terms shall not exceed two (2) years. This Agreement may be executed in duplicate of counter- parts, each of which when so executed and delivered shall constitute an original, but all of which together shall constitute one and the same Agreement. Y THIS AGREEMENT executed in duplicate originals this /Mk day of fv23x.�/ , 1983. ATTEST: ATTEST: STATE BOARD OF FINANCE By: CITY OF FAYETTEVILLE, ARKANSAS By: C& ,K�' Mayor 4 71. APPLICATION TO STATE BOARD OF FINANCE FOR ASSISTANCE UNDER CITY -COUNTY TOURIST MEETING AND ENTERTAINMENT FACILITIES ASSISTANCE LAW Applicant: City of Fayetteville, Arkansas. Contact person: Donald L. Grimes, City Manager, or • James N. McCord, City Attorney, Post Office Drawer F, Fayetteville, Arkansas 72701. Eligible facilities: Tourist meeting facilities con- sisting of a 40,500 square foot, 5 -story convention center and adjacent parking facilities consisting of a 3 -level 290 space parking garage. The Convention Center is located at the northeast corner of the downtown square (intersection of Center Street and East Avenue). It consists of auditoriums, meeting rooms, and office space. The Convention Center, completed in the Fall of 1981, has been leased by the City of Fayetteville to the University of Arkansas for use by the University's Division of Continuing Education in conducting educational programs, short courses and seminars on a regional and statewide basis. The seminars will be taught to groups of both professional and nonprofessional status. These persons will pay a fee to the University for their attendance at the various functions. During periods of non-use by the University, the Center is available to the general public so long as such use does not conflict with the public use policies of the University Board of Trustees for off -campus facilities. The lease limits the fees the University may charge the general public for use of the Convention Center to the cost to the University of custodian, janitorial, and other special services (exclusive of utility services) in connection with such use. The lease between the University and the City is for a term of 23 years, subject to biennial appropriations by the General Assembly. The basic rent payable by the University, $122,000.00 per year,lhas been pledged by the City toward the debt service on tourism revenue bonds issued by the City to finance construction of the Convention Center. Under the lease, the University is responsible for all operation and maintenance expenses of the Center. A 290 -space, 3 -level parking garage has been constructed by the City on property iuuuediately northeast of the Convention Center. The garage was financed from the proceeds of parking revenue bonds. It will be operated by a parking management company with whom the City has contracted. The facility will be available to the general public on a first-come, first-served basis. The operator will charge .hourly rates as specified by the City; provided, spaces on the uppermost level will be leased on a monthly basis during normal business hours with said spaces to be made available to the general public after normal business hours on a first-come, first- served basis upon payment of a gate entry fee. Fayetteville, a City of approximately 36,800 persons, was without a Convention Center prior to construction of the existing facility and adjacent parking garage. A 250 -room Hilton Hotel has been constructed immediately north of the Convention Center by private developers. Thus, the City can now offer a Convention Center with proper seating and acoustics conveniently located to parking facilities and room accommo- dations. The complex is only one block from the business route of the only interstate highway traversing the City of Fayetteville. Financing of eligible facilities: The City financed construction of the Convention Center by issuing $4,475,000.00 in tourism revenue bonds under Act No. 380 of the Acts of Arkansas of 1971, as amended, and financed construction of the 3 -level, 290 -space parking garage adjacent to the Convention Center by issuing $591,000 1The annual rent is equivalent to $3.00 per square foot. • in parking revenue bonds as amended, and Arkansas 4 • • under Arkansas Acts 1971, No. 380, Acts 1949, No. 463, as amended. The bonds are secured by a mortgage of the improvements antra pledge of: (1) rentals received by the City under its lease with the University of Arkansas; (2) all revenues collecte& under the City's 1% gross 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 receipts tax levied on hotels, motels, within the City; and (3) net parking revenues Debt service requirements on the bonds CONVENTION CENTER TOURISM REVENUE BONDS $341,686 341,636 387,686 404,324 424,904 438,694 440,994 437,474 438,474 438,686 433,101 432,001 435,081 436,956 432,706 437,706 431,206 433,094 438,406 441,750 443,125 442,531 289,969 Estimated Number Year 1982 1983 1984 1985 1986 • PARKING REVENUE BONDS $ 58,320 70,920 82,920 95,180 105,760 114,660 124,880 133,060 143,900 155,100 58,300 and are restaurants as follows: TOTAL ANNUAL DEBT SERVICE REQUIREMENT $400,006 412,606 470,606 499,504 530,664 553,354 565,874 570,534 582,374 593,786 491,401 432,001 435,081 436,956 432,706 437,705 431,206 433,094 438,406 441,750 443,125 442,531 289,969 of Delegates Attending Regionall Meetings: Number of Delegates 1,832 2,565 3,591 5,027 7,038' Estimated Average Length of Stay Per Delegate Attending Regional Meeting: 2.63 days 1 Meeting intended primarily for Delegates from outside Estimated Amount of Expenditures by Delegates: Year 1982 1983 1984 1985 1936 Amount. Daily Average for Delegate $ 314,463 $ 64.05 462,290 67.25 679,633 70.62 998,965 74.15 1,468,408 77.85 Estimated Investment Multiplier: 4.0 * Estimated Additional State Sales Tax and State Income Tax Revenues to be Derived as a Result of the Expenditures: Year Amount 1982 1983 1984 1985 1986 $ 56,100 82,473 121,247 178,215 261,964 See attached statistical survey prepared by Bureau of Business and Economic Research, College of Business Administration, University of Arkansas, Fayetteville, Arkansas. Expected additional expense to the State: Estimated Additional expense to the State consists of the basic rent and maintenance expenses payable by the University of Arkansas under its lease with the City of Fayetteville for the Convention Center. Basic rent is $122,000.00 per year, or $3.00 per square foot. Mr. Fred Vorsanger, University of Arkansas Vice President for Finance, estimates annual maintenance expenses at $2.00 per square foot or $81,000.00. Local support: The project has been endorsed by the Fayetteville Chamber of Commerce, Downtown Fayetteville Unlimited, and the City of Fayetteville Advertising and Promotion Commission. • Request for formal determination: Tne City of Fayetteville respectfully requests the State Board of Finance to determine that: (1) The proposed facilities are e'•_igible facilities. (2) The State assistance shall be t.wo-thirds of additional State sales tax revenues and ad! o'aal State income tax revenues estimated to be generated with the amount of State assistance fixed separately for each of the 1 - two bond issues.1 The economic mu'._tiolier for computing additional State sales and income tax revenues is 4x. (4) The estimated State sales and income tax revenues to be produced annually shall_ be subject to-.d_ustment based on .surveys of actual delegate/attendee expenditures and numbers of such attendees. Respectfully submitted, CTTV 0P PAYET.VTT , ARKANSAS Q1.0.S., Ark. Stat. Ann §19_55^.4(g) orovides t'h if a City issues t:ao or more iso -.les of '.c•^d_; to finance e.__.gible faciiitieq the amOL..`_ J- State assistance shall be fixed separately for .'h issue. As ._^Cicated herein, Fayetteville issued S4 475.000.00in r revs ,_.. bonds to __±raa neeconvention _eater `nand$_ 91, 000. 00in narki-pc., reven'_ ^ bonds to -finance an adjacent parking para e. ESTIMATED FUNDS AVAILABLE FROM ACT 763 ACTS OF ARKANSAS OF 1977, FOR THE - CENTER FOR CONTINUING EDUCATION FAYETTEVILLE, ARKANSAS Prepared by: Phillip Taylor Bureau of Business and Economic Research College of Business Administration University of Arkansas, Fayetteville Fayetteville, Arkansas July 9, 1982 ESTIMATED FUNDS AVAILABLE FROM ACT 763 ACTS -0F ARKANSAS OF 1977, FOR THE CENTER FOR CONTINUING EDUCATION FAYETTEVILLE, ARKANSAS This report contains estimates of the economic impact, and consequent state tax flows, that may be generated by the visitors utilizing the Center for Continuing Education constructed by the City of Fayetteville. The methodology used in generating the estimates presented here has been patterned after that contained in a letter submitted by the City of Little Rock to the State Board of Finance on June 8, 1977. ACT 763, ACTS OF ARKANSAS OF 1977, AS AMENDED This act provides the possibility for acquiring State funds to support the .construction of tourist meeting facilities. Application for such funds must be made to the State Board of Finance and if the Board rules the subject tourist meeting facilities to be eligible, the city or county making the application may receive from one-third to two-thirds of the additional State tax revenue generated by the facility, not to exceed 80 percent of the debt service requirements of the facility. The Act specifies that an investment multiplier of from 2 to S can be used in making the revenue estimates. It also provides that only increases in State revenues resulting from the use of the facility, and after allowing for any increases in State costs, shall be considered in determining the amount to be refunded to a city or county. • DELEGATION UTILIZATION OF THE CENTER FOR CONTINUING EDUCATION The data contained in Table both the number of functions and from Fiscal 1971 to Fiscal 1982. • I indicate considerable fluctuation in the total attendance at these functions However, prior to the construction of.the Center for Continuing Education there was little space available for continuing education and conventions on the campus of the University or in the city. Also, coinciding with the opening of the Center for Continuing Education, the Division of Continuing Education began to actively develop a plan for marketing the programs that would utilize the new facility. The first regional meetingl utilizing the Center for Continuing Education was held on January 15, 1982. A summary of the number of meetings of this type during the six-month period from January through June, 1982, is provided in Table II. As shown in that table, there were eleven such meetings with 916 delegates. The "average length of stay" for each delegate was 2.68 days. Annualizing the above data yields an estimate of 1832 delegates staying a total of 4,910 days during 1982. At the present events listed on its time, the Center for Continuing Education has 72 calendar. The distribution of these events by date and estimated attendance is given in Table III. Based on this infor- mation and existing development plans, the Division of Continuing Education estimates an annual increase of 40 percent in the number of delegates attending regional meetings at the Center between 1982 and 1986. These estimates are shown in Table IV. 'As defined in Act 763 of 1977. • TABLE I ATTENDANCE AT CONFERENCES, INSTITUTIONS & WORKSHOPS UNIVERSITY OF ARKANSAS FAYETTEVILLE CAMPUS (1970-1982) Fiscal Number of Total Year Conferences. Attendance Percent Change in Attendance 1970-71 63 8,003 1971-72 81 12,127 51 1972-73 73 6,471 - 52 1973-74 62 7,565 27 1974-75 81 9,534 26 1975-76 109 13,001 36 1976-77 122 12,010 8 1977-78 57 7,600 - 37 1978-79 98 12,746 68 1979-80 85 11,497 - 10 1980-81 96 13,954 21 1981-82 115 15,069 8 Source: Division of Continuing Education, University of Arkansas, Fayetteville. TABLE II REGIONAL MEETINGS AT THE CENTER FOR CONTINUING EDUCATION JANUARY 1, 1982 - JUNE 30, 1982 Length of Number of Number of Stay (days) Events Delegates 1 1 45 2 6 470 3 1 145 4 2 244 S 1 12 11 916 Source: Derived from information provided by the Division of Continuing Education, University of Arkansas, Fayetteville. TABLE III FUTURE MEETINGS CURRENTLY1 LISTED ON CALENDAR • CENTER FOR CONTINUING EDUCATION Number of Estimated Year Month Events Attendance 1982 July 19 1;613 August 10 1,925 September 5 510 October 11 1,050 November 7 907 December 1 100 1983 January 1 100 February 2 200 March 1 100 April 6 1,580 July 2 266 October 1 150 November 1 200 1984 March 2 400 April 2 600 1985 October 1' 1,200 1July 8, 1982 `Source: Derived from information provided by the Division of Continuing Education, University of Arkansas, Fayetteville. TABLE IV PROJECTED NUMBER OF DELEGATES VISITING THE CENTER FOR CONTINUING EDUCATION 1982 - 1986 Year Number of Delegates 1982 1,832 1983 2,565 1984 3,591 1985 5,027 1986 7,038 Source: Derived from information provided by the Division of Continuing Education, University of Arkansas, Fayetteville. It should be noted that the Hilton Hotel, adjacent to the Center for Continuing Education, also promotes the use of the Center. Moreover, by September 1, 1982, the Hilton management expects to add a person to their staff with the specific objective of further enhancing the flow of delegates utilizing the Center facilities. Consequently, the projections presented in Table IV would appear to be reasonable and, in fact, minimum in nature. DELEGATE EXPENDITURES There are no studies.currently available that reflect the expenditures of delegates visiting the Center in Fayetteville. However, for the 1978-1979 period a study conducted by the Little Rock Convention Bureau found the average daily expenditure per delegate to be $55.62. Moreover, that same study found delegates attending trade shows spent $78.00 per day, while exhibitors at those same shows spent $193 per day. For purposes of this report, it would seem reasonable to assume that delegates attending meetings in Fayetteville spend amounts similar to those attending meetings in Little Rock ($55.62). Thus, the data presented in Table V are premised on that assumption and, in addition, are adjusted for inflation. Table IV combines the information in Tables IV and V to develop total spending by delegates attending regional meetings. IMPACT ON STATE REVENUE COLLECTIONS Act 763 of 1977 specifies that the state revenues to be considered in making estimates of impact are those derived from the income and gross Year TABLE V EXPENDITURES PER DELEGATE Daily Total 1978-1979 $55.621 $149.064 1980-81 61.002 163.48 1982 64.053 171.65 1983 67.25 130.23 1984 70.62 189.26 1985 74.15 198.72 1986 77.85 208.64 11973-1979 Convention Expenditure Survey, Convention Bureau, Little Rock. 2Adjusted for inflation as estimated by the U.S. Travel Data Center, Washington, D.C. 3Assuming a 5% inflation rate for each year from 1981 through 1986. 4Based on the Center for Continuing Education (Fayetteville) experience in 1982 that indicates an average length of delegate stay at a regional meeting of 2.68 days. Year 1982 1983 1984 1985 1986 TABLE VI ESTIMATED TOTAL SPENDING OF DELEGATES ATTENDING REGIONAL MEETINGS Number of Delegates 1,832 2,565 3,591 5,027 7,038 Spending per Delegate $171.65 180.23 189.26 198.72 208.64 Total Spending $ 314,463 462,290 679,633 998,965 1,468,408 • sales taxes. Thus, the estimates developed in this report are based on individual and corporate income taxes and the gross sales tax. The Act also specifies that an "investment multiplier" of from 2 to 5 may be used. The term "investment multiplier" is not defined in the Act. Thus, for purposes of this report, it is assumed to mean the number of times a dollar spent by a delegate will "turn over" in the Arkansas economy. In its letter to the State Board of Finance dated June 8, 1977, the City of Little Rock assumed a multiplier of four (4). The estimates that follow are predicated on that same assumption. Since the "multiplier" may be said to act on Gross State Product, rather than income, but the subject taxes are generally related to income, a transition must be made between Gross State Product and Personal Income. Data, for 1975, developed by the Industrial Research and Extension Center indicate the Gross State Product to by $9,745,000,000. For that same • year, the Bureau of Economic Analysis of the U.S. Department of Commerce estimated Personal Income in Arkansas to be $9,775,000,000. (Subsequent alterations in base data from which these estimates were derived may have caused the actual numbers to be modified slightly since the original work was carried out.) Given the similarity between these two estimates, it is assumed that, numerically, Gross State Product and Personal Income in Arkansas are equal Table VII contains a step-by-step illustration of the estimating methodology used to develop the estimates of the impact on State revenue of -the Center for Continuing Education. The following table (VIII) presents the estimates for each year from 1982 through 1986, using the illustrated methodology. Individual Income1 Corporate Income- Gross Sales2 Total • TABLE VII ILLUSTRATION OF THE METHODOLOGY USED TO COMPUTE STATE REVENUE IMPACT 1980 Tax Collections $314,698,501 83,580,805 332,566,535 $730,845,861 Personal Income in 19803 = $16,402,000,000 Total Tax Collections Personal Income $730,845,861 $16,402,000,000 Effective Tax Rate 0.044558 or 4.46% 1982 Delegate Spending4 Multiplier • Personal Income Generated Effective Tax Rate Additional Revenues $ 314,463 x 4 $1,257,852 x .0446 $56,000.1992 1Individual Income Tax liability as shown in Arkansas Individual Income Tax Data from 1980 Returns, Revenue Division, Department of Finance and Administration, January 6, 1982, p. 7. 2Statement of Gross Tax Collections, Revenue Division, Department of Finance and Administration, January 1, 1982. 'Bureau of Economic Analysis, U.S. Department of Commerce, April 1982. 4Table VI. Year 1982 1983 1984 1985 1986 TABLE VIII ESTIMATED ADDITIONAL STATE REVENUES GENERATED BY THE CENTER FOR CONTINUING EDUCATION Regional Delegate Spending $ 314;463 462,290 679,633 998,965 1,468,408 Personal Income Generated $1,257,852 1,849,160 2,718,532 3,995,860 5,873,632 Revenue Yield $ 56,100 82,473 121,247 178,215 261,964 ALLOWED REFUND OF INCREASE IN STATE REVENUES The Act provides two conditions in establishing the allowed refunds from any amount of increase in State revenues generated by delegates meeting at the Center for Continuing Education. The first condition provides that not less than one-third nor more than two-thirds of any established increase in revenues may be refunded. Table IX contains the estimated minimum and maximum as determined by this condition A second limiting condition pertains to 80 percent of the debt service requirements. This latter condition has not been considered as a factor in making the estimates contained herein. Year TABLE IX ALLOWED REFUND RANGE Revenue Yield Minimum Maximum 1982 $ 56,100 $18,700 $ 37,400 1983 82,473 27,491 54,982 1984 121,247 40,416 80,831 1985 178,215 59,405 118,810 1986 261,964 87,321 174,643 FAYETTEVILLE, ARKS vSAS POSTAL DRAWER F September 27, 1982 OFFICE OF CITY ATTORNEY 72701 (501) 521-7700 Mr. Joe Stewart Department of Finance and Administration P. 0. Box 3278 Little Rock, Arkansas 72204 Re: Application for Assistance under City- Coiinty Tourist Meeting and Entertainment Facilities Assistance Law Dear Mr. Stewart: As requested by the subcommittee of the State Board of Finance reviewing the applications of the cities of Little Rock and Fayetteville for financial assistance under the City -County Tourist Meeting and Entertainment Facilities Assistance Law, I enclose an addendum to the July 9, 1982, statistical survey attached to Fayetteville's application. The addendum is submitted to update the data in the original survey based on information currently available and to convert the estimates to a.fiscal year basis. The application of the. City of Fayetteville should be considered amended in the following respects to conform with the addendum: Estimated Number of Delegates Attending Regional Meetings: Year Number of Delegates 1982 1983 1984 1985 1986 916 3,803 5,324 7,454 10,435 Estimated Amount of Expenditures by Delegates: Year Amount Average for Delegates 1982 $ 157,231 $171.65 1983 685,415 180.23 1984 1,007,620 189.26 1985 1,481,259 198.72 1986 2,177,158 208.64 Mr. Joe Stewart September 27, 1982 Page Two Estimated Additional State Tax Revenues to be Derived Year 1982 1983 1984 1985 1986 If additional upon request. 'It of Finance will ho 1982, beginning at Room of the State Thank you for JNM/ts Enclosure cc: Mr. Don Grimes Amount $ 28,050 122,278 179,759 264,257 38S,405 Sales Tax and State Income as a Result of Expenditures: information is needed, I will provide it is my understanding that the State Board ld the required public hearing on October 6, 1:30 p.m. in the Governor's Conference Capitol. your assistance. Sincerely, CITY ATTORNEY %iYvL✓ ,��mes N. McCord