Subject:
Title
Board Direction: FY 2024-25 Tourist Development Council Recommendation for a $5 Million Reimbursable Capital Facilities Grant for the Brightline Station in Cocoa, FL.
End
Fiscal Impact:
FY 2024-25: $5 million
Dept/Office:
Tourism Development Office
Requested Action:
Recommendation
It is requested the Board of County Commissioners provide direction to staff for the proposed Tourism Development Tax funding of a Brightline Station in Cocoa under one of the following options:
1. Approve the Tourism Development Council recommendation of a $5 million reimbursable capital facilities grant to the City of Cocoa, FL for the Brightline Station infrastructure project. This action requires a vote of at least two-thirds of the Board's membership (i.e., four votes), and the following legislative findings:
a. The grant is an authorized use of tourist development tax revenues pursuant to section 125.0104(5)(a)6., Florida Statutes, and section 102-119(3)c., Brevard County Code of Ordinances because:
i. The grant will be used to acquire, construct, extend, enlarge, remodel, repair, improve, maintain, operate, or finance public facilities within the boundaries of the County; and
ii. The public facilities are needed to increase tourist-related business activities in the County and have been recommended by the Tourist Development Council.
b. The proposed public facilities consist of major capital improvements that have a life expectancy of five or more years;
c. No more than 70 percent of the cost of the proposed public facilities will be paid for with tourist development tax revenues, and sources of funding for the remaining costs are identified and confirmed; and
d. An independent professional analysis, performed at the expense of the Tourist Development Council, demonstrates the positive impact of the infrastructure project on tourist-related businesses in the County.
2. Approve a $5 million reimbursable marketing grant to the City of Cocoa, FL in support of...
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