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INFORMATIONAL MEMO <br />Page 2 <br />utilize for exercise; areas could be developed as a gathering space; and the Pond could attract <br />small scale festivals and events. The City Council with a recommendation from LTAC, has <br />allocated $125,000 of lodging tax funds to develop a master plan for the Pond. <br />2. Southcenter Art Investment <br />Art can be used to improve the overall visual appearance of a tourist destination. Additionally, <br />art can be used as a draw for a place and used for branding purposes (think the Fremont Troll). <br />Parks and Recreation is currently working on an art installation and art plan for Baker in the <br />Southcenter District, funded by lodging tax. Staff envisions art could be extended to other areas <br />of the Southcenter District. <br />3. Small Event Development and Support <br />The financial model is budgeting $85,000 over the next five years to support small event <br />development and support citywide. Staff's goal is to provide an avenue for groups to get access <br />to small lodging tax grants for small scale activities that could be used to develop authentic, <br />Tukwila experiences. <br />Staff would also like to have conversations with LTAC and Council about other possible funding <br />opportunities for the lodging tax funds. For example: <br />• Promoting and encouraging entertainment businesses to locate to the City; and <br />• Improving the user experience along the pond. <br />FINANCIAL IMPACT <br />N/A. The financial model does not authorize any expenditure. All expenditures of lodging tax <br />funds are required to go through the City's formal application process, with review by LTAC and <br />the City Council. LTAC and staff are proposing that the City strive to never let the ending fund <br />balance go below $400,000 in any year. <br />RECOMMENDATION <br />Discussion Only. <br />ATTACHMENTS <br />A. Lodging Tax, Guiding Principle #1 <br />B. Lodging Tax Six Year Financial Model <br />2 https://tukwilawa.sharepoint.com/sites/mayorsoffice/cc/CC Site Council Agenda/Informational Memorandum (Info Memo).doc <br />