Tuesday, April 20, 2010

“Council hears public opinion on lodging tax funds” plus 2 more

“Council hears public opinion on lodging tax funds” plus 2 more

Council hears public opinion on lodging tax funds

Posted: 20 Apr 2010 08:03 PM PDT

Only 10 people showed up for the public hearing that council conducted Monday evening. Mayor Don Rizzuto asked City Attorney Dean Malouff to conduct the hearing, which was about disbursement of the lodging tax. Council sought public opinion regarding the draft document that was developed by the Tourism Board and presented to council at the April 5 meeting.

Passed by voters in November, the lodging tax charges an extra 4.5 percent to people who stay in hotels, motels and other similar facilities for less than 30 days.  The money generated by the tax will fund tourism efforts.

To develop the policy statement for the lodging tax, the tourism board has been meeting two times a month for several months. They have studied different communities to see how they handle their lodging taxes, said Malouff. "The policy is not a final document," he said. "The board feels much more work needs to be done in expanding the role of the community, but it is a starting point for discussion to help us understand. People have already been asking for the use of tourism dollars. The board said (that the approach to giving the money) shouldn't be a favoritism, but fair and equitable.

"The draft document suggests a written request for funds and because of the newness of the board, it feels strongly that everything should be run by council until both entities are comfortable with procedure and protocol.
Council

They want this to be a fair, nonpolitical event. Requests should stand on their own merit."

Two members of council questioned various points on the document and submitted their concerns to City Manager Rick Klein, Malouff said.
Business owner Cheryl Lindner and city employee Mike Steeves were the only citizens who made comments.

Lindner said that the document was "ambitious" and wondered if it was being considered for short term or long term use.

Malouff told Lindner that whatever was adopted in the short term would be used as a guideline. In the long term, as council becomes more comfortable with the process, it may choose to give more authority to the board so that they can make decisions on their own, he said, adding that the process through which council has to approve expenditures is slow.

Lindner then asked what the board meant by "acquiring tourism related facilities."

Malouff told her that they thought this issue would be a "lightning rod for discussion" and that the tourism board thought it would be best to create a "more expansive list" so that the decision makers could pare it down. "They thought that someday there would be a tourism center that would someday be run by the public," he said.

Lindner also questioned whether or not entities had to reimburse the board with unused funds and whether or not the funds for the event coordinator's salary would be taken out on a monthly basis.

Mike Steeves said that he was "sensing a change in what the board was able to do."

"I thought they were supposed to be an advisory board as the original ordinance said," he said.

Malouff replied that an evolution of what the Tourism Board does is "not out of the realm of possibilities. The election ordinance does not give limited abilities."

According to the original ordinance passed by voters, the board "shall be advisory in nature and shall have no powers other than those enumerated herein." Relating to money, the board is to make "recommendations to the city concerning possible capital expenditures for the purposes stated; they shall advise the city concerning activities to be funded by the tourism tax and shall provide the city with input of the desires of the community concerning tourism ... and tourism related activities," according to section 2.90.020. "All revenues and any expenditures shall be governed by the budgeting process of the city council in accordance with its customary procedures."

Concerns listed by council members included the items related to capital expenses and asked for clarity regarding certain phrases.
After the public hearing closed, the mayor suggested that the Tourism board rewrite the document at the meeting on May 5 and that council review it again at the meeting on May 17. The mayor did not want to proceed with the document until everyone was in agreement, he said.
Members of the Tourism Board include Mayor Don Rizzuto, City Manager Rick Klein, Pat Jernberg and Beverly Babb, Ron Davis, Tim Klob and John Yergert.
 

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Lack of lodging leads to Class B state baseball moving to Minot

Posted: 20 Apr 2010 10:33 PM PDT

JAMESTOWN, N.D. – The North Dakota Class B state high school baseball tournament will not be in Jamestown on June 3, 4 and 5 as was planned. The tournament was moved to Minot because local hotels already have too many rooms set aside for other events in the area, officials said.

"Fargo and Minot were gracious enough to put together offers and invoices for the tournament and today (Tuesday) the board voted to place the tournament in Minot," said Dave Carlsrud, assistant to the executive secretary for the North Dakota High School Activities Association.

State tournaments are set for North Dakota cities four or five years in advance, he said.

This is the first time in Carlsrud's 21 years with the North Dakota High School Activities Association that a tournament was moved because of a lack of lodging.

"I don't ever recall us moving because all of the sudden there weren't enough rooms," he said.

The estimated economic impact of losing the tournament this year is $60,000, according to Nina Sneider, executive director of Buffalo City Tourism Foundation.

Jamestown has hosted the Class B baseball tournament for decades, and in the past few years has switched off with Mandan on hosting the Class A tournament.

The Class A state baseball tournament is scheduled to be in Jamestown next year, pending space.

This year the state girls soccer tournament will be in Jamestown the same dates as well as the El Zagal Shriners and a square dancers' convention at the Civic Center.

Ben Rodgers is a reporter at The Jamestown (N.D.) Sun, which is owned by Forum Communications Co.

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Chatham Lodging Trust Announces Exercise of Underwriters' Overallotment Option

Posted: 20 Apr 2010 03:43 PM PDT

PALM BEACH, Fla., April 20 -- Chatham Lodging Trust (the Company) today announced the full exercise of the underwriters' overallotment option to purchase an additional 1,125,000 of the Company's common shares of beneficial interest at the initial public offering (IPO) price of $20.00 per share, less the underwriting discount. The overallotment option was exercised in connection with the Company's IPO of 7,500,000 common shares, which priced on April 15, 2010.

Total proceeds from the IPO, including the overallotment option, are $160.4 million after deducting the full amount of the underwriting discount, including that portion of the underwriting discount that the underwriters have agreed to defer until the Company has used a specified portion of the offering proceeds to acquire hotel properties. The purchase of the shares pursuant to the IPO, including the shares purchased pursuant to the exercise of the overallotment option, is expected to close on April 21, 2010.

The Company will contribute the net proceeds of the offering to its operating partnership, which will use $73.5 million of the net proceeds to purchase six Homewood Suites by Hilton® hotels. The Company's operating partnership will use the remaining net proceeds to invest in hotel properties in accordance with the Company's investment strategy and for general business purposes.

Barclays Capital and FBR Capital Markets are acting as the joint book-running managers for the offering. Morgan Keegan & Company, Inc. and Stifel Nicolaus are acting as senior co-managers and Credit Agricole CIB and JMP Securities are acting as co-managers. A copy of the prospectus can be obtained by contacting Barclays Capital, c/o Broadridge, Integrated Distribution Services, 1155 Long Island Ave., Edgewood, N.Y. 11717, telephone (888) 603-5847 or by e-mail at barclaysprospectus@broadridge.com, or FBR Capital Markets, Prospectus Department, 1001 18th Street, North, Arlington, Va. 22209 or by e-mail at prospectuses@fbr.com. The prospectus may also be obtained by contacting any of the other underwriters listed above.


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