2013 leadership coachella valley

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2013 leadership coachella valley

  1. 1. John RaymondCity of Palm SpringsMay 17, 2013
  2. 2. Budget and Impact of TOTTourism in Palm SpringsConvention CenterAttractionsEventsHotels – New and ExistingPS International AirportDowntown/UptownDowntown ProjectPalomar HotelUnique FeaturesArchitecture/HistoryIndian Land ImpactsEconomic DevelopmentCViHub/AcceleratorChanges/Challenges
  3. 3. Budget SummaryActuals Adopted Projected2011-2012 2012-2013 2012-2013Revenues $71,268,550 $76,428,275 $76,697,703Savings Carryforwardfrom 11-12 to 12-13 1,740,590 1,740,590Expenditures (68,605,934) (78,168,865) (78,168,865)Net Surplus / (Deficit) $2,662,616 $0 $269,428Projected UnrestrictedEnding Balance $11,779,373 $13,041,689 $13,311,117Reserve % Equivalency 17% 17% 17%
  4. 4. TOT and Sales Taxes Summary08-09 Actual 09-10 Actual 10-11 Actual 11-12 Actual 12-13 BudgetHotel Tax $12,751,478 $13,367,685 $15,662,280 $17,861,268 $18,200,000Sales Tax 8,796,538 8,221,763 9,633,250 10,179,526 10,629,504Measure J 0 0 0 1,950,533 8,000,000TOT +Sales $21,548,016 $21,589,448 $25,295,530 $29,991,327 $36,829,504%of Total Rev 32% 32% 36% 42% 48%
  5. 5. Airline ServiceAttractionsSpecial EventsHistoryArchitectureNatural BeautyNative AmericanCultureHotel InventoryDowntown andUptown
  6. 6. 1,300,0001,350,0001,400,0001,450,0001,500,0001,550,0001,600,0001,650,0001,700,0001,750,0002008 2009 2010 2011 2012+14.3%
  7. 7. PopRank Metropolitan Area Year-round Seasonal1 New York2 Los Angeles Y3 Chicago Y4 Washington/Baltimore5 San Francisco Y6 Philadelphia7 Boston8 Detroit9 Dallas/Fort Worth Y10 Houston Y11 Atlanta Y12 Miami/Ft Lauderdale13 Seattle Y14 Phoenix Y15 Minneapolis YPSP Service
  8. 8. Downtown’s street-level door front vacancy ratehas dropped from 10% last year to 7.5%.For the first time in over 5 years the TahquitzCanyon corridor between Indian and PalmCanyon Drive has maintained 95% occupancyfor over 8 months.
  9. 9. Uptown Pioneer Trina Turkexpanded her flagship store inPalm Springs and celebrated anational partnership withBanana Republic whichfostered national recognitionnationwide touting “PalmSprings Style”.
  10. 10. With an astounding 90% participation rate among itsmerchant base, the Uptown District undertook its thirdyear of managing its own branding with a brochure,billboard and Airport advertising campaigns whichhave solidified this area as the “chic” retro retail area,and garnered worldwide press.
  11. 11. • 13 Businesses Currently inProgram• 3 Clients Chosen to Presentat “World’s Best Tech”Conference• Recognized as Best PracticesiHub by State, Co-AuthoredCalifornia iHub Plan• Partnering with NationalRenewable Energy Lab inGolden, CO for Tech Transfer
  12. 12. Phase 1 - AcceleratorCampus to open with 4companies in April, 2013(13,000 square feet)Phase 2 - Accelerator inPlanning/FundraisingStage (40,000 squarefeet)CViHub Accelerator“Investment Grade” Start-Ups2012Heppolt LLC
  13. 13. John S. RaymondDirector of Community & Economic DevelopmentCity of Palm Springsoffice phone: 760.323.8228cell phone: 760.902.1903e-mail: John.Raymond@palmspringsca.gov

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