Cost Estimate and Sources of Revenues Sample Clauses

Cost Estimate and Sources of Revenues. All lodging properties with forty (40) or more rooms within the boundaries of the City of Portland that meet the assessed property criteria shall be assessed. The assessment is based upon the benefits received from the district programming, derived from the business activity related to the parcel. The method and the assessment rate is based on a calendar year short term room rental occupancy percentage and Average Daily Rate (ADR), as reported by the District Property owners or, when unavailable, as reported by STR for the previous calendar year, multiplied by one and one-half percent (1.5%) which is also equal to one and one-half percent (1.5%) of annual gross short-term room rental revenue. Assuming a July 1, 2023 District begin date, the initial first-year budget is based on the 2022 calendar year business activity as reported by District Property owners, or when unavailable, as reported by XXX as outlined above. The subsequent annual assessment will be based on the benefits received for the prior year on the parcel, as measured by assessments remitted and business activity as reported by District Property owners, or when unavailable, as reported by STR as outlined above. Assuming a July 1, 2023 District begin date, the District is expected to have a first-year budget (FY2024) of approximately $2,590,000 in the first year of operations, based on the assessment rate described above and the cost of programs detailed in the attached budget and as described in Table 1.