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Home My WebLink About03-12-2025 PCC Agenda Packet Promotional Coordinating Committee AGENDA Wednesday, March 12, 2025, 5:30 p.m. Council Hearing Room, 990 Palm Street, San Luis Obispo The Promotional Coordinating Committee holds in-person meetings. Zoom participation will not be supported at this time. Attendees of City Council or Advisory Body meetings are eligible to receive one hour of complimentary parking; restrictions apply, visit Parking for Public Meetings for more details. INSTRUCTIONS FOR PUBLIC COMMENT: Public Comment prior to the meeting (must be received 3 hours in advance of the meeting): Mail - Delivered by the U.S. Postal Service. Address letters to the City Clerk's Office at 990 Palm Street, San Luis Obispo, California, 93401. Email - Submit Public Comments via email to advisorybodies@slocity.org. In the body of your email, please include the date of the meeting and the item number (if applicable). Emails will not be read aloud during the meeting. Voicemail - Call (805) 781-7164 and leave a voicemail. Please state and spell your name, the agenda item number you are calling about, and leave your comment. Verbal comments must be limited to 3 minutes. Voicemails will not be played during the meeting. *All correspondence will be archived and distributed to members, however, submissions received after the deadline may not be processed until the following day. Public Comment during the meeting: Meetings are held in-person. To provide public comment during the meeting, you must be present at the meeting location. Electronic Visual Aid Presentation. To conform with the City's Network Access and Use Policy, Chapter 1.3.8 of the Council Policies & Procedures Manual, members of the public who desire to utilize electronic visual aids to supplement their oral presentation are encouraged to provide display-ready material to the City Clerk by 12:00 p.m. on the day of the meeting. Contact the City Clerk's Office at cityclerk@slocity.org or (805) 781-7114. Pages 1.CALL TO ORDER Chair Welch will call the Regular Meeting of the Promotional Coordinating Committee to order. 2.PUBLIC COMMENT FOR ITEMS NOT ON THE AGENDA At this time, people may address the Committee about items not on the agenda. Comments are limited to three minutes per person. Items raised at this time are generally referred to staff and, if action by the Committee is necessary, may be scheduled for a future meeting. 3.CONSENT 3.a MINUTES OF THE REGULAR MEETING ON FEBRAURY 12 5 3.b 2024-25 COMMUNITY PROMOTION BUDGET REPORT 9 3.c SLO CHAMBER MONTHLY PUBLIC RELATIONS REPORT 11 3.d SLO CHAMBER GUEST SERVICES REPORT 13 3.e SLO CHAMBER GRANT SUPPORT REPORT 15 3.f TRANSIENT OCCUPANCY TAX (TOT) REPORT 17 4.PRESENTATIONS 4.a NEIGHBORHOOD CAMPAIGN UPDATE (30 MIN) Representatives from Whereabout will present their findings from their business district and neighborhood identity work for the committee's consideration. 4.b SLO RESTAURANT MONTH RECAP (25 MIN) Staff and contractors will present the results from the SLO Restaurant Month program in January. 4.c PUBLIC RELATIONS MONTHLY ACTIVITY UPDATE (10 MIN) Representative from the SLO Chamber will present the report for the public relations activities that occurred over the month. 5.BUSINESS ITEMS 5.a FY 2024-25 COMMUNITY PLACEMAKING & RECOVERY BUDGET (30 MIN) Staff will present opportunities for the committee's approval based on direction from the mid year budget and program priorities discussion. 5.b CONTRACTOR EVALUATION PROCESS (10 MIN) Staff will present the timeline and components of the contractor evaluation process for the committee's consideration and feedback. 5.c ELECTION OF CHAIR & VICE-CHAIR (10 MIN) The committee will elect a Chair and Vice-Chair for the term of April 2025 to March 2026. 6.PCC LIAISON REPORTS AND COMMUNICATION 6.a CACP LIAISON REPORT – Liaison Assignments 6.b COMMITTEE OUTREACH UPDATE – Committee Report 6.c TBID BOARD REPORT – TBID Meeting Minutes: February 12, 2025 19 6.d TOURISM PROGRAM UPDATE – Staff Report 7.ADJOURNMENT The next Regular Meeting of the Promotional Coordinating Committee is scheduled for April 9, 2025 at 5:30 p.m. in the Council Hearing Room at City Hall, 990 Palm Street, San Luis Obispo. LISTENING ASSISTIVE DEVICES are available -- see the Clerk The City of San Luis Obispo wishes to make all of its public meetings accessible to the public. Upon request, this agenda will be made available in appropriate alternative formats to persons with disabilities. Any person with a disability who requires a modification or accommodation in order to participate in a meeting should direct such request to the City Clerk’s Office at (805) 781-7114 at least 48 hours before the meeting, if possible. Telecommunications Device for the Deaf (805) 781-7410. Agenda related writings or documents provided to the Promotional Coordinating Committee are available for public inspection on the City’s website, under the Public Meeting Agendas web page: https://www.slocity.org/government/mayor- and-city-council/agendas-and-minutes. Meeting video recordings can be found on the City’s website: http://opengov.slocity.org/WebLink/Browse.aspx?id=61002&dbid=0&repo=CityCl erk 1 Promotional Coordinating Committee Minutes February 12, 2025, 5:30 p.m. Council Hearing Room, 990 Palm Street, San Luis Obispo PCC Members Present: Committee Member Lydia Bates, Committee Member Maureen Forsberg, Committee Member John Thomas, Chair Samantha Welch PCC Members Absent: Committee Member Anni Wang, Committee Member Robin Wolf City Staff Present: Tourism & Community Promotions Manager Jacqui Clark- Charlesworth, Economic Development & Tourism Manager Laura Fiedler _____________________________________________________________________ 1. CALL TO ORDER A Regular Meeting of the San Luis Obispo Promotional Coordinating Committee was called to order on February 12, 2025 at 5:3 2 p.m. in the Council Hearing Room at City Hall, 990 Palm Street, San Luis Obispo, by Chair Welch. 2. PUBLIC COMMENT FOR ITEMS NOT ON THE AGENDA Public Comment: None --End of Public Comment-- 3. CONSENT Motion By Committee Member Bates Second By Committee Member Forsberg To approve Consent items 3a through 3f. Public Comment: None --End of Public Comment-- Ayes (4): Committee Member Bates, Committee Member Forsberg, Committee Member Thomas, and Chair Welch Absent (2): Committee Member Wang, and Committee Member Wolf Page 5 of 22 2 CARRIED (4 to 0) 3.a MINUTES OF THE REGULAR MEETING ON NOVEMBER 18 & JANUARY 8 3.b 2024-25 COMMUNITY PROMOTION BUDGET REPORT 3.c SLO CHAMBER MONTHLY PUBLIC RELATIONS REPORT 3.d SLO CHAMBER GUEST SERVICES REPORT 3.e SLO CHAMBER GRANT SUPPORT REPORT 3.f TRANSIENT OCCUPANCY TAX (TOT) REPORT 4. PRESENTATIONS 4.a BIKE SHARE PROGRAM UPDATE Lucia Pohlman, Sustainability Analyst presented the staff report and responded to inquiries. Public Comment: None --End of Public Comment-- Action: No action taken on this item. 4.b PUBLIC RELATIONS MONTHLY ACTIVITY UPDATE Hollie West, SLO Chamber presented the public relations activities report for January. Action: No action taken on this item. 4.c BUY LOCAL BONUS RECAP Tourism & Community Promotions Manager Jacqui Clark-Charlesworth, Ashlee Akers of Verdin, Hollie West and Brianna Harris of SLO Chamber and Molly Burchett of Badger Branding presented the report and responded to inquiries. Public Comment: None --End of Public Comment-- Action: No action taken on this item. Page 6 of 22 3 5. BUSINESS ITEMS 5.a MID YEAR BUDGET & PROGRAM PRIORITIES Tourism & Community Promotions Manager Jacqui Clark-Charlesworth presented the staff report and responded to inquiries. Public Comment: None --End of Public Comment-- ACTION: The Committee brainstormed ideas for projects to implement during the remainder of the fiscal year. 6. PCC LIAISON REPORTS AND COMMUNICATION 6.a CACP LIAISON REPORT – Liaison Assignments 6.b COMMITTEE OUTREACH UPDATE – Committee Report 6.c TBID BOARD REPORT – TBID Meeting Minutes: January 8 Committee Member Bates provided an update on items the TBID has been working on. 6.d TOURISM PROGRAM UPDATE – Staff Report Tourism & Community Promotions Manager Jacqui Clark-Charlesworth provided an update on the Tourism Program. 7. ADJOURNMENT The meeting was adjourned at 6:57 p.m. The next Regular Meeting of the Promotional Coordinating Committee is scheduled for March 12, 2025 at 5:30 p.m. in the Council Hearing Room at City Hall, 990 Palm Street, San Luis Obispo. APPROVED BY PROMOTIONAL COORDINATING COMMITTEE: XX/XX/202X Page 7 of 22 Page 8 of 22 Community Promotions Budget 2024-25 Budget 2024-25 Amount Budget 413,252$ Total Budget 413,252$ Expenditure Last Updated 3/7/2025 Expenditure Allocated Committed/Expended Available Balance Contractor Grant Funding 100,000$ 100,000$ -$ CACP Recipients Grant Promotional Support Contract 30,000$ 30,000$ -$ Chamber of Commerce Community Placemaking & Recovery Projects 49,530$ 25,000$ 24,530$ Various ($25k ARTober) Guest Services Contract 121,275$ 121,275$ -$ Chamber of Commerce Public Relations Contract 50,000$ 50,000$ -$ Chamber of Commerce Media Monitoring Service 3,713$ 3,713$ Chamber of Commerce Printed Maps 7,500$ -$ 7,500$ Chamber of Commerce Support Cost 5,000$ -$ 5,000$ City Administration Administration 46,234$ 46,234$ City Administration Total 413,252$ 376,222$ 37,030$ Page 9 of 22 Page 10 of 22 Report to City of SLO – TBID and PCC Public Relations Contract February 2025 PR ACTIVITY Implementation/Proactive Work Continued planning for Arts + Culture Fam in partnership with Uniquely Driven Continued planning for Sustainability Influencer Fam in partnership with Kind Traveler Continued planning for SoCal Media Mission writer Linda Laban's upcoming stay Continued planning for travel writer Meghan Rose's upcoming stay Continued working with the City and Noble Studios/Uniquely Driven on overall tourism marketing campaign Responsive leads Pitched "Remarkable Restaurants" and "Professional Meetings & Events: Purposeful Play" story ideas to Visit California Submitted quarterly SLO content to Central Coast Tourism Council Partnerships Hosted Thrillist writer James March in partnership with Visit SLO CAL Attended Visit SLO TBID Partner Reception Attended PCC CACP Informational Session Coordinated Autumn Enoch's San Luis Obispo Immersion Trip Attended Central Coast Tourism Council Marketing Meeting Reviewed Central Coast Tourism Council March Social Media plan PUBLICATION PLACEMENTS UVPM AD VALUE PILLARS RESULT OF YAHOO 6 reasons this California town is one of the happiest places in the U.S. 428,500,000.00 $36,236.78 Cultural MSN 10 Sunniest Cities in California Perfect for Retirement 136,500,000.00 $10,687.04 Cultural MARKETWATCH 6 reasons this California town is one of the happiest places in the U.S. 14,740,000.00 $6,345.50 Cultural NEWSBREAK New microbrewery with 'secret society' vibe is opening soon in SLO. What's on tap? 10,380,000.00 $353.35 Beer/Wine UPGRADED POINTS These 10 US hotels offer a unique experience you have to try (and savor!)2,960,000.00 $59.20 Cultural NEXT AVENUE Taking Flight: Small Airports With Off-The-Radar Restaurants 444,000.00 $10.82 Culinary LIVABILITY Is This California Town the Happiest Place in America?251,000.00 $12.15 Cultural JAM 94.5 This Is The Best Farmers' Market In California 29,000.00 $0.40 Family WEEKEND SHERPA Live the SLO Life 22,000.00 $2.46 Cultural NEW TIMES Family Day at the Dallidet 19,000.00 $7.11 Family ART DAILY The San Luis Obispo Museum of Art opens a solo exhibition by Esteban Cabeza de Baca 50,000.00 $9.72 Cultural VET EXPLAINS PETS Pet Friendly Hotels In San Luis Obispo Family KINSHIP The 10 Most Dog-Friendly Cities for Summer Vacation Family TOTALS 16 593,895,000.00 $53,724.53 TOTAL YTD 3,964,671,292.00 $1,180,869.91 91 4,558,566,292.00 $1,234,594.44 Page 11 of 22 Page 12 of 22 Feb Jan Feb 2024 2025 2025 Asia 14% Walk-ins 5,276 4,088 3,905 Europe 24% Phone Calls 206 195 155 Australia/NZ 3% Emails & Digital 979 797 1,313 UK 7% N. America 17% C. America 0% Feb Jan Feb S. America 21% 2024 2025 2025 Calls 42 44 29 West Coast 21% Southwest 4% Midwest 34% Feb Jan Feb South 19% 2024 2025 2025 East Coast 21% Referrals 25 43 38 Northern CA 24% Central Coast 45% Feb Jan Feb Central Valley 1% 2024 2025 2025 Desert 1% Email 112 121 74 Southern CA 30% Phone Calls 124 97 106 Feb Feb Feb 2024 2025 2025 YTD Fulfilled 5 40 VisitSLO.com 13 28 INFORMATION REQUESTS EVENTS SHARED REPORT TO CITY OF SLO - TBID & PCC GUEST SERVICES CONTRACT FEBRUARY 2025 DEMOGRAPHIC SNAPSHOT International Travelers VISITOR INTERACTION CALLS TO 877-SLO-TOWN HOTEL REFERRALS HOTEL AVAILABILITY TRACKER Domestic Travelers California Travelers VISITOR CENTER ACTIVATIONS N/A VISITOR CENTER HIGHLIGHTS 1) Welcomed 2 new Info Speacialists, Quinn and Cameron 3) Hosted our guests in the Visitor Center, including President's Day weekend 2) Connected with our local hoteliers and brand partners at Visit SLO's Partner Reception Page 13 of 22 Page 14 of 22 February 2025 Cultural Arts & Community Promotions Marketing Support Activity Organization Event EC PR PC VC SM MTG ST HD DS SLO Baseball Alliance Foundation, Inc. Blues Fireworks Celebration & Baseball Game X X X Downtown SLO Concerts in the Plaza X X X X History Revisted 38th Annual Central Coast Rennaisance Festival X X X Central Coast Shakespeare Festival Central Coast Shakespeare Festival X X X Orchestra Novo, Inc. Pops ON! X X SLO Overdose Awareness Day SLO Overdose Awareness Day X X X RACE Matters SLO County Belonging 2024 X X Ecologistics, Inc. Central Coast Bioneers X X X X SLO County Arts Council Open Studios Art Tour X X X X SLO Symphony The SLO Symphony/Paderewski Festival Collaboration X X Canzona Women's Ensemble Music of the Americas X X SLO Master Chorale 2024/2025 Season – A 40th Anniversary Celebration X X San Luis Obispo Repertory Theatre Million Dollar Quartet X X X X Diversity Coalition San Luis Obispo County Women of Color Symposium X X X History Center of San Luis Obispo County Opening Day at the Dallidet X X SLO Beaver Brigade 3rd Annual SLO County Beaver Festival X San Luis Obispo Climate Coalition San Luis Obispo County Earth Day Fair X X X San Luis Obispo International Film Festival San Luis Obispo International Film Festival X Page 15 of 22 City Farm SLO 4th Annual Sheep Shearing Shindig SLOMA 2024 Mural Project & Brand Launch Saint Andrew Greek Orthodox San Luis Obispo Greek Festival The Monday Club Conservancy The Monday Club Centennial - Doors Open California X X X Cal Poly Neurodivergent Farmers' Market Pop Up X X Black is current month, gray is past work White boxes are GIA recipients, gray boxes are CACP recipients Boxes marked with "D" indicate that recipients knew about service and declined to utilize. 23 Total; 18 served to date or in progress EC- Confirmed/added event(s) in local Event Calendars, including: SLO CAL, SLO Chamber, SLO Happenings PR- Included event(s) in seasonal Press Release sent to local/regional media outlets PC- Spoke with recipient(s) via Phone Call to review/discuss promotional opportunities and answer questions VC- Prominently displayed printed promotional materials in Visitor Center; brochures, posters, etc. SM- Promoted event(s) on SLO Chamber Social Media channels via press release from recipients MTG- Met with Groups in person and offered public relations advice and support ST- Sold/are currently selling Tickets for event(s) through the Visitor Center HD - Included printed promotional material in Hotel Distribution DS - Recipient Declined Services Page 16 of 22 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 Change +/- to previous FY July 508,195$ 541,806$ 591,184$ 636,778$ 699,845$ 761,346$ 844,845$ 877,391$ 861,241$ 884,317$ 913,019$ 530,064$ 1,214,080$ 1,297,863$ 1,245,883$ 1,296,733$ 4.1% August 511,564$ 542,194$ 574,395$ 623,655$ 674,244$ 732,271$ 774,501$ 765,232$ 728,932$ 775,513$ 826,465$ 623,523$ 992,620$ 1,057,478$ 1,037,434$ 1,118,544$ 7.8% September 400,023$ 437,543$ 490,524$ 508,583$ 505,954$ 557,002$ 643,127$ 650,117$ 693,704$ 682,810$ 720,414$ 660,405$ 965,595$ 1,039,589$ 1,024,869$ 916,491$ -10.6% October 414,870$ 442,586$ 437,805$ 469,977$ 509,435$ 594,032$ 642,221$ 628,049$ 601,208$ 650,101$ 711,393$ 632,733$ 889,485$ 993,400$ 986,681$ 921,773$ -6.6% November 280,913$ 330,924$ 347,437$ 359,163$ 425,769$ 475,360$ 468,016$ 497,162$ 513,487$ 556,885$ 593,403$ 422,488$ 722,487$ 770,599$ 757,010$ 825,272$ 9.0% December 246,684$ 274,417$ 314,784$ 319,451$ 355,315$ 391,132$ 429,600$ 434,836$ 473,701$ 488,296$ 488,757$ 236,391$ 638,253$ 628,735$ 628,260$ 630,314$ 0.3% January 230,279$ 256,351$ 276,165$ 302,153$ 331,853$ 400,239$ 387,304$ 396,559$ 415,690$ 465,547$ 520,813$ 302,621$ 557,369$ 554,408$ 621,595$ 673,352$ 8.3% February 273,373$ 302,246$ 323,359$ 344,160$ 366,980$ 431,510$ 466,915$ 439,735$ 503,451$ 524,327$ 596,021$ 426,144$ 716,045$ 735,450$ 687,480$ March 326,099$ 333,783$ 392,266$ 426,879$ 448,103$ 520,795$ 559,235$ 549,642$ 577,285$ 602,781$ 268,458$ 614,973$ 820,473$ 807,997$ 850,274$ April 423,158$ 451,133$ 475,913$ 486,850$ 564,617$ 610,894$ 609,439$ 708,724$ 641,919$ 741,364$ 69,184$ 742,477$ 1,068,408$ 1,056,663$ 1,025,966$ May 372,997$ 433,874$ 447,116$ 489,862$ 546,916$ 601,614$ 598,093$ 645,114$ 630,820$ 665,603$ 174,982$ 760,006$ 919,831$ 910,508$ 989,619$ June 490,326$ 512,543$ 578,234$ 610,948$ 630,729$ 727,028$ 731,038$ 765,362$ 796,899$ 835,727$ 409,945$ 973,975$ 1,100,000$ 1,160,330$ $1,201,226.00 Total/Average 4,478,481$ 4,859,400$ 5,249,181$ 5,578,460$ 6,059,758$ 6,803,224$ 7,154,334$ 7,357,923$ 7,438,338$ 7,873,272$ 6,292,853$ 6,925,799$ 10,604,646$ 11,013,020$ 11,056,297$ 6,382,479$ -42.3% 2023-24 2024-25 Change +/-2023-24 2024-25 Change +/-2023-24 2024-25 Change +/- July 83.4 83.3 -0.1%200.16 203.25 1.5%166.97 169.32 1.4% August 73.8 77 4.3%190.51 194.49 2.1%140.61 149.82 6.6% September 71 70 -1.4%195.47 184.04 -5.8%138.84 128.89 -7.2% October 70 69.3 -1.0%185 178.14 -3.7%129.42 123.46 -4.6% November 62.6 66.8 6.7%165.42 171.03 3.4%103.48 114.16 10.3% December 56.4 59.8 6.0%150.28 146.17 -2.7%84.73 87.41 3.2% January 54.2 62.4 15.1%140.24 144.12 2.8%76.00 89.99 18.4% February March April May June Total/Average 67.34 69.80 0.042 175.30$ 174.46$ -0.003571 120.01$ 123.29$ 0.04 Updated: 03/07/2025 Occupancy ADR RevPAR*Figures from Smith Travel Research Report TOT Comparison Page 17 of 22 Page 18 of 22 1 Tourism Business Improvement District Board Minutes February 12, 2025, 10:00 a.m. Council Hearing Room, 990 Palm Street, San Luis Obispo TBID Board Present: Member Lori Keller, Member Winston Newland, Member Prashant Patel, Vice Chair Clint Pearce, Chair Lydia Bates TBID Board Absent: Member Nipool Patel City Staff Present: Tourism & Community Promotions Manager Jacqui Clark- Charlesworth, Economic Development & Tourism Manager Laura Fiedler _____________________________________________________________________ 1. CALL TO ORDER A Regular Meeting of the San Luis Obispo Tourism Business Improvement District Board was called to order on February 12, 2025 at 10:00 a.m. in the Council Hearing Room at City Hall, 990 Palm Street, San Luis Obispo, by Chair Bates. 2. PUBLIC COMMENT FOR ITEMS NOT ON THE AGENDA Public Comment: None --End of Public Comment-- 3. CONSENT Motion By Vice Chair Pearce Second By Member P. Patel To approve Consent Items 3a through 3g. Public Comment: None --End of Public Comment-- Ayes (5): Member Keller, Member Newland, Member Patel, Vice Chair Pearce, and Chair Bates Page 19 of 22 2 Absent (2): Member Nipool Patel, and Member Sandoval CARRIED (5 to 0) 3.a MINUTES OF TBID REGULAR MEETING ON JANUARY 8 3.b SMITH TRAVEL REPORT (STR) 3.c TRANSIENT OCCUPANCY TAX (TOT) REPORT 3.d SLO CHAMBER PUBLIC RELATIONS MONTHLY REPORT 3.e SLO CHAMBER GUEST SERVICES MONTHLY REPORT 3.f NOBLE STUDIOS & UNIQUELY DRIVEN MARKETING MONTHLY REPORT 3.g BADGER BRANDING ORGANIC SOCIAL REPORT 4. PRESENTATIONS 4.a FUND BALANCE & BUDGET UPDATE Principal Budget Analyst Riley Kuhn presented the staff report and responded to inquiries. Public Comment: None --End of Public Comment-- Action: No action taken on this item. 5. BUSINESS ITEMS 5.a PRINTED COLLATERAL Motion By Vice Chair Pearce Second By Member Newland To approve up to $30,000 for a Destination Marketing Brochure printing. Public Comment: None --End of Public Comment-- Ayes (5): Member Keller, Member Newland, Member Patel, Vice Chair Pearce, and Chair Bates Absent (1): Member Nipool Patel Page 20 of 22 3 CARRIED (5 to 0) 5.b MIDWEEKEND PROMOTION UPDATE Representatives from Noble Studios presented the report and responded to inquiries. Public Comment: None --End of Public Comment-- Action: The Board provided direction to move forward with Option #1 declaring SLO the MidWeekend Vacation Capital of the world while also exploring Option #2 of the middle name giveaway as a secondary campaign. 6. TBID LIAISON REPORTS & COMMUNICATION 6.a HOTELIER UPDATE 6.b MARKETING COMMITTEE UPDATE 6.c MANAGEMENT COMMITTEE UPDATE 6.d PCC UPDATE Chair Bates provided a brief update on PCC activities. 6.e VISIT SLO CAL UPDATE Vice Chair Pearce provided a brief update on Visit SLO CAL activities. 6.f TOURISM PROGRAM UPDATE Tourism & Community Promotions Manager Jacqui Clark-Charlesworth provided an update on the tourism program. 7. ADJOURNMENT The meeting was adjourned at 11:15 a.m. The next Regular Meeting of the Tourism Business Improvement District Board is scheduled for March 12, 2025 at 10:00 a.m. in the Council Hearing Room at City Hall, 990 Palm Street, San Luis Obispo. APPROVED BY TOURISM BUSINESS IMPROVEMENT DISTRICT BOARD: XX/XX/202X Page 21 of 22 4 Page 22 of 22