Billboard Revenue

[council3_rubal]

Fellow Councilmembers,

I attached a document that suggests that $80k revenue per year the City receives from Billboard revenues should go to the City of Universal City and not specifically limited to the Golf Course fund.

This $80K per year from Billboard revenue would best be applied to the general fund to offset property taxes.

Thank you for your consideration in reviewing this document.

Please consider support for ensuring this revenue source is applied to the general fund to benefit all residents.

 

[council5_bulman]

I need to learn more about this. However, if it can go to anywhere especially the general fund then it should as opposed to another guaranteed income source for the golf course who already gets the venue tax.

 

[council4_vaughan]

I think staff have taken the position that it is on golf course land (or what was golf course land prior to the hotel). So, any income from it should stay golf.

I think there would need to be a little more research done on how we got the land in the first place. If the land was purchased with venue tax bonds, then perhaps it needs to stay with golf. My guess is that it was not tied to the venue tax otherwise the City may have not been able to sell the hotel property. In other words, if they could sell the hotel property then presumably the general fund could collect the income from the sign. That is a legal question though.

If it is not tied to the venue tax or bonds, then I would support moving it to the general fund.