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CL-2370 New Business   Item #: D.       
Meeting Date: 08/04/2020  
Subject:    Casino Revenue Study
From: Cynthia Thomasson

COUNCIL ACTION
 
First Reading:      08/04/2020                                              
Final Adoption: 08/18/2020
SUMMARY
The Danville Regional Foundation (DRF) has approved $37,187.50 to pay for one half of the total cost of $74,375 to hire outside expertise to guide a process for how the City should best invest possible new revenues generated from a casino gaming development, should the voters approve an expected referendum in November.  The local share is to be funded from reprogrammed funds in Economic Development's budget for the Schoolfield Study.

Staff is not requesting any additional appropriation of funds for this project. 
BACKGROUND
It is expected that there will be a referendum in November for the citizens of Danville to vote on allowing a casino to operate within the City limits.  Following several months of due diligence, a competitive process for selection of a preferred casino gaming operator, and months of negotiation with Caesars Entertainment, the City is expected to generate significant increases in revenue, should voters approve the referendum. In order to make sure the City uses these funds in ways that will most positively impact progress on City Council's identified focus areas of improving eduction, reducing crime, and growing the City, staff has engaged the assistance of independent expertise to guide a community-driven process to identify opportunities for investment. 

PFM was the firm that created the City's multi-year financial plan two years ago.  That plan identified a number of cost savings and revenue enhancing measures aimed at closing the long-term fiscal gap and to have funds left over to make strategic investments.
RECOMMENDATION
It is proposed that City Council adopt the attached ordinance appropriating the DRF funding.

Attachments
Ordinance


    

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