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To free up Transient Occupancy Tax funds to support workforce housing and transportation initiatives and ensure locally generated funds are governed by local businesses, the North Lake Tahoe business community passed the TBID by signing a petition. The Placer County Board of Supervisors then voted unanimously to form the District for a five year term from July 1, 2021 to June 30, 2026.
What is a TBID?
A Tourism Business Improvement District (TBID) is a mechanism for funding tourism promotion and economic development activities that are designed to increase revenues for the assessed businesses (retailers, restaurants, activities and attractions, all types of lodging).
What will TBID revenues be spent on?
Funds must be spent on programs and activities that directly benefit the businesses paying the assessment. The resulting $6 million in annual TBID revenues are being used for responsible travel and stewardship education, including efforts to offset tourism impacts, bolster a year-round economy, and support local businesses. Some of the first projects supported by the TBID include:
In its first year, projects that requested TBID funding were supported with over $750,000, including:
Who manages TBID funds?
The funds generated by the TBID are managed by the NLTRA with oversight from the NLTRA Board of Directors and committees made up of representatives from assessed businesses. The TBID is operated in accordance with a Management District Plan (MDP) and representatives of businesses paying the assessment will be asked to participate. The NLTRA is committed to incorporating public input and participation in decision-making, all Committee and Board of Directors meetings are open to the public. The final Management District Plan has been approved, please read in full HERE.
What’s the difference between TOT and TBID funding structures?
TOT funds are generated by a 2% North Lake Tahoe hotel tax paid only by overnight lodging guests who stay in hotel and short-term rental properties. These funds help pay for projects and quality of life services exclusively for our community that we wouldn’t otherwise be able to afford like workforce housing, traffic reduction and transportation initiatives, bike paths, and trash and litter services in public areas.
TBID funds are to be used to increase revenues for assessed businesses by helping to bolster a year-round economy, offset tourism impacts and provide support for local businesses.
We need both because of the need to support our local business community while continuing to address transportation-oriented and workforce housing initiatives. It has become nearly impossible for people working in North Lake Tahoe to afford to live here and that’s why addressing workforce housing needs has become a top priority for the use of TOT funding generated by those who visit our region.
In 2022, over $4M was allocated to projects that align with the North Lake Tahoe Tourism Master Plan’s quality of life initiatives and recommended by the NLTRA Board of Directors or CAP committee, namely:
Understand the key differences between TOT and TBID funding structures HERE.