The Cobb County Board of Commissioners agreed Oct. 24 on the distribution of $15 million received from hotel/motel taxes for this budget year - part of that to go to SunTrust Park for bond debt service payments.
From its 8 percent lodging tax, Cobb received $15 million which is $1.1 million more than what was expected, according to Cobb Finance and Economic Development Director/Comptroller William Volckmann.
He explained to the commissioners these funds must be spent in the year of their collection and only on travel and tourism.
Volckmann said the money has to be split 62.5 percent or $9,378,792 to the Cobb-Marietta Coliseum and Exhibit Hall Authority and 37.5 percent or $5,627,275 to Cobb.
Here is the distribution for the Cobb portion of $5,627,275:
- $3,488,750 to the Cobb Energy Performing Arts Center bonds FY17 debt service requirement.
- $40,000 to Cobb Travel & Tourism.
- $2,098,525 for SunTrust Park bond debt service payments.
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