The ability to expand the ACC was made possible by the creation of the Anaheim Tourism Improvement District (ATID). In 2010 hoteliers within the Resort and Platinum Triangle agreed to self-assess 2% of hotel room rent to pay for the Visitor and Convention Bureau’s (VCB) marketing and promotion of the Anaheim destination. Since the City is no longer responsible for paying this cost (approximately $6 million in 2010), the City committed to re-dedicating those funds to the expansion of the Anaheim Convention Center. Ultimately, the amount of City funds formerly committed to marketing and promotions will, over time, cover the entire cost of the new expansion.
Additionally, the City would be able to take advantage of historically low interest rates – which are lower today than they are 90% of the time. And, if we delay, interest rates will likely continue to increase. An increase of .25% will cost more than $500,000 each year.
Taxpayers will not have to pay any additional funds for the expansion of the ACC and the General Fund will not incur any added annual debt service.