S.F. 3347 Summary

• Authorizes Rochester to impose an additional one percent tax on lodging receipts (hotel, motel, rooming house, tourist court, or resort) with approval of the city governing body for a specific project financial package.

• Directs proceeds from the additional one percent lodging tax to fund construction, renovation, improvement, and expansion of the Mayo Civic Center Complex and related infrastructure (skyway, access, lighting, parking, landscaping) and to pay principal, interest, or premiums on bonds issued for these purposes.

• Permits Rochester to issue up to $43,500,000 in general obligation bonds without an election, with debt excluded from the city's debt limitations and tax levies exempt from levy limitations.

• Coordinates the new lodging tax with the existing food and beverage tax authorized under Laws 2009, chapter 88, article 4, section 23, allowing both taxes to secure bond repayment.

• Establishes December 31, 2014 as the deadline for issuing bonds; the taxing authority expires when principal and interest on bonds issued before that date are paid, with remaining funds reverting to the city's general fund.