Minnesota Boosts Tourism with New Tourism Improvement District Legislation!
Minnesota’s tourism landscape is on the cusp of a major transformation with the recent passage of the SF 1811 Omnibus Tax Law. This landmark legislation paves the way for the establishment of Tourism Improvement Districts (TIDs) throughout the state, promising to revitalize the tourism industry. The passage of this revolutionary act is credited to the […]
Revelations and Thought Leadership at the First Annual National TID Summit
Adam Sacks of Tourism Economics, presented never-before-seen data in his session: The Economic Case for Tourism Improvement Districts to Drive the Recovery, presented by STR. According to the results of this study, on average, TIDs produce a 2.1% lift on hotel room demand and a 4.5% lift in hotel room revenue year-over-year. To put this in perspective, lift on hotel room demand and revenue represented an increase in 150,000 room nights and $51M, respectively, for the average destination in 2019.
Funding Futures: Dedicated Funding and Tax Increment Financing
In the research study “Funding Futures” released by Civitas, Miles Partnership, Tourism Economics, and an expert team of organizations and supporters, we have examined a wide range of various funding options for Destination Marketing Organizations (DMOs) to explore. Since the release of the report in August 2020, the “Funding Futures” team has been hosting a […]
