Why does the City have to fund the projects?

The private sector will invest in opportunities where return is certain and profit is likely.

About the Market

The Williamsburg market is not as strong as it once was which hinders private investment in new products. This is particularly true in cases of newer concepts like boutique hotels, attractions, and mixed-use developments with integrated living and retail options. In communities where these types of developments are desired, the government’s role is to provide risk reduction to encourage this investment. This does not mean the government or the taxpayer has to fund the majority of the cost. It means we, the taxpayers, have to reduce the risk of investment to a point where the private sector is willing to invest. This threshold is different for each project.

Show All Answers

1. Why do we need a Tourism Development Fund (TDF)?
2. What types of projects could be funded by the TDF?
3. How much would taxes increase if the TDF is approved?
4. Why can’t the City fund the TDF using existing revenues?
5. Is anyone able to apply for funding?
6. How would the TDF money be distributed?
7. Why does the City have to fund the projects?
8. How did City Council decide on a Tourism Development Fund?
9. Will unspent TDF money rollover into the next year?
10. How does the TDF differ from the City’s Capital Improvement Plan (CIP)?
11. Where has a TDF been successful in a similar market to ours?
12. How will we determine the success of the TDF?