Tourism Product Development Fund process kicks off

Press Release

From Asheville Area Chamber of Commerce:

ASHEVILLE, N.C. (May 12, 2014) — The Buncombe County Tourism Development Authority (BCTDA) is pleased to announce the commencement of the 2014 Tourism Product Development Fund (TPDF) Grant Cycle, and is accepting applications for requests for funding for capital development tourism projects in Buncombe County.

The application process has changed significantly and an Information Session is being held for interested applicants on Wednesday, May 14, 2014 from 3:00 p.m. to 5:00 p.m. in the Asheville Area Chamber of Commerce Board Room at 36 Montford Avenue. RSVP is not required.
As guided by legislation, tourism projects must demonstrate that they can generate substantial new and incremental room nights, and therefore increase the economic impact on the community, to be considered for a grant, loan guarantee or debt service. Additional grant requirements and criteria are outlined in the TPDF Program Guide found on the AshevilleCVB.com website.

Tourism product funding is generated through one percent of the four percent room tax collected from overnight visitors that stay in Buncombe County paid lodging. Since the fund’s inception in 2001, there have been seven grant cycles, awarding a total of $15 million to 16 projects.
In an effort to ensure the application process works most effectively and provides the best use of the funds, the Asheville CVB, on behalf of the BCTDA, conducted a TPDF Application Improvement Study in 2013-14. The goals of the study were to simplify the application process and lower the barrier to entry for applicants, to foster transparency, and to instill integrity by clarifying guidelines and criteria. Strategies for improvement were identified and have been incorporated into the 2014 Grant Cycle.

The enabling legislation mandates that a TPDF Committee review all applications and make funding recommendations to the BCTDA. The revised process for the 2014 cycle now incorporates two application phases.

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Phase I consists of a short application form which requests important preliminary information. Many applicants in the past have expended considerable effort when preparing their applications only to find their project did not meet core criteria. Phase I is designed to assess the viability of the application and its conformity to the goals of the fund without requiring significant effort from the applicant. Successful Phase I applicants will be invited to participate in Phase II. The deadline for submission of the Phase I application is June 4, 2014 at 5 PM EST and applicants will be notified by June 25, 2014.

Phase II consists of a more comprehensive application requesting additional information from applicants such as financials, business plans and feasibility studies among other requirements. Applicants will have the opportunity to present projects in person to the TPDF Committee in September 2014 as part of the review process. Phase II may also include site visits, as per the TPDF Committee’s request. The deadline for submission of the Phase II application is August 20, 2014 at 5 PM EST, and applicants will be notified of funding decisions on or before October 31, 2014.

The TPDF committee thoroughly reviews all applications, conducts interviews during project presentations, and makes site visits as needed. The TPDF Committee makes recommendations for funding to the BCTDA for final approval.

All application materials can be downloaded on the AshevilleCVB.com website here:
http://www.AshevilleCVB.com/TPDF2014
Please direct additional questions to Pat Kappes, Public Affairs Manager, at 828-210-2724 or pkappes@ExploreAsheville.com.