Funding Tourism Through RATPSSA
A New Source of Revenue to Fund Recovery and Growth
During the pandemic, our community saw the negative economic impact of the loss of tourism. It affected our hotels, locally owned businesses, employment for our residents, attractions, and venues. It is vital to our community's economy that we are positioned to be competitive in the tourism space and prepared not only to recover but to grow. Before the pandemic, our community saw ten consecutive years of growth through tourism, resulting in $409 million in economic impact, $100 million in employment income. Additionally, tourism supported the livelihood of more than 3,000 hardworking area residents. The current mechanisms for funding tourism have proven inadequate to create the investment required for recovery and growth.
As a solution, the RACVB led a committee of hoteliers to develop a plan to boost our economic recovery with strategic investments for proven returns. The group proposed a Tourism Improvement District (TID), to be known as the Rockford Area Tourism Promotion Special Service Area (RATPSSA). The district will create a sustainable supplemental source of revenue to drive economic recovery and growth for our region.
The funds generated by the TID will be governed by the hotels and managed by RACVB as the Destination Management Organization. RACVB is a proven leader in marketing the region, and will ensure effective use of RATPSSA funds to rebuild our tourism economy. Visit the RACVB’s Role page to more fully understand how these funds will be invested. It is important to note that for every dollar invested in tourism marketing, visitors spend $9.
As a new funding mechanism, RATPSSA offers unique benefits to our region. This micro-site will provide details and information to educate residents, industry partners, and government personnel on this new form of funding and how it will stabilize our local economy.