To approve an expenditure for the City of Plano to be the sole site for the 2024 US Youth Soccer Southern Presidents Cup in the estimated amount of $55,000 from North Texas State Soccer Association, Inc. for Visit Plano; and authorizing the City Manager to execute all necessary documents. Approved

This request is for the City of Plano’s financial match to host the US Youth Soccer Southern President’s Cup in Plano in June 2024. These funds were approved in the 2023-24 budget and are needed to cover the upfront cost of hosting this event. It is important to note, the City of Plano will get these funds back through the State of Texas Event Trust Fund, ETF. These funds are returned to the city after all paperwork has been submitted and reviewed by the State of Texas at the close of the event. Because of timing of this event, funds will not be returned to the city until budget year 2025-26.

Anticipated to draw over 38,000 attendees, comprised of 150+ teams, 60 staff and college coaches from across the nation, this tournament promises to be a landmark event for Plano with an estimated 13,000 hotel room nights regionally (5,500+ are contracted in Plano). The economic impact is projected to exceed $6 million dollars for Plano and neighboring areas. 

Failure to secure this funding would result in a missed opportunity to welcome 38,000 visitors and collect additional sales tax and hotel occupancy tax revenue for our city, particularly during a period where such influxes are invaluable.

Funding for this item is available in the FY 2023-24 Visit Plano budget. The City of Plano's financial match to host the US Youth Soccer Southern President's Cup in Plano, in the total estimated amount of $55,000, will leave a remaining balance of $157,960 for other contractual expenditures.

Approval of this item supports the City's Strategic Critical Success Factors of Welcoming and Engaged Community and Residential and Commercial Economic Vitality.