Evaluation Category
Financial Readiness
Capital plan, operating revenue model, and governance oversight.
$25,000,000
Total Tourist Development Tax request
$12,500,000
Requested 2027 distribution
$12,500,000
Requested 2028 distribution
$40M
Total estimated capital project
Project planning figure
2030
Targeted opening year
Planning assumption
$203
Fixed planning ADR used in every scenario
Planning assumption
Supporting sections
How Will the $25 Million TDT Capital Investment Be Deployed?The request is for $25,000,000 in Tourist Development Tax funding, distributed as $12,500,000 in 2027 and $12,500,000 in 2028. Funding would be invested exclusively in permanent capital assets — design and construction readiness in 2027, and facility construction and visitor-serving improvements in 2028.How Were Attendance and Revenue Forecasts Developed?The forecast model applies one fixed planning Average Daily Rate of $203 per hotel room night across every attendance scenario, converts overnight visitor visits into attributable hotel room nights at 0.48 room nights per visit, and calculates Tourism Development Tax at 6% of estimated gross hotel revenue. No hotel rate inflation, seasonal premiums, resort fees, or hotel food and beverage revenue are included.Who Will Govern, Lead, and Oversee the Museum?The Board of Directors provides fiduciary oversight, governance, financial accountability, and long-term stewardship of 8 Waves and the I AM Children’s Museum. An Executive Committee is dedicated exclusively to planning, development, and implementation, supported by a Museum Advisory Council and Project Task Force of community leaders.How Will the Museum Sustain and Grow Over Its First Ten Years?The strategy is built on a diversified audience and a diversified revenue base rather than a single attendance assumption. Local families and membership drive repeat visitation, schools create weekday attendance through field trips, and tourism expands reach — supported by planned exhibit renewal, rolling capital and technology replacement planning, expanded programming, corporate partnerships, philanthropy and access funding. Sustainability is deliberately structured so the institution does not require every projection to go exactly according to plan.
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