Steamboat Springs The Chamber Resort Association has agreed to pay Triple Crown $75,000 annually to host the organization's summer tournaments in Steamboat.
Chamber Executive Vice President Sandy Evans-Hall said Thursday the chamber would be paying a $75,000 sponsorship fee and asking the lodging community to pay a small percentage for each booking made directly through Triple Crown. The agreement solidifies one of the last dangling details on the renewal of Triple Crown's five-year contract with the chamber and city.
The chamber's sponsorship fee and lodging commission should equal close to $100,000, the amount Triple Crown had received annually in its current contract. Under that contract, the city has been paying a sponsorship fee of $75,000 and the chamber $25,000.
But under the new agreement up for City Council approval, the city will spend the $75,000 on the upkeep and maintenance of fields and facilities used by Triple Crown.
Evans-Hall said the chamber would be using three different funds to pay for its $75,000 share. If the commissions from bookings made directly through Triple Crown exceed $25,000, Evans-Hall said that money would be split 60-40 with Triple Crown. The money the chamber receives from the overflow will go toward the sponsorship fee.
She also said the chamber plans to sell ads on the outfield fences that are used during Triple Crown tournaments. The ads will be placed on the fences from June 1 to Sept. 1.
Evans-Hall said she hoped those two components would lower the chamber's costs to $50,000 and that amount would be paid for by the commission the chamber receives through its central reservation system.
By charging 4 percent on all bookings that come through the reservation system during the summer months, Evans-Hall said the chamber brings in about $50,000 to $60,000.
While the chamber has approved its contract and sponsorship fee, the council still needs to approve the contract that gives Triple Crown a license and use of the facilities. The final approval of the five-year contract will be decided at the council meeting Tuesday.