(a) The revenues generated from the Designated Hotel Room Occupancy Tax, Designated Casino Tax on Gross Revenue, and the Economic Recovery Fee, approved in accordance with section 1312(c)(1) of this chapter, are to be allocated to and deposited into the Project’s Fund as follows:(1) For new hotel development projects where all non-appealable permits for development have not been finalized prior to the effective date of this Act, 100% of the revenues generated from the Designated Hotel Room Occupancy Tax, Designated Casino Tax on Gross Revenue, and the Economic Recovery Fee, if applicable, shall be allocated to and deposited into the Project’s Fund;(2) For hotel projects where not less than 70% of the units that have not been able to be occupied due to natural events and related effects, or otherwise, 50% of the revenues generated from the Designated Hotel Room Occupancy Tax and the Designated Casino Tax on Gross Revenue, and 100% of the revenues generated from the Economic Recovery Fee, if applicable, shall be allocated to and deposited into the Project’s Fund; and(3) For hotel projects that are reconstruction and renovation of existing hotel sites not satisfying the requirements of paragraph (2) of this subsection, 100% of the revenues generated from the Economic Recovery Fee, and no revenues generated from the Designated Hotel Room Occupancy Tax and the Designated Casino Tax on Gross Revenue shall be allocated to and deposited into the Project’s Fund;
(1) For new hotel development projects where all non-appealable permits for development have not been finalized prior to the effective date of this Act, 100% of the revenues generated from the Designated Hotel Room Occupancy Tax, Designated Casino Tax on Gross Revenue, and the Economic Recovery Fee, if applicable, shall be allocated to and deposited into the Project’s Fund;
(2) For hotel projects where not less than 70% of the units that have not been able to be occupied due to natural events and related effects, or otherwise, 50% of the revenues generated from the Designated Hotel Room Occupancy Tax and the Designated Casino Tax on Gross Revenue, and 100% of the revenues generated from the Economic Recovery Fee, if applicable, shall be allocated to and deposited into the Project’s Fund; and
(3) For hotel projects that are reconstruction and renovation of existing hotel sites not satisfying the requirements of paragraph (2) of this subsection, 100% of the revenues generated from the Economic Recovery Fee, and no revenues generated from the Designated Hotel Room Occupancy Tax and the Designated Casino Tax on Gross Revenue shall be allocated to and deposited into the Project’s Fund;
(b) The revenues generated from the Economic Recovery Fee approved in accordance with section 1312(c)(2) of this chapter are to be allocated to and deposited into the ERF Trust Account established under section 1312(k) of this chapter and, at the election of the applicant, one hundred percent (100%) of the revenue generated from the Designated Hotel Room Occupancy Tax and the Designated Casino Tax on Gross Revenue for projects pursuant to section 1313(a)(1) of this chapter and also fifty percent (50%) of the revenue generated from the Designated Hotel Room Occupancy Tax and the Designated Casino Tax on Gross Revenue for projects under section 1313(a)(2) of this chapter.