Effective only if the Buncombe County Board of Commissioners (Commissioners) adopts a resolution creating the Swannanoa Valley Tourism Development Authority (SVTDA), amends Part VI of SL 1983-908, as amended, as follows. 
Creates the SVTDA, in addition to the Buncombe County Tourism Development Authority (BTDA). Requires SVTDA to use at least two-thirds of the funds distributed to it to promote travel and tourism in the district and the remainder for tourism–related expenditures. Mandates that at least one-third of the members of the SVTDA must be affiliated with businesses that collect the tax in the city and at least one-half must be currently active in the city’s travel and tourism promotion. Changes the distribution of the up to 2% occupancy tax so that the County must, on a quarterly basis, remit the net proceeds collected from the areas collectively consisting of, and legally denoted as, the Buncombe County Townships of (i) Broad River (28), (ii) Black Mountain (25), and (iii) Swannanoa (21), and hereinafter collectively referred to as the "district," to the SVTDA to be used for purposes consistent with its requirements, set forth above. Requires Buncombe County to remit the remainder of the net proceeds of the occupancy tax collected to the BTDA. Makes technical and conforming changes.
Applies to the distribution and use of occupancy tax proceeds in the fiscal quarter following the first full fiscal quarter after the adoption of a resolution creating the SVTDA.