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Clark County Convention Facilities Authority board members will create a contingency fund for the organization, providing another option to pay for unexpected projects that could benefit the region.
Several details still need to be resolved, including how much revenue to set aside, board Chairman Chuck Ingle said. The CFA board receives several requests for funding various projects each year and could spend its entire budget if it approved all of them, he said.
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The contingency fund would ensure money is set aside in case a potential project develops that could attract more visitors to Clark County, but needs a local funding source to move forward.
The authority is funded by local hotel bed taxes and is tasked with supporting projects that can attract more overnight stays and tourism to Clark County. This year it expects to collect $450,000 in hotel bed taxes.
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“We’ve got a lot of projects near and dear to our hearts,” Ingle said. “The question is how do we evaluate them?”
Board members at a meeting this week discussed several items that could help them evaluate projects that have requested funding. That criteria would likely include whether a project can attract more overnight stays. It could also include an evaluation of a project’s potential for new jobs, as well as whether a proposed project could attract visitors from 50 miles away or further.
The board is expected to discuss the contingency fund in more detail at the board’s next meeting in October, Ingle said.
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