City Council Discusses Opportunity Fund for Attracting Long-Term Events

In a recent Spokane Valley TPA Commission meeting, city officials discussed the establishment of an Opportunity Fund aimed at attracting major events and conventions to the area, potentially up to three years in advance. This initiative is distinct from the existing lodging tax, which primarily supports events scheduled for the following year. The Opportunity Fund is envisioned as a strategic tool to secure significant events that could enhance tourism and generate hotel stays, thereby benefiting the local economy.

City staff emphasized the importance of utilizing a small portion of this fund to invest in advanced technology services that provide valuable data on visitor patterns and economic impact. These services, which include place-based data and retail revenue analytics, will help city officials assess the geographical reach and financial implications of events hosted in Spokane Valley. By leveraging data collected from various sources, including mobile apps and credit card transactions, the city aims to gain insights into visitor behavior and traffic patterns.

The proposed budget for these technology services is estimated to be between $20,000 and $35,000 annually. This investment is expected to support not only the city’s economic development efforts but also local businesses, including hotels and restaurants, by providing them with data that can inform their operations and marketing strategies.

Commission members expressed enthusiasm for the potential of this data-driven approach, noting that it could help verify claims made by event organizers about the number of visitors and their spending habits. By understanding where visitors are coming from and how they engage with local businesses, the city can make more informed decisions about which events to support in the future.

The meeting underscored a commitment to enhancing Spokane Valley's appeal as a destination for both leisure and business travelers. As the city moves forward with this initiative, officials hope to create a more vibrant local economy that benefits residents and businesses alike.