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Lucas County approves $500,000 for hotel reserve, authorizes $1 million backup for downtown convention hotel
Summary
After a lengthy discussion about downtown convention bookings and recent operating shortfalls, the Lucas County commissioners approved a $500,000 allocation to the hotel's operating reserve and authorized a $1 million backup reserve that can be accessed if needed.
Lucas County commissioners on Sept. 9 approved a $500,000 transfer into the operating reserve of the county-owned downtown convention hotel and authorized a secondary $1 million contingency reserve to be available if required. The measures were proposed to protect bookings tied to the county's convention center and to shore up short-term cash flow for the privately operated property.
Commissioner Gerken framed the item as an "insurance policy" for a $60 million public-private investment downtown, saying the county has dozens of future conventions and more than 20,000 room nights booked and that a short-term closure or cash shortfall would risk losing those bookings. He proposed splitting a $1.5 million package into a $500,000 immediate infusion and a $1 million standby allocation available…
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