Economic Alliance Forgoes Previously Awarded $25,000 Hotel-Motel Tax Revenue Funding
Apr 29, 2020
The Cedar Rapids Metro Economic Alliance announced today that it would forgo a previously awarded $25,000 in funding from the City of Cedar Rapids’ Hotel-Motel Tax Revenue Funds. Hotel-motel tax revenue is down dramatically since the start of the coronavirus pandemic, and even if there were to be a rebound of hotel reservations, the program may not be able to fully fund its next round of awards. The Economic Alliance planned to use the funding to help produce the Cedar Rapids Downtown Farmers Market, which will face adjustments this year to comply with public health standards and for the safety of all, thus leading to lower event expenses. The City’s Hotel-Motel Tax Revenue program contributes to many nonprofit arts and cultural organizations throughout Cedar Rapids.
“For there to be any swift and meaningful economic recovery once it’s safe to return to our daily lives in the community, it’s essential our arts and cultural community is strong, ready and open for business,” said Doug Neumann, Executive Director, Cedar Rapids Metro Economic Alliance. “We have amazing attractions and can offer such a rich and rewarding experience to our residents and visitors. Like so many organizations, these places have all been hurt by the effects of the pandemic.”
The first 2020 Downtown Farmers Market is scheduled for Saturday, June 6. The Economic Alliance still plans to hold Downtown Farmers Markets this summer, however, the event will be adjusted to comply with public health standards recently released from the State of Iowa. Details on the 2020 Market season will be announced in the coming days.
“When we factor in the lower than anticipated event expenses so that we are in line with public health guidelines, we see more value in these funds being allocated to arts and cultural organizations that add to our excellent quality of life in Cedar Rapids” said Neumann.
The Economic Alliance’s decision to forgo hotel-motel tax revenue funds would not be possible without the financial support of the many sponsors of the Downtown Farmers Market, including Presenting Sponsor Cedar Rapids Bank & Trust.