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<br /> 5. Both direct-support grant and/or loan monies must be used for <br /> promotion and advertising of event and must be in accordance <br /> with the State's legislative constraints on use of <br /> hotel/motel tax monies. <br /> 6. At the next eVB meeting after the event's completion, a full <br /> preliminary report must be presented to the eVE. At the <br /> second eVB meeting following the event's completion, a full <br /> report must be presented to the eVE, including financial <br /> conditions of event, expectations, disappointments, number of <br /> room nights contributed to the San Marcos economy, amount of <br /> direct revenue contributed to overall economy, and plans fo r <br /> next year's event. <br /> EXISTING EVENT: <br /> -------------- <br /> 1. May apply for direct financial support for expansion only of <br /> existing event for first year, with understanding that <br /> complete repayment of loan will be made to hotel/motel fund <br /> after completion of event. <br /> 2. Must submit full disclosure of all financial records, history <br /> of event, in-kind services, and budget proposals, etc. <br /> 3. May apply for loans for every year after first year, up to <br /> four years a fte r first year support is granted, reduced by <br /> 25% of the base rate each year. <br /> 4. Both direct-support grant and/or loan monies must be used for <br /> promotion and advertising of event and must be in accordance <br /> with State's legislative constraints on use of hotel/motel <br /> tax monies. <br /> 5. At the next eVB meeting after the event's completion, a <br /> preliminary report must be presented to the eVE. At the <br /> second eVB meeting after the event's completion, a full <br /> report must be presented to the eVE, including financial <br /> conditions of event, expectations, disappointments, number of <br /> room nights contributed to San Marcos economy, amount of <br /> direct revenues contributed to overall economy, and plans for <br /> next year's event. <br /> These funding guidelines are designed to spread the amount of <br /> effective advertising and funding to more annual special events <br /> in San Marcos, thereby giving more events a better chance to grow <br /> and enhance the overall economy of the area. Also, the guide- <br /> lines allow for a weaning process by which all events eligible <br /> for hotle/motel funding eventually become self-sufficient and not <br /> dependent on hotel/motel tax revenues, accountability, etc., all <br /> outlined in House Bill 1023, passed into law in May 1989. <br /> Page 3. <br />