Qualified hotel: means a full-service hotel development constructed in the state on or after July 1, 2014 that:
(a)
requires a significant capital investment;
(b)
includes at least 85 square feet of convention, exhibit, and meeting space per guest room; and
(c)
is located within 1,000 feet of a convention center that contains at least 500,000 square feet of convention, exhibit, and meeting space. See Utah Code 63N-2-502
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a)
“Bounce back fund” means the Stay Another Day and Bounce Back Fund, created in Subsection (2).
(b)
“Tourism board” means the Board of Tourism Development created in Section 63N-7-201.
(2)
There is created an expendable special revenue fund known as the Stay Another Day and Bounce Back Fund.
(3)
The bounce back fund shall:
(a)
be administered by the tourism board;
(b)
earn interest; and
(c)
be funded by:
(i)
annual payments under Section 17-31-9 from the county in which a qualified hotel is located;
(ii)
money transferred to the bounce back fund under Section 63N-2-503.5 or 63N-2-512; and
(iii)
any money that the Legislature chooses to appropriate to the bounce back fund.
(4)
Interest earned by the bounce back fund shall be deposited into the bounce back fund.
(5)
The tourism board may use money in the bounce back fund to pay for a tourism program of advertising, marketing, and branding of the state, taking into consideration the long-term strategic plan, economic trends, and opportunities for tourism development on a statewide basis.
