Blair County’s Convention Center Authority and Explore Altoona have reached a new agreement to share the funds generated through the local hotel bed tax.
County leaders adopted the plan Tuesday – pending the approval from First National Bank, which helped finance the construction of the convention center. Commissioner Terry Tomassetti says Explore Altoona will get 2/3 of the revenue from the tax, and the remaining funds will be remitted to the authority.
Tomassetti says both parties worked together to reach a consensual agreement.
County officials say they still owe $300,000 on the building. First National will need to approve the new agreement because the loan documents are tied to the revenue from the tax.
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