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Facing the worst financial crisis of his 20-year tenure, Mayor Richard Daley plans to slash city funding for Venetian Night, a festival that his father began as mayor more than 50 years ago.
In his failed push to bring the 2016 Summer Olympics to Chicago, Daley had emphasized the importance of raising the city's profile as a destination for tourists.
But according to budget documents given to aldermen today, the mayor will propose cutting the budget for the Chicago Convention and Tourism Bureau due to a 17 percent fall in hotel tax revenues.
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