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STATE OF NORTH CAROLINA COUNTY — CVB COUNTY OF CABARRUS INTERLOCAL AGREEMENT THIS COUNTY — CVB INTERLOCAL AGREEMENT ( "Agreement ") is made and entered into effective July 1, 2011 by and between CABARRUS COUNTY ( "County "), a body politic and political subdivision of the State of North Carolina and the CABARRUS COUNTY TOURISM AUTHORITY aka the CABARRUS COUNTY CONVENTION AND VISITORS BUREAU ( "CVB "), a public instrumentality created by the County pursuant to the provisions of Chapter 658 of the 1989 North Carolina Session Laws. PREMISES 1. Pursuant to N.C. Gen. Stat. §153A -155 and Chapter 658, the CVB receives the proceeds of the room occupancy tax (the "Tax ") levied by the County on hotel and motel occupancy revenues in the County. 2. The purpose of such Tax revenues is the promotion of tourism in the County. 3. Heretofore, the County has charged the CVB 5.0% of the gross amount of such Tax revenues for collection and administration of the Tax and has required the CVB annually to contribute 10.0% of the Tax revenues to a Sports Development Fund and $100,000.00 for the County's Arena. 4. The CVB and the County desire to rework the financial relationship between them in order to better promote Cabarrus County and all of its venues for tourism. 5. Such an interlocal agreement is permitted by and governed by the provisions of N.C. Gen. Stat. §160A-460 and 153A -445. In consideration of the above Premises and the Terms contained below, which the parties agree constitute sufficient consideration to make this Agreement legally sufficient, binding and enforceable, the parties agree as follows. TERMS 1. Beginning July 1, 2011, the County shall monthly collect and retain from the gross collected proceeds of the Tax an amount equal to 5.0% of the gross Tax as the administration fee for collecting the Tax and accounting for the proceeds to the CVB. Attachment number 1 F -3 Page 84