AG 2012 02 20 - Laserfiche WebLink

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2. In addition to the administration fee to be collected from the Tax as provided above, 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 Tax as a "Facilities Upgrade Fee ". 3. This Facilities Upgrade Fee shall be used by the County to pay for improvements to County and local school parks, recreation and athletic facilities, including the County's Arena, that can be utilized for events by conventions and /or visitors. It is contemplated by both parties that the choice of projects to be funded with the Facilities Upgrade Fee shall be made with the intention to increase the marketability of the project venues for CVB's sales teams. 4. Notwithstanding the preceding paragraph, the purpose for and the timing of the expenditures for improvements to be paid from the proceeds of the Facilities Upgrade Fee shall be determined in the sole discretion of the County, but at least once annually the County shall submit a report in writing to the CVB Board accounting for the Tax proceeds collected as the Facilities Upgrade Fee, any expenditures from such proceeds and any plans for utilization of such proceeds. 5. Effective July 1, 2011, the CVB shall no longer be required to pay to the County and the County shall no longer collect from the CVB the Sports Development Fund and the annual $100,000.00 CVB contribution for the County's Arena. 6. The County will use reasonable efforts to coordinate the marketing and promotion by the CVB of events utilizing local school facilities and shall cooperate with the CVB to promote and market the County parks, recreation and athletic facilities, including the County's Arena. It is contemplated that local school facilities not specifically needed for school functions and events will be made available for usage by visitors and event participants. 7. The term of this Agreement shall extend from July 1, 2011 to June 30, 2012. The term shall not be extended beyond the initial term unless the parties do not meet to review the Agreement as provided below. In such event, the term shall extend from month to month until such meeting is scheduled or takes place, whichever first occurs. 8. The parties agree to meet no later than thirty (30) days before the end of the fiscal year to review the effectiveness of the provisions of this Agreement and to consider extending this Agreement for another fiscal year. 9. This Agreement document contains the entire understanding and terms relating to its subject matter and may not be amended or modified unless in writing ad signed by both parties. 10. This Agreement shall be construed in accordance with North Carolina law. Attachment number 1 F -3 Page 85