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CABARRUS COUNTY <br />10 BOARD OF • • <br />REGULAR MEETING <br />1� <br />p TBcA�a 11i JULY 18 20 <br />��fiiffJfl /�� <br />1 P .M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Capital Reserve Project Ordinance Update and Related Budget <br />Amendment <br />BRIEF SUMMARY: <br />In FY10 the County reached an agreement with Cabarrus County Convention <br />& Visitors Bureau (CVB) to reduce the county's administrative fee from 5% to <br />1.5% in exchange for the creation of a Sports Development fund, generated <br />by 10% of Occupancy Tax collected. On May 25, 2011, the CVB Board of <br />Directors agreed to discontinue the Sports Development fund and in turn, <br />provide 5% of the Occupancy Tax to the County as its administrative fee and <br />an additional 5% to the County to assist with expansion and improvements of <br />sports facilities. <br />According to the terms of this agreement, Cabarrus County will now withhold <br />10% instead of 1.5% of Occupancy tax collections prior to distributing the <br />funds to the CVB. Of the 10% withholding, 5% will be placed in the Capital <br />Reserve Fund to be used for future Facility /Field expansion and <br />improvements for Parks and Recreation. The remaining 5% will be used for <br />Visitor Related Events and has been included in the annual FY 12 Cabarrus <br />Arena & Events Center Fund budget. <br />REQUESTED ACTION: <br />Motion to approve the attached revised Capital Reserve Project Ordinance <br />and related Budget Amendment. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />F -3 Page 79 <br />