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<br />Cabarrus Arena Food & Beverage Incentives for FY2008 <br />The current Food and Beverage Services Agreement between SMG, Cabarrus County, and SMG <br />Food and Beverage, LLC sets an incentive schedule if SMG Food and Beverage produces a <br />profit at the Cabarrus Arena location. This schedules ties SMG Food and Beverage incentives <br />directly to profitability and is a function of Gross Revenue. <br />For the fiscal year ending June 30, 2008, SMG produced a $74,440 profit from operations on <br />$611,862 in Gross Revenue at Cabarrus Arena. Applying the formula specified in the Food and <br />Beverage Services Agreement results in an incentive of $30,593 to SMG Foad and Beverage. <br />$611,862 Gross Food & Beverage Revenue <br />x 5% Percentage of Gross Revenue Due SMG F&B <br />$ 30,593 Food & Beverage Incentive Due SMG F&B <br /> <br />i <br />ii <br />G <br />C <br />~i <br /> <br /> <br />J <br />it <br />s <br /> <br />Item# 5 <br />Attachment number 3 <br />F-1 Page 72 of 185 <br />