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Cabarrus Arena Food & Beverage Incentives for FY2007 <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, 2007, SMG produced a $49,087 profit from operations on <br />$619,682 in Gross Revenue at Cabarrus Arena. Applying the formula specified in the Food and <br />Beverage Services Agreement results in an incentive of $30,984 to SMG Food and Beverage. <br />$619,682 Gross Food & Beverage Revenue <br />x 5% Percentage of Gross Revenue Due SMG F&B <br />$ 30,984 Food & Beverage Incentive Due SMG F&B <br />G-~~ <br />