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<br />~IIIIII~ <br />CabarrusArena <br />_&Events Center <br /> <br />September 6, 2006 <br /> <br />Mr. Robert Carruth, Chairman <br />Board of Commissioners <br />Cabarrus County <br />65 Church Street <br />Concord, NC 28026 <br /> <br />Dear Commissioner Carruth, <br /> <br />Weare pleased to present the financial documents detailing our first year of operation. By all accounts, <br />the first year of the relationship between SMG and Cabarrus County has been very successful. Both the <br />scale and the diversity of events hosted this year have helped us to achieve our goals. <br /> <br />The arena complex hosted well over 200 events this last fiscal year including a well thought out mix of <br />events that catered to our community and our clients. The range of events included everything from <br />profitable concerts to high school graduations, from ethnic-themed rodeos to the Queen City Classic, <br />from simple wedding ceremonies to our grandest event the "Annual Cabarrus County Fair". Throughout <br />the year, the staff worked very hard to make each of our clients and guests feel as if the Arena & Event <br />Center was built just for them. <br /> <br />The food and beverage operation has been totally revamped and produced a profit for the first time in <br />the Arena's history. The operation has garnered a tremendous amount of positive feedback since the <br />October transition to SMG Food and Beverage. Our attention to detail and customer oriented service <br />has produced repeat and referral business that helped put us in the black this year. <br /> <br />I am also happy to tell you that through the hard work of the staff, we have exceeded all of the <br />thresholds established for measuring our success. Through our aggressive booking, devoting careful <br />attention to our clients and surpassing the expectations of our guests, we were able to reduce the net <br />County expense for the operation of the facility. In addition to beating our quantitative objectives we <br />also excelled in the more subjective qualitative analysis concerning our professional management of the <br />facility. <br /> <br />We look forward to an even more prosperous upcoming year that will include our existing slate of <br />events and the addition of everything from alpacas to indoor football. <br /> <br />Sincerely, <br /> <br />Frank Lapsley <br />General Manager <br /> <br />P. O. Box 707 . Concord, NC 28026-0707 <br />475] NC Hwy. 49 North. Concord, NC 28025 <br />Te]: 704/920-3976 . Fax: 704/920-3999 <br />/:- - fi www.cabarrusarena.com <br />