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\counc~1-24822-4 <br /> <br />f. The NEW AUTHORITY shall be provided with 3200.-- square feet of office space <br /> in the proposed convention center subject to the payment of rent of $~ per square <br /> foot and such other tease terms as may be agreed between the NEW AUTHORITY and <br /> <br /> the CITY. <br /> <br /> Collection and Use of~ax' The COUNTY shall continue to collect the room occupancy <br /> levied under the provisions of Chapter 658 of the 1989 Session Laws and subsequent <br /> amendments, satd room occupancy tax being hermnafter referred to as the Tax and said <br /> Chapter 658 of the 1959 Session Laws and any subsequent amendments being <br /> hereinafter referred to as the Enabling Legislation. <br /> <br /> The COUNTY shall raise the existing room occupancy tax from the current level of five <br /> per cent (5%) to six per cent (6%). The COUNTY shall, on a monthly basis, distribute <br /> <br /> the net proceeds, as defined in the Enabling Legislation, of the Tax to the AUTHORITY, <br /> or NEI, V.4 UTIIORITY: : <br /> <br /> The AUTHORITY or NEI'VA UTHORITY shall within ten (10) days after ~ts receipt, remit <br /> to the CITY a portion <br /> <br /> of the amounts the AUTHORITY or NEI'V.4 UTI¥ORITY receives from the COUNTY for <br /> use as follows: <br /> <br /> (a) One hundred fi.fly thousand dollars ($150,000) annually, except for FY 2003- <br /> 2004 and FY 2004-2005, of the room occupancy tax collected from all sources <br /> except the hotel(s) constructed on real property adjoining the real property on <br /> which the convkntion center is to be constructed shall be remitted to the CITY to <br /> assist in the codstruction, long-term maintenance, .and debt service of a <br /> convention cenller. The annual payment for FY 2003-2004 shall be Two- <br /> Hundred Thousand Dollars ($200,000) and shall be paid thirty (30) days after the <br /> <br /> o.B <br /> <br /> <br />