Laserfiche WebLink
o <br /> <br /> CITY issues the debt for the construction of the Convention Center. The annual <br /> payment for FY 2004-2005 shall be Two-Hundred Thousand Dollars ($200,000) <br /> and shall be paid to the CITY before July l, 2004. <br /> <br /> (b) Ninety-seven per cent (97%) of the entire amount of all room occupancy tax <br /> collected from the hotel(s) constructed on City-owned real property adjoining the <br /> real property on which the convention center is to be constructed shall be <br /> remitted to the CITY monthly to assist in the construction, long-term <br /> maintenance, and debt service of a convention center. Three per cent (3%) of the <br /> entire amount of all room occupancy tax collected from the hotel(s) constructed <br /> on real property adjoining the real property on which the convention center is to <br /> be constructed shall be remitted to the COUNTY monthly to reimburse the <br /> COUNTY for the cost of collection of the room occupancy. <br /> <br /> (c) Notwithstanding the above formula, any amount of occupancy tax proceeds <br /> provided to the CITY shall be capped at a total of 50 per cent (50%) of the total <br /> debt service for the Convention Center plus an amount, mutually agreed upon by <br /> the CITY and COUNTY, to be placed in escrow annually to accumulate enough <br /> funds to maintain the HVAC system and roof of the convention center and <br /> replace them at the end of their useful life. <br /> <br />Method of Use. In expending the proceeds of the Tax in accordance with Paragraph 4 <br />above, it is the intention of the parties hereto to utilize the CITY as the entity to determine <br />the manner to expend funds for the purposes set forth in Paragraph 2 herein. <br /> <br />Replacement Revemte for Repeal or Reduction of Tax. In the event the Tax is repealed by <br /> <br />\counc~1-248224 <br /> <br />p7 <br /> <br /> <br />