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provide accurate revenue information, or to actually forward payment of collected <br />occupancy tax and sales tax revenues to the appropriate agency shall void any responsibility <br />of the County to pay incentives to the developer under the terms of the H/CCDI incentive <br />grant agreement. <br /> <br />This incentive grant shall apply only to the occupancy tax and to the first 1 cent and three ½ <br />cent local option sales tax revenues. Revenue from any additional future local room tax or <br />local option sales tax which may be adopted shall not be applicable for purposes of any <br />hotel/conference center development incentive grant program. <br /> <br />The distribution of incentive grant payments shall coincide with the receipt of quarterly <br />sales tax revenues from the State of North Carolina by the County. The timing of payments <br />to the developer shall be quarterly within 30 days of receipt of funds from the State and <br />verification documentation of project revenue performance by the developer. Distribution of <br />the portion of the grant related to the local occupancy tax shall follow the same timetable. <br /> <br />All hotel/conference center development incentive grants will be conveyed by an agreement <br />between the developer and the County. The County will hold a heating for the purpose of <br />receiving public comment on the agreement before it is executed. <br /> <br /> <br />