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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 fi.om 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 hearing for the purpose of <br /> receiving public comment on the agreement before it is executed. <br /> <br /> <br />