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ICABARRUS COUNTYI <br /> NORIR CAROLINA <br /> <br />Memo <br /> <br />To: <br />From: <br />Date: <br />Re: <br /> <br />Board of Commissioners ~-~ <br />John Day, County Manageb,~61~ <br />November 6, 2003 / <br />Hotel Occupancy Tax <br /> <br />Since your last meeting, where consideration of increasing the occupancy tax was <br />deferred to November 17th, the City of Concord has announced that it has reached an <br />agreement with John Q. Hammons for the construction of a hotel and an adjacent, <br />publicly-owned convention center. <br /> <br />The agreement calls for a $500,000 one-time grant and an annual $100,000 contribution <br />for ten years from the Cabarms County Tourism Authority to the City of Concord. The <br />Tourism Authority has endorsed the agreement. (At some point, the Board of <br />Commissioners may be faced with considering Tourism Authority budgets that include <br />those appropriations) <br /> <br />The agreement also anticipates a $1,000,000 grant from the Economic Development <br />Administration. <br /> <br />The City will use property tax revenue generated by the Hammons-owned hotel, <br />estimated to be about $200,000 per year (and not to exceed $300,000 per year), to pay the <br />debt service on the convention center. John Q. Hammons will pay the difference between <br />that and the actual amount of the debt service. <br /> <br />The occupancy tax does not necessarily need to be raised to make the annual <br />$100,000 contribution requested by the City. <br /> <br />At your last meeting you also discussed the possibility of making improvements to the <br />Arena and Events Center that would make it more conducive to hosting horse shows and <br />related events. I have spoken to Glenn Petty, retired manager of the James B. Hunt Horse <br />Complex in Raleigh, about providing assistance in this matter, including the preparation <br />of a pro forma. <br /> <br />By the time of your meeting on November 17th, I will have a list of dates he will be <br />available to travel with you to tour the State's horse complex in Fletcher, as you <br />requested. <br /> <br /> Office of the County Manager <br />PO Box 707 · Concord, NC 28026-0707 · 704-920-2100 · Fax 704-920-2820 · Charlotte 704-375-0829 <br /> www.co cabarrus.nc us <br /> <br /> <br />