AG 1999 12 20 - Laserfiche WebLink

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agreement by the County. The specific date of Commencement for construction shall be the date of issuance of the building permit for the hotel/conference center based on approved site and building plans. (d) Land Purchase/Public Exhibition Facilit7. Within the scope of negotiations leading up to this agreement, discussions have occurred that provide the opportunity for the Tourism Authority to acquire by purchase (under a separate a~eement) adjacent property intended to provide a site for a potential future public exhibition facility to be owned and operated by the Tourism Authority. The Tourism Authority (by this agreement) shall not be bound to purchase the property or construct the public exhibition facility as a party to this contract. Site conditions, restrictions and/or suitability along with market elements may lead the Tourism Authority to reject the proposed site purchase; or even after a site purchase is complete, the Tourism Authority may choose to build the public exhibition facility at another yet to be identified location determined by the Tourism Authority to represent a more suitable location for a public exhibition facility. SECTION 3: Sales Tax and Room Occupancy Tax Reporting (Incentive Grant Program Requirement). (a) Information From Developer. In order to facilitate the development of the Project and the Premises, the Developer, the City, the County and the Tour/sm Authority have entered into a Commercial/Retail Development Incentive Grant Program ("Grant Program") which pledges a portion of the net City sales tax, a portion of the net County sales tax and a port/on of the net County room occupancy tax generated by sales at the Project to assist in funding development of the Project. At the request of either the City or the County, the Developer will endeavor in good faith and use its commercially Filename - SXPlartningklncentive Grant Agreement.doc Revised 12/18/98