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AG 1998 08 17
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AG 1998 08 17
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Last modified
4/4/2002 7:32:05 PM
Creation date
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/17/1998
Board
Board of Commissioners
Meeting Type
Regular
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· the quantity and quality of employment opportunities created by the project; <br /> the size, nature and mix of meetin~conference spaces and support facilities; <br />· the potential stimulus the project creates for additional commercial, office and retail <br /> development to occur within the immediate area; <br /> the potential stimulus the project creates for maximizing non-resident expenditures by visitors <br /> within Concord and Cabarrus County that will benefit the public and private economies <br /> · site specific issues that impact upon local infrastructure responsibilities; <br />· other issues that may need to be considered relative to an individual project. <br /> <br />III. PROJECT QUALIFICATIONS <br />To be considered eligible for a commercial/retail development incentive grant as a hotel/conference <br />center development, a project shall be required to meet certain minimum criteria. These criteria are <br />to be used as guidelines in project evaluations. Additional criteria may be applied to a specific <br />project based upon the terms of the agreement between the hotel/conference center developer and the <br />City and/or County. <br />· Minimum size of the project to qualify for consideration: <br /> Level I H/CCD Grant projects shall include a minimum of 300 rooms and 30,000 square feet <br /> of dedicated meetin~conference space, including a main ballroom of 15,000 square feet or <br /> more. Level I projects shall meet the C/RD Incentive Grant Program Level I requirement for <br /> floor area of 250,000 square feet. Such floor area shall not be gross leasable area, but shall <br /> include the gross floor area of the combined hotel and conference center buildings. <br /> Level II H/CCD Grant projects shall include a minimum of 500 rooms and 50,000 square feet <br /> of dedicated meetin~conference space, including a main ballroom of 25,000 square feet or <br /> more. Level II projects shall meet a requirement for floor area of 500,000 square feet. Such <br /> floor area shall not be gross leasable area, but shall include the gross floor area of the <br /> combined hotel and conference center buildings. <br />· Level l Grants will be "an amount equal to" up to 25% of the local option 1 cent and two local <br /> option ½ cent sales tax, plus up to 4% out of the 5% local room tax generated by the project for a <br /> period not to exceed five full years of operation. <br />· Level II Grants will be "an amount equal to" up to 50% of the local option I cent and two local <br /> option 1/2 cent sales tax, plus up to 4% out of the 5% local room tax generated by the project for a <br /> period not to exceed five full years of operation. <br />· Under no circumstances will the incentive grant payments be tied to the local property taxes to <br /> be generated by the project and all property taxes to be paid by the new or expanding <br /> hotel/conference center development must be paid in full and kept current during the period that <br /> the H/CCD incentive grant remains in effect <br />· The developer (grant recipient) shall provide the City, the County and the Tourism Authority <br /> complete and accurate room occupancy tax, retail sales tax and local option sales tax payment <br /> information, as well as monthly average daily rate and monthly average occupancy percentage. <br /> The City, County and Tourism Authority shall secure the confidentiality of that information in <br /> recognition of the proprietary nature of the data within the parameters authorized under state law. <br />· Hotel/conference center development incentive grant benefits may not be transferred or <br /> otherwise conveyed to another party without the specific consent of the City Council and the <br /> Board of Commissioners and other contracting agencies. <br />· All hotel/conference center development incentive grant benefits are desired to be linked <br /> directly to local room tax and local option sales tax revenues received by the City and County <br /> <br /> <br />
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