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attributable directly to the development of a specific project. Failure of the project to provide <br />accurate revenue information, or to actually forward payment of collected room tax and sales tax <br />revenues to the appropriate agency, shall void any responsibility of the City and/or County to pay <br />incentives to the developer under the terms of the H/CCD incentive grant agreement. <br />This incentive grant shall apply only to the room tax and to the first 1 cent and two Va cent local <br />option sales tax revenues. Revenue from any additional future local room tax, or local option <br />sales tax, which may be adopted, shall not be'considered as available or applicable for purposes <br />of any hotel/conference center development incentive grant program. <br />The distribution of incentive grant payments shall coincide with the receipt of quarterly sales tax <br />revenues from the State by the County. The timing of paYments to the developer shall be <br />quarterly within 30 days of receipt of funds from the State and verification documentation of <br />project revenue performance by the developer. Distribution of the portion of the grant related to <br />the local room tax shall follow the same timetable. <br /> <br />ALL HOTEL/CONFERENCE CENTER DEVELOPMlgNT INCENTIVE GRANTS WILL <br />BE CONVEYED BY A FORMAL AGREEMENT BETWEEN THE DEVELOPER <br />RECEIVING TI-IF. GRANT AND THE CITY AND/OR COUNTY, AS APPROPRIATE. <br />THE CITY AND/OR COUNTY, AS APPROPRIATE, SHALL PROVIDE FOR A <br />PUBLIC HEARING PROCESS TO ALLOW FOR PUBLIC INPUT PRIOR TO THE <br />FORMAL AUTHORIZATION OF ANY HOTEL/CONFERENCE DEVELOPMENT <br />INCENTIVE GRANT AGREEMENT. <br /> <br />IV. EXAMPLE APPLICATION OF THE GRANT PROGRAM <br />Developer XYZ develops a hotel/conference center facility meeting the criteria established within <br />the H/CCD addendum to the C/RD Incentive Grant Program: <br />· Level I grant 300 rooms, 40,000 s.f. conference space with a 15,000 s.f. main ballroom <br /> $40 million investment (taxable value) <br /> 25% sales tax and 4% room tax combined grant <br /> <br />Year one <br /> <br />- $17,000,000 gross retail sales including $7,000,000 room revenues <br />- Subsequent years increase as business increases. <br /> <br />Local room tax from facility <br />Estimated room tax based grant <br /> <br />= 5% of $7,000,000 = $350,000 <br />= 4% of $7,000,000 = $280,000 <br /> <br />Local retail sales tax from facility: first I cent = $17,000,000 @ 1% <br /> = $170,000 <br /> two V2 cents = $17,000,000 @ 1.1667o <br /> = $197,200 <br /> total retail sales tax generated= $367,200 <br />Estimated sales tax based grant = 25% of $367,200 = $91,800 <br /> <br />Year one total room and sales tax based grant <br />(Subsequent years increase as bush~ess increases) <br /> <br />= $371,800 <br /> <br /> <br />