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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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MEMORANDUM OF UNDERSTANDING <br />Between City of Concord, Cabarrus County, Cabarrus County Tourism Authority, <br />Marriott Conference Centers, Speedway Motorsports, Inc. and Landex, Inc. <br /> <br />The purpose of this Memorandum of Understanding ("MOLl") is to set forth certain <br />agreements by and among the City of Concord, North Carolina (the "City"), County of <br />Cabarrus, North Carolina (the "County"), Cabarrus County Tourism Authority (the <br />"Tourism Authority") and a Joint Venture to be formed by Speedway Motorsports, Inc., <br />Landex, Inc., and Marriott Conference Centers (collectively the "Developer") to <br />negotiate, prepare and execute certain documents regarding the proposed development on <br />certain property described on Exhibit A attached hereto, a commercial hotel and <br />conference center project to be known as "Concord Marriott" or such other name <br />designated by Developer which initial phase shall consist of among other things, <br />approximately 300 hotel rooms, and a 100,000 square foot conference center with 40,000 <br />square feet of dedicated meeting space. This MOU sets forth a summary of the basic <br />terms of the mutual understanding of the City, County, Tourism Authority and Developer <br />regarding the contents ora business agreement ("BA") to be entered into by the parties <br />hereto. Except as provided herein, the parties hereto shall not be bound by any <br />agreement until a mutually acceptable BA is approved and executed by the governing <br />body of the City, County, Tourism Authority and the Developer. <br /> <br />I. THE PARTIES <br /> <br />City. The City is a municipal corporation of the State of North Carolina <br />located in County of Cabarrus, North Carolina. The office of the City is <br />located at 26 Union Street, South, Concord, North Carolina 28026. The <br />principal officer of the City for purposes of receiving communications, <br />facilitating approvals and negotiating the BA will be G. Tim Lowder, <br />Interim City Manager, telephone (704) 786-6161, facsimile (704) 786- <br />7068. <br /> <br />Developer. Developer is a joint venture to be formed by and between <br />Speedway Motorsports, Inc., Landex, Inc., and Marriott Conference <br />Centers ("MCC") together with such other investors, partners or affiliates <br />as they deem necessary for the Project. MCC has extensive experience in <br />developing hotels and conference centers throughout the Unked States. <br />Speedway Motorsports has extensive experience in developing <br />motorsports racetracks and support facilities nationally. Landex is the <br />developer of King's Grant, a 2,000 acre mixed-use commercial and <br />industrial project in Concord and Cabarrus County. The principal officer <br />of Developer for the purpose of receiving communications, facilitating <br />approvals and negotiating the BA shall be a Landex employee, namely, <br />William J. Burk, President, telephone (704) 455-5411, facsimile (704) <br />455-6011. <br /> <br />-1- <br /> <br /> <br />
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