AG 1998 08 17 - Laserfiche WebLink

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