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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 Economic Incentive Program to be made to the Developer as <br />an inducement to cause the Developer to locate the Project within the City <br />shall be made from annual appropriations from the general funds of the <br />City or from such other funds of the City as may be set aside for the <br />implementation of one or more economic development programs as may <br />be authorized by applicable North Carolina law. With respect to the <br />County and the Tourism Authority, the County's and the Tourism <br />Authority's portion of the E~P will be paid in an amount determined by <br />local room occupancy tax revenues and local sales tax revenues generated <br />by the Project consistent with the Grant Program described on Schedule 2. <br />As a further inducement to cause the Developer to locate the Project in the <br />City and with the expectation that the City and its residents will benefit <br />from an increase in visitor population, taxable property, sales tax revenues <br />and business prospects, the City, County and Tourism Authority will use <br />revenues which are not otherwise restricted by North Carolina law, to <br />assist and aid the Developer with respect to the Project by making <br />economic incentive payments to the Developer as described below, such <br />economic incentive payments to commence upon a mutually acceptable <br />commencement date agreed to in the BA ("Commencement Date"). <br /> <br /> The City, the County and the Tourism Authority shall make <br />economic incentive payments to the Developer, commencing within <br />seventy-five (75) days of the end of the first calendar quarter after the <br />Commencement Date and continuing within seventy-five (75) days after <br />the end of each calendar quarter thereafter in an amount for each calendar <br />quarter equal to 80% of the room occupancy tax and 25% of the one one- <br />cent and two half-cent local sales taxes generated by occupants of the <br />Project for each such calendar quarter. Such economic incentive <br />payments will be paid within ten (10) days after receipt by the City and the <br />County from the State of its proportionate share of the sales taxes <br />generated for each such calendar quarter, but in any event within seventy- <br />five (75) days after the end of each such calendar quarter. Economic <br />incentive payments based on room occupancy tax collected by Cabarrus <br />County will be paid according to the same schedule. The administrative <br />fee of 5% of the amount of room occupancy tax collected by Cabarrus <br />County from the Concord Marriott on behalf of the Tourism Authority <br />will be deducted from the incentive payment to the Developer. The <br />parties hereto acknowledge and agree that any such economic incentive <br />payments for any fiscal year of the City or County, respectively, shall be <br />subject to any limitations imposed by North Carolina law, including, <br />without limitation, that all economic incentive payments shall be paid <br />within 59 months from the commencement of such economic incentive <br />payment. Developer will arrange for the Concord Marriott to furnish a <br />copy of the monthly sales tax report filed with the North Carolina <br />Department of Revenue, as well as monthly average daily rate, monthly <br /> <br />-6- <br /> <br /> <br />
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