AG 1998 08 17 - Laserfiche WebLink

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