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MEMORANDUM OF UNDERSTANDING
<br />Between City of Concord, Cabarrus County, Cabarrus County Tourism Authority,
<br />Marriott Conference Centers, Burroughs & Chapin, Inc. and Landex, Inc.
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<br />The purpose of this Memorandum of Understanding ("MOU") is to set forth certain
<br />agreements by and among the ,,C, ity of _C,,,oncord, North Carolina (the "City"), Coun_ty of
<br />Cabarms, North Carolina (the' County ), Cabarrus County Tourism Authority (tl~
<br />"Tourism Authority") and a Joint Venture to be formed by Burroughs & Chapin, Inc.,
<br />Landex, In.c., and Marriott Conference Centers (collectively the "Developer") to
<br />negotiate, prepare and execute certain documents regarding the proposed development on
<br />certain property as illustrated on Exhibit A attached hereto, a commercial hotel and
<br />conference center project to be known as "Concord Marriott" or similar name which
<br />initial phase shall consist of among other things, approximately 300 hotel rooms, and a
<br />100,000 square foot conference center with 40,000 square feet of dedicated meeting'
<br />space. This MOU sets forth a summary of the basic terms of the mutual understanding of
<br />the City, County, Tourism Authority and Developer regarding the contents of a business
<br />agreement ("BA") to be entered into by the parties hereto. Except as provided herein, the
<br />parties hereto shall not be bound by any agreement until a mutually acceptable BA is
<br />approved and executed by the governing body of the City; County, Tourism Authority
<br />and the Developer.
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<br />I. THE PARTIES
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<br />Ao
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<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.
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<br />Developer. Developer is a joint venture to be formed by and between
<br />Burroughs & Chapin, Inc., Landex, Inc., and Marriott Conference Centers
<br />("MCC") together with such other investors, partners or affiliates as they
<br />deem necessary for the Project. MCC has extensive experience in
<br />developing hotels and conference centers throughout the United States.
<br />Landex is the developer of King's Grant, a 2,000 acre mixed-use
<br />commercial and industrial project in Concord and Cabarrus County. The
<br />principal officer of Developer for the purpose of receiving
<br />communications, facilitating approvals and negotiating the BA shall be a
<br />Landex employee, namely, William I. Burk, President, telephone (704)
<br />455-5411, facsimile (704) 455-601 I.
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<br />County. County of Cabarrus is a political subdivision of the State of
<br />North Carolina. The office of the County is located at 65 Church Street,
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<br />Filename - S:LPlanning\MOU- Marriott
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