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AG 1998 09 21
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AG 1998 09 21
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Last modified
3/25/2002 6:08:23 PM
Creation date
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/21/1998
Board
Board of Commissioners
Meeting Type
Regular
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feasible cost and to maximize the sales and financial return generated by <br />the Project to the mutual benefit of Developer, City, County and Tourism <br />Authority. In consideration of, and as an inducement to Developer to <br />develop the Concord Marriott, the City, County and Tourism Authority <br />hereby agree to provide to Developer an economic incentive program (the <br />"Economic Incentive Program" or "EIP") based on the ADDENDUMto <br />the COMMERCIAL/RETAIL DEVELOPMENT INCENTIVE GRANT <br />PROGRAM for HOTEL/CONFERENCE CENTER DEVELOPS, as <br />adopted by the City and the County and attached hereto and made a part <br />hereo£ <br /> <br /> 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 El? will be paid in an amount detem,ined by <br />local room occupancy tax revenues and loc'~ll sales tax revenues generated <br />by the Project consistent with the Grant Program. As a further inducement <br />to cause the Developer to locate the Project in the City and with the <br />expectation that the City and its residents will benefit from an increase in <br />visitor population, taxable property, sales tax revenues and business <br />prospects, the City, County and Tourism Authority will use revenues <br />which are not otherwise restricted by North Carolina law, to assist and aid <br />the Developer with respect to the Project by making economic incentive <br />payments to the Developer as described below, such economic incentive <br />payments to commence upon a mutually acceptable commencement date <br />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 therea~er in an amount for each ~c$1endar <br />quarter e,~q_~.al to 80% of theY'd'om occupancy tax and 25% of the~n*e one- <br />cent and~Czo half-cent local sales taxes generated by occupants of the <br />Project for each such calendar quarter. Such economic incentive <br />payments will be paid within ten (10) days after receipt by the City and the <br />County from the State of its proportionate share of the sales taxes <br />generated for each such calendar quarter, but in any event within seventy- <br />five (75) days after the end of each such calendar quarter. Economic <br />incentive payments based on room occupancy tax collected by Cabarrus <br />County will be paid according to the same schedule. The administrative <br />fee of 5% of the amount of room occupancy tax collected by Cabarrus <br /> <br />Filename- S:\PIa nnin g\MO U- M arri ott <br /> <br />-6- <br /> <br />Re~s~O~/lO~$ <br /> <br /> <br />
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