AG 1998 09 21 - Laserfiche WebLink

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feasible cost and to maximize the sales and financial return generated by the Project to the mutual benefit of Developer, City, County and Tourism Authority. In consideration of, and as an inducement to Developer to develop the Concord Marriott, the City, County and Tourism Authority hereby agree to provide to Developer an economic incentive program (the "Economic Incentive Program" or "EIP") based on the ADDENDUMto the COMMERCIAL/RETAIL DEVELOPMENT INCENTIVE GRANT PROGRAM for HOTEL/CONFERENCE CENTER DEVELOPS, as adopted by the City and the County and attached hereto and made a part hereo£ 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 El? will be paid in an amount detem,ined by local room occupancy tax revenues and loc'~ll sales tax revenues generated by the Project consistent with the Grant Program. 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 therea~er in an amount for each ~c$1endar quarter e,~q_~.al to 80% of theY'd'om occupancy tax and 25% of the~n*e one- cent and~Czo half-cent local sales taxes generated by occupants of the Project for each such calendar quarter. Such economic incentive payments will be paid within ten (10) days after receipt by the City and the County from the State of its proportionate share of the sales taxes generated for each such calendar quarter, but in any event within seventy- five (75) days after the end of each such calendar quarter. Economic incentive payments based on room occupancy tax collected by Cabarrus County will be paid according to the same schedule. The administrative fee of 5% of the amount of room occupancy tax collected by Cabarrus Filename- S:\PIa nnin g\MO U- M arri ott -6- Re~s~O~/lO~$