AG 1998 09 21 - Laserfiche WebLink

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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 furnigh a copy of the monthly sales tax report filed with the North Carolina Department of Revenue, as well as monthly average daily rate, monthly average occupancy percentage and room revenue information to the City, the County and the Tourism Authority. In consideration of the intended purpose of the Economic Incentive Program to maximize group and convention business in Concord and Cabarrus County, the Concord Marriott shall demonstrate in an annual written report, how group and convention room nights will be maximized at the Concord Marriott and in Cabarrus County. The report should include marketing plans to attract group and convention business, projected market share for convention and group business and operational goals as they relate to convention and group business and the resultant impact in ~oncord and Cabarrus County. In years 2-5 of the incentive grant program the report shall evaluate goals achieved during the previous year. The annual report is to be submitted to the Tourism Authority for review, which will provide an annual evaluation to the Cabarrus County Commissioners and the Concord City Council. The City, the County and the Tourism Authority will endeavor in good faith and use their best efforts to maintain the confidentiality of all such information. Room Occupancy Tax. City, County and Tourism Authority recognize that creation of an incentive to develop and maintain a local, publicly owned civic and convention center is necessary and desirable. Toward creation of such a funding source, and further, toward establishment of the EIP, the Cabarrus County Board of Commissioners and the Cabarms County Tourism Authority Board increased the local room occupancy tax from 3% to 5% in accordance with the North Carolina General Statutes, effective October 1, 1998. The first 3% shall continue to be dedicated to tourism promotion while the additional 2% is to be dedicated to a publicly owned civic/convention center. Inspections, Engineering and Utilities. Developer recognizes that because of the scope of the proposed development and the construction schedule Developer desires, the City and County may be required to use outside consultants to evaluate engineering plans and to inspect the construction. Developer agrees to negotiate with the City and County in good faith and appropriate allocation of the costs of such consultants. The City Filename- SAPtanning\MOU-Marriott -7- Revlsod 09/10/98