Laserfiche WebLink
-DRAFT- <br /> <br />ADDENDUM <br /> <br />CABARRUS COUNTY <br />COMMERCIAL/RETAIL DEVELOPMENT <br />INCENTIVE GRANT PROGRAM <br /> <br />HOTEL/CONFERENCE CENTER DEVELOPMENTS <br /> <br />I. OVERVIEW <br /> <br />Cabarms County and the City of Concord have lagged behind Charlotte and Mecklenburg County <br />in the development of hotel/conferenco facilities and in local per capita accommodations tax and <br />sales tax revenues. Part of that pattern can be attributed to the development of hotel/conference <br />facilities and associated development in the center of the metro region, but not in surrounding <br />counties and cities. Construction of the 1-485 outerbelt augmenting other major highways in the <br />rapidly growing regional corridor that includes Concord and Cabarrus County now makes <br />hotel/conference center development feasible outside the metro center. Such development is a <br />stimulus for additional supportive commercial, office and retail businesses. It is common <br />knowledge that hotel/conference facilities are a resource for local and regional businesses. Such <br />developments are the basis for entering the meeting/conference market as an expansion of local <br />economic development and tax base. Further, it is common knowledge locally that facilities are <br />unavailable within Cabarrus County for large business meetings, charitable events and other public <br />gatherings. The feasibility and basic attributes of a civic/convention center have been established <br />through the study conducted for the City of Concord. Much of the demand for such facilities is <br />being absorbed by development in Charlotte and Mecklenburg County. Therefore, it is the <br />intention of the Concord City Council and the Cabarrus County Board of Commissioners to <br />establish a policy that will encourage hotel/conference facility developers to consider sites within <br />Cabarrus County and the City of Concord for future projects. <br /> <br />H. PROGRAM PARAMETERS <br /> <br />The Hotel/Conference Center Development Addendum to the Commercial/Retail Development <br />Incentive Grant Program involves a contractual agreement between the City, and/or County, and <br />a new, or existing business enterprise. The contractual agreement will provide for a financial <br />incentive grant based upon the level of room revenues and retail sales generated within the project <br />for a period of up to five full years. The City, and/or County, will agree to provide a financial <br />inducement to the developer of hotel/conference projects that meet the criteria established within <br />the guidelines of the addendum to the C/RDI Grant Program. <br /> <br />1 <br /> <br /> <br />