AG 1998 09 21 - Laserfiche WebLink

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· Level I Grants will be "an amount equal to" up to 25% of the net local option 1 cent and net two local option ½ cent sales tax, plus up to 4% out of the 5% local room tax generated by the project for a period not to exceed five full years of operation. · Level II Grants will be "an amount equal to" up to 50% of the net local option 1 Cent and net two local option ½ cent sales tax, plus up to 4% out of the 5°/3 local room tax generated by the project for a period not to exceed five full years of operation. · Under no circumstances will the incentive grant payments be tied to the local property taxes to be generated by the project and all property taxes to be paid by the new or expanding hotel/conference center development must be paid in full and kept current during the period that the H/CCD incentive grant remains in effect · The developer (grant recipient) shall provide the City, the County and the Tourism Authority complete and accurate room occupancy tax, retail sales tax and local option sales tax payment information, as well as monthly average daily rate and monthly average occupancy percentage. The City, County and Tourism Authority shall secure the confidentiality of that information in recognition of the proprietary nature of the data within the parameters authorized under state law. · Hotel/conference center development incentive grant benefits may not be transferred or otherwise conveyed to another party without the specific consent of the City Council and the Board of Commissioners and other contracting agencies. , · All hotel/conference center development incentive grant benefits are designed to be linked directly to local room tax and local option sales tax revenues received by the City and County attributable directly to the development ora specific project. Failure of the project to provide accurate revenue information, or to actually forward payment of collected room tax and sales tax revenues to the appropriate agency, shall void any responsibility of the City and/or County to pay incentives to the developer under the terms of the H/CCD incentive grant agreement. · This incentive grant shall apply only to the room tax and to the first 1 cent and two ½ cent local option sales tax revenues. Revenue from any additional future local room tax, or local option sales tax, which may be adopted, shall not be considered as available or applicable for purposes of any hotel/conference center development incentive grant program. · The distribution of incentive grant payments shall coincide with the receipt of quarterly sales tax revenues from the State by the County. The timing of payments to the developer shall be quarterly within 30 days of receipt of funds from the State and verification documentation of project revenue perfo,mance by the developer. Distribution of the portion of the grant related to the local room tax shall follow the same timetable. ALL HOTEL/CONFERENCE CENTER DEVELOPMENT INCENTIVE GRANTS WELL BE CONVEYED BY A FORMAL AGREEMENT BETWEEN THE DEVELOPER RECEIVING THE GRANT AND THE CITY AND/OR COUNTY, AS APPROPRIATE. THE CITY AND/OR COUNTY, AS APPROPRIATE, SHALL PROVIDE FOR A PUBLIC HEARING PROCESS TO ALLOW FOR PUBLIC INPUT PR/OR TO THE FORMAL AUTHORIZATION OF ANY HOTEL/CONFERENCE DEVELOPMENT INCENTIVE GRANT AGREEMENT. 3