AG 1998 10 19 - Laserfiche WebLink

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DRAFT review to be done at least every two (2) years after its adoption or sooner at the direction of the County Commission or the City Council. Changing economic conditions may cause the City and the County to modify, amend or even terminate the program subject tO compliance with any hotel/conference development incentive grants in effect at that time. Items for consideration in authorizing a hotel/conference center development incentive grant may include but not be limited to: · A guarantee of cooperation in providing conference related overflow room reservation information to Cabarrus hotel/motel operators during the period the grant is in place. Details to be arranged and monitored by the Cabarrus County Tourism Authority; · the size of the project based upon investment in site development, facilities and infrastructure; · the quantity and quality of employment opportunities created by the project; · the size, nature and mix of meeting/conference spaces and support facilities; · the potential stimulus the project creates for additional commercial, office and retail development to occur within the immediate area; · the potential stimulus the project creates for maximizing non-resident expenditures by visitors within Concord and Cabarrus County that will benefit the public and private economies; · site specific issues that impact upon local infrastructure responsibilities; · other issues that may need to be considered relative to an individual project. III. PROJECT QUALIFICATIONS TO be considered eligible for a commercial/retail development incentive grant as a hotel/conference center development, a project shall be required to meet certain minimum criteria. These criteria are to be used as guidelines in project evaluations. Additional criteria may be applied to a specific project based upon the terms of the agreement between the hotel/conference center developer and the City and/or County. · Minimum size of the project to qualify for consideration: - Level I M/CCD Grant projects shall include a minimum of 300 rooms and 30,000 square feet of dedicated meeting/conference space, including a main ballroom of 15,000 square feet or more. Level I projects shall meet the C/RD Incentive Grant Program Level I requirement for floor area of 250,000 square feet. Such floor area shall not be gross leasable area, but shall include the gross floor area of the combined hotel and conference center buildings. Level II H/CCD Grant projects shall include a minimum of 500 rooms and 50,000 square feet of dedicated meeting/conference space, including a main ballroom of 25,000 square feet or more. Level II projects shall meet a requirement for floor area of 500,000 square feet. Such floor area shall not be gross leasable area, but shall include the gross floor area of the combined hotel and conference center buildings. · Level I Grants will be "an amount equal to" up to 25% of the net local option 1 cent and net two local option ~ 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 cen~ and net two local option ~ 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. · 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.