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meeting space and is generally described on Exhibit 1 attached hereto (hereinafter <br />"Concord Marriott" or the "Project"); and <br /> <br /> WHEREAS, over an extended period of' time, the Developer has discussed <br />various proposals with the City, the County and the Tourism Authority which provide for <br />certain economic incentives to the Developer to induce it to acquire the Property and <br />develop the Project within the geographic boundaries of'the City and County; and <br /> <br /> WHEREAS, in order to "induce the Developer to acquire the Property ~nd <br />develop the Project, and to assist the Developer in such activity, the City, the County and <br />the Tourism Authority hereby off'er to the Developer various economic incentives and <br />other agreements hereinafter set forth, and <br /> <br /> WHEREAS, after careful consideration and evaluation of' these proposals, the <br />Developer has based its decision to develop the Project in part on reliance upon the <br />economic incentives and other agreements from the City, the County and the Tourism <br />Authority contained in this Agreement. <br /> <br /> NOW, THEREFORE, in consideration of the mutual promises set forth in this <br />Agreement and of other good and valuable consideration, the receipt and sufficiency of <br />which are acknowledged by the parties, the City, the County, the Tourism Authority and <br />the Developer do hereby agree as follows: <br />SECTION 1: Incentive Grants. <br /> <br /> (a) Grants. Each of the City, the County and the Tourism Authority hereby <br />grant to the Developer the Commercial/Retail Development Incentive Grants for <br />Hotel/Conference Center Developments (the "Grants") as described in their respective <br />Commercial/Retail Development Incentive Grant Programs Addendum for <br /> <br />Filename - S~Plannlng~.Incentive Grant Agreement.doc <br /> <br />- 2 - Revised 11/9,d98 <br /> <br /> <br />