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AG 1998 11 16
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AG 1998 11 16
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Last modified
3/25/2002 6:09:44 PM
Creation date
11/27/2017 11:52:51 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
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Tourism Authority have entered into a Commercial/Retail Development Incentive Grant <br />Program ("Grant Program") which pledges a portion of the net City sales tax, a portion of <br />the net County sales tax and a portion of the net County room occupancy tax generated <br />by sales at the Premises (Concord Marriott) to assist in funding development of the <br />Project. At the request of either the City or the County, the Developer will endeavor in <br />good faith and use its commercially reasonable efforts to furnish, or cause to be <br />furnished, to either of them such 'information as may be reasonably requested to vei'ify <br />compliance with the terms of this Agreement. In furtherance of the foregoing, upon <br />request from the City or County, the Developer shall promptly provide a copy of the <br />monthly sales tax report filed for the Concord Marriott with the North Carolina <br />Department of Revenue and a certificate or other statement in a form reasonably <br />acceptable to the Developer, Marriott, the City and the County setting forth the room <br />revenues at the Project for the immediately preceding calendar quarter which is to be <br />used in calculating the amount of the Grant. Marriott hereby confirms its legal obligation <br />to timely file a North Carolina Department of Revenue Form E-500C (or comparable tax <br />return) with the State of North Carolina and/or a similar filing with the City of Concord <br />and/or the County of Cabarrus. Marriott further confirms its obligation to furnish the <br />City and the County with monthly average daily room rate, monthly average room <br />occupancy percentage and room revenue information. <br /> <br /> (b) Information from the City, County, or Tourism Authority. At the request <br />of the Developer, the City, the County, and/or the Tourism Authority, as the case may be, <br />will endeavor in good faith and use its commercially reasonable efforts to furnish, or <br />cause to be furnished, to the Developer such information as may be reasonably requested <br /> <br />Filename - S\Planning~Incenlive Grant Agreement.doe <br /> <br />Revised 1 llglgg <br /> <br /> <br />
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