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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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to verify compliance with the terms of this Agreement. The sales tax revenues and room <br />occupancy tax revenues out of which the City and the County shall pay the Developer the <br />quarterly installment amounts of the Grants shall be derived out of that portion of the <br />sales tax revenues collected by the State of North Carolina from the Project and the room <br />occupancy tax revenues collected by Cabarrus County from the Project for such <br />immediately preceding calendar quarter and remitted to the City and County in <br />accordance with State Law, City Code, County Code and this Agreement. On or before <br />the 75th day of each full calendar quarter (commencing on the Commencement Date) and <br />thereafter throughout the term of this Agreement, the City and the County shall deliver to <br />the Developer a sworn affidavit by a duly authorized official of the City and a sworn <br />affidavit by a duly authorized County official stating what the respective net City sales <br />tax revenues, net County sales tax revenues and net County room occupancy tax revenues <br />were for the immediately preceding full calendar quarter. Upon reasonable request from <br />the Developer, the City and/or County, as the case may be, shall promptly provide to the <br />Developer such other information as the Developer may request related to the Grant. <br /> <br /> (c) Grant Payments. The amount of the Grants shall be paid in arrears in <br />quarterly installments, each such installment to be determined based on the local sales tax <br />revenues and local room occupancy tax revenues generated by the Project (Concord <br />Marriott) for the immediately preceding calendar quarter as described in the MOU (for <br />purposes of this determination, the Project shall include sales from any land sold to <br />"outparcel" sales occurring from the Project described in Exhibit 1). The quarterly <br />installments of the Grants shall be paid to the Developer on or before 75-days after the <br />expiration of the calendar quarter for which such quarterly installment is to be posted <br /> <br />Filcnara¢ - S\PlanningXlncentiv¢ Grant Agreement.doc <br /> <br />-9- <br /> <br />Revised 11/9/98 <br /> <br /> <br />
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