Laserfiche WebLink
- Exhibit 2A <br /> <br />ADDENDUM <br /> <br />CABARRUS COUNTY <br />COMMERCIAL/RETAIL DEVELOPMENT <br />INCENTIVE GRANT PROGRAM <br /> <br />HOTEL/CONFERENCE CENTER DEVELOPMENTS <br /> <br />I. OVERVIEW <br /> <br />Cabarrus County and the City of Concord have 'lagged behind Charlotte and Mecklenburg <br />County in the development of hotel/conference facilities and in local per capita accommodations <br />tax and sales tax revenues. Part of that .pattern can be attributed to the development of <br />hotel/conference facilities and associated development in the center of the metro region, but not <br />in surrounding counties and cities. Construction of the 1-485 outerbelt augrnenting other major <br />highways in the rapidly growing regional corridor that includes Concord and Cabarrus County <br />now makes hotel/conference center development feasible outside the metro center. Such <br />development is a stimulus for additional supportive commercial, office and retail businesses. It is <br />common knowledge that hotel/conference facilities are a resource for local and regional <br />businesses. Such developments are the basis for entering the meeting/conference market as an <br />expansion of local economic development and tax base. Further, it is common knowledge locally <br />that facilities are unavailable within Cabarn~s County for large business meetings, charitable <br />events and other public gatherings. The feasibility and basic attributes of a civic/convention <br />center have been established through the study conducted for the City of Concord. Much of the <br />demand for such facilities is being absorbed by development in Charlotte and Mecklenburg <br />County. Therefore, it is the intention of the Concord City Council and the Cabarrus County <br />Board of Commissioners to establish a policy that will encourage hotel/conference facility <br />developers to consider sites within Cabarrus County and the City of Concord for future projects. <br /> <br />II. PROGRAM PARAMETERS <br /> <br />The Hotel/Conference Center Development Addendum to the Commercial/Retail Development <br />Incentive Grant Program involves a contractual agreement between the City, and/or.County, and <br />a new, or existing business enterprise. The contractual agreement will provide for a financial <br />incentive grant based upon the level of room revenues and retail sales generated within the <br />project for a period of up to five full years. The City, and/or County, will agree tq provide a <br />financial inducement to the developer of hotel/conference projects that meet the criteria <br />established within the guidelines of the addendum to the C/RDI Grant Program. <br /> <br />1 <br /> <br /> <br />