My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
AG 1998 11 16
CabarrusCountyDocuments
>
Public Meetings
>
Agendas
>
BOC
>
1998
>
AG 1998 11 16
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/25/2002 6:09:44 PM
Creation date
11/27/2017 11:52:51 AM
Metadata
Fields
Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
341
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
- Exhibit 2A <br /> <br />· Level I Grants will be "an amount equal to" up to 25% of the r~¢I local option 1 cent and net <br /> two local option ¼ cent sales tax, plus up to 4% out of the 5% local room tax generated by <br /> the project for a period not to exceed five full years of operation. <br />· Level II Grants will be "an amount equal to" up to 50% of the net local option I cent and [l~ti <br /> two local option ¼ cent sales tax, plus up to 4% out of the 5% local room tax generated by <br /> the project for a period not to exceed five full years of operation. <br />· Under no circumstances will the incentive grant payments be tied to the local property taxes <br /> to be generated by the project/tnd all property taxes to be paid by the new or expanding <br /> hotel/conference center development must be paid in full and kept current during the period <br /> that the H/CCD incentive grant remains in effect <br />· The developer (grant recipient) shall provide the City, the County and the Tourism <br /> Authority complete and accurate room occupancy tax, retail sales tax and local option sales <br /> tax payment information, as well as monthly average daily rate and monthly average <br /> occupancy percentage. The City, County and Tourism Authority shall secure the <br /> confidentiality of that information in recognition of the proprietary nature of the data within <br /> the parameters authorized under state law. <br />· Hotel/conference center development incentiv'e grant benefits may not be transferred or <br /> otherwise conveyed to another party without the specific consent of the City Council and <br /> the Board of Commissioners and other contracting agencies. <br />· All hotel/conference center development incentive grant benefits are designed to be linked <br /> directly to local room tax and local option sales tax revenues received by the City and <br /> County attributable directly to the development of a specific project. Failure of the project <br /> to provide accurate revenue information, or to actually forward payment of collected room <br /> tax and sales tax revenues to the appropriate agency, shall void any responsibility of the <br /> City and/or County to pay incentives to the developer under the terms of the H/CCD <br /> incentive grant agreement. <br />· This incentive grant shall apply only to the room tax and to the first 1 cent and two ¼ cent <br /> local option sales tax revenues. Revenue from any additional future local room tax, or local <br /> option sales tax, which may be adopted, shall not be considered as available or applicable <br /> for purposes of any hotel/conference center development incentive grant program. <br />· The distribution of incentive grant payments shall coincide with the receipt of quarterly <br /> sales tax revenues from the State by the County. The timing of payments to the developer <br /> shall be quarterly within 30 days of receipt of funds from the State and verification <br /> documentation of project revenue performance by the developer. Distribution of the portion <br /> of the grant related to the local room tax shall follow the same timetable. <br /> <br />ALL HOTEL/CONFERENCE CENTER DEVELOPMENT INCENTIVE GRANTS <br />WELL BE CONVEYED BY A FORMAL AGREEMENT BETWEEN THE <br />DEVELOPER I:LECEIVING THE GRANT AND THE CITY AND/OR COUNTY, AS <br />APPROPRIATE. THE CITY AND/OR COUNTY, AS APPROPRIATE, SHALL <br />PROVIDE FOR A PUBLIC HEARING PROCESS TO ALLOW FOIl PUBLIC <br />INPUT PRIOR TO THE FORMAL AUTHORIZATION OF ANY' <br />HOTEL/CONFERENCE DEVELOPMENT INCENTIVE GRANT AGREEMENT. <br /> <br />3 <br /> <br /> <br />
The URL can be used to link to this page
Your browser does not support the video tag.