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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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Exhibit 2B <br />ADDENDUM <br /> <br />CO ¥hMERCIAL/RETAIL DEVELOPMENT <br />INCENTIVE GRANT PROGRAM <br /> <br />HOTEL/CONFERENCE CENTER DEVELOPMENTS <br /> <br />I. OVERVIEW <br />Cabarrus County and the City of Concord have lagged behind Charlotte and Mecklenburg County in <br />the development of hotel/conference facilities and in local per capita accommodations tax and sales <br />tax revenues. Part of that pattern can be attributed to the development of hotel/conference facilities <br />and associated development in the center of the metro region, but not in surrounding counties and <br />cities. Construction of the 1-485 outerbelt augmenting other mhjor highways in the rapidly growing <br />regional corridor that includes Concord and Cabarrus County now makes hotel/conference center <br />development feasible outside the metro center. Such development is a stimulus for additional <br />supportive commercial, office and retail businesses. I.t is common knowledge that hotel/conference <br />facilities are a resource for local and regional businesses. Such developments are the basis for <br />entering the meeting/conference market as an expansion of local economic development and tax <br />base. Further, it is common knowledge locally that facilities are unavailable within Cabarms County <br />for large business meetings, charitable events and other public gatherings. The feasibility and basic <br />attribut~.s ora civic/convention center have been established through the study conducted for the <br />City of Concord. Much of the demand for such facilities is being absorbed by developm..e, nt in <br />Charlotte and Mecklenburg County. Therefore, it is the intention of the Concord City Council and <br />the Cabarrus County Board of Commissioners to establish a policy that will encourage .... <br />hotel/conference facility developers to consider sites within Cabarrus County and the City of <br />Concord for future projects. <br /> <br />II. PROGRAM PARAMETERS .. <br />The Hotel/Conference Center Development Addendum to the Comrnercial/Reta.il Development <br />Incentive Grant Program involves a contractual agreement between the City, and/or County, and a <br />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 project <br />for a period of up to five full years. The City, and/or County, will agree to provide a financial <br />inducement to the developer of hotel/conference projects that meet the criteria established within the <br />guidelines of the addendum to the C/RDI Grant Program. <br /> <br />Each project will be dealt with on an individual basis using, guidelines established under the <br />direct/on of the City Council and the Board of Commissioners. The guidelines for the program will <br />be subject to periodic review. Changing economic conditions may cause the City and the County to <br />modify, amend or even terminate the program subject to compliance with any hotel/conference · ' <br />development incentive grants in effect at that time. <br /> <br />Items for consideration in authorizing a hotel/conference center development incentive grant may <br />include but not be limited to: <br />· the size of the project based upon investment in site development, facilities and infrastructure; <br /> <br /> <br />
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