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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
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
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Exhibit 3 <br /> <br />County from the Concord Marriott on behalf of the Tourism Authority <br />will be deducted from the incentive payment to the Developer. The <br />parties hereto acknowledge and agree that any such economic incentive <br />payments for any fiscal year of the City or County, respectively, shall be <br />subject to any limitations imposed by North Carolina law, including, <br />without limitation, that all economic incentive payments shall be paid <br />within 59 months from the commencement of such economic incentive <br />payment. Devetoper will arrange for the Concord Marriott to furnish a <br />copy of the monthly sales tax report filed with the North Carolina <br />Department of Revenue, as well as monthly average daily rate, monthly <br />average occupancy percentage and room revenue information to the City, <br />the County and the Tourism Authority. In consideration of'the intended <br />purpose of the Ecoriomic Incentive Program to maximize group and <br />convention business in Concord and Cabarrus County, the Concord <br />Marriott shall demonstrate in an annual written report, how group and <br />convention room nights will be maximized at the Concord Marriott and in. <br />Cabarrus County. The report should include marketing plans to attract <br />group and convention business, projected market share for convention and <br />group business and operational goals as they relate to convention and <br />group business and the resultant impact in Concord and Cabarrus County. <br />In years 2-5 of the incentive grant program the report shall evaluate goals <br />achieved during the previous year. The annual report is to be submitted to <br />the Tourism Authority for review, which will provide an annual evaluation <br />to the Cabarrus County Commissioners and the Concord City Council. <br />The City, the County and the Tourism Authority will endeavor in good <br />faith and use their best efforts to maintain the confidentiality of all such <br />information. <br /> <br />Room Occupancy Tax. City, County and Tourism Authority recognize <br />that creation of an incentive to develop and maintain a local, publicly <br />owned civic and convention center is necessary and desirable. Toward <br />creation of such a funding source, and further, toward establishment of the <br />EIP, the Cabarrus County Board of Commissioners and the Cabarrus <br />County Tourism Authority Board increased the local room occupancy tax <br />from 3% to 5% in accordance with the North Carolina General Statutes, <br />effective October 1, 1998. The first 3% shall continue to be dedicated to <br />tourism promotion while the additional 2% is to be dedicated to a publicly <br />owned civic/convention center. <br /> <br />Inspections, Engineering and Utilities. Developer recognizes that because <br />of the scope of the proposed development and the construction schedule <br />Developer desires, the City and County may be required to use outside <br />consultants to evaluate engineering plans and to inspect the construction. <br />Developer agrees to negotiate with the City and County in good faith and <br />appropriate allocation of the costs of such consultants. The City <br /> <br />Filename- S:XPlarafing\MOU-Marriott.doc <br /> <br />-7- <br /> <br />Revised 09/10t98 <br /> <br /> <br />
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