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May 20, 2003 Page 134 revenue contribution decreased by 43 percent and the projected operating revenue increased by 37 percent for FY 2004. It is hoped the facility will be self-supporting by FY 2008. There was discussion regarding various issues associated with the Arena, including the planned improvements to the Midway area, problems with the dirt floor in the Arena and recent events at the facility. County Fair Ms. Mary Ann Cooper, Fair Coordinator, and Debbie Bost, Cooperative Extension Director, reviewed the proposed Fair budget. They also discussed the plans that are being developed for the 2003 Annual Fair in September. There was discussion regarding a number of issues associated with the Fair, including the use of the Events Center for livestock events, the need for a storage building, the placement of flags outside the Arena and opportunities for community groups to sell food at the Fair. Convention and Visitor's Bureau Ms. Ann Sternal, Director of the Convention and Visitor's Bureau (CVB), reviewed the CVB budget for FY 2004 and the proposal to increase the occupancy tax from five percent to six percent. She explained the proposal to use the additional funds to help finance a convention center and to provide money for a grants fund of $200,000.00. Mr. Day stated he is recommending that the CVB contribute at least $100,000.00 a year to the Arena and Events Center if the occupancy tax is increased to six percent. Mr. John Cox, Tourism Authority Board member and Chief Executive Officer of the Cabarrus Regional Chamber of Commerce, reported the Tourism Authority had agreed to Mr. Day's recommendation concerning funding for the Arena and Events Center. There was brief discussion regarding the requested increase in the occupancy tax and funding assistance for the proposed convention center to be owned by the City of Concord and operated by John Q. Hammons. Additional information will be provided to the Board regarding these issues. Closed Session UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board moved to go into Closed Session to discuss personnel matters as authorized by North Carolina General Statute 143- 318.11(a) (6). UPON MOTION of Commissioner Carpenter, seconded by Commissioner Privette and unanimously carried, the Board moved to end the Closed Session. No action was reported from the Closed Session. Recess of Meeting UPON MOTION of Chairman Freeman, seconded by Commissioner Carpenter and unanimously carried, the Board recessed the meeting at 10:15 p.m. until 5:30 p.m. on Tuesday, May 27, 2003. Clerk to the Board