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May 29, 2003 Page 143 UPON MOTION of Commissioner Privette, seconded by Chairman Freeman and unanimously carried, the Board named John Day, Mike Nash, Maurice Ewing, Chairman Freeman and Vice Chairman Suggs as a committee to plan the Economic Development Summit as proposed by Chairman Freeman. UPON MOTION of Commissioner Carpenter, seconded by Commissioner Carruth and unanimously carried, the Board directed John Day, Maurice Ewing and Mike Nash to review the requested Economic Development Corporation budget ($438,835.00) for FY 2004 to make sure all the numbers are correct, including the proposed $41,500.00 contingency fund, and to see if any adjustments need to be made before adoption of the budget on June 16. Convention and Visitors Bureau Mr. Day reviewed the funding process for the Convention and Visitors Bureau (CVB) and defined procedures concerning the appropriation of the CVB Fund Balance. He outlined action by the CVB to place funds currently in the CVB capital account into a reserve account for a grants program for event acquisition and/or promotion. Mr. Day also commented on the CVB's request to increase the occupancy tax to six percent and assist in funding a convention center proposed by the City of Concord. There was brief discussion regarding the proposed convention center and the Cabarrus Arena and Events Cente~. The following issues were addressed during discussion: (1) Potential for the convention center and arena to complement each other; (2) Importance of joint marketing of the two facilities, including the need to identify target events for each; and (3) Possibility of the two facilities operating under the same authority. UPON MOTION of Commissioner Privette, seconded by Commissioner Carpenter and unanimously carried, the Board affirmed the following action taken by the Board of Directors of the Convention and Visitors Bureau (Tourism Authority). A motion was made by John Cox with a second by Eddie Littlefield to place all the funds that currently reside in the capital account, plus any additional funds collected by June 30, 2003, into a reserve account to be used specifically for a grants program for event acquisition and/or promotion in succeeding years. Motion carried. A motion was made by John Cox with a second by Diane Honeycutt to designate any unallocated operating fund balance remaining on June 30, 2003, above and beyond the 8% as designated by this board as operating reserve, for operational contingencies. Motion carried. FY 2004 Budget Mr. Day reviewed a list of changes that had been made to the FY 2004 Budget since the preliminary budget was prepared. UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board adopted the following list of additions/deletions to the preliminary FY 2004 budget: General Government · Non-Departmental: Project Challenge revenue and expense reduction of $1,687. Cabarrus Teen Court revenue and expense increase of $12,223. · Mental Health: Court Psychological Services - (DJJDP) reduce revenue and expense $11,079. · Planning: Increase Service Fees revenue $6,000 to encompass the following contracts: Mt. Pleasant $3,000; and Midland $3,000. Increase Consultant expense totaling $5,000. · Economic Development Incentives: Concord Mills Incentive increase of $100,000. Corning Incentive increase of $30,516. Pillowtex Incentive reduction of $100,060. Southeastern Packaging Incentive Increase of $3,709. Builders Supply Incentive reduction of $1,391. BOC Incentive increase of $23,009. S & D Incentive Grant reduction of $35,695.