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August 25, 2003 Page 230 The Board of Commissioners for the County of Cabarrus met in recessed session in the Multipurpose Room at the Cabarrus County Governmental Center in Concord, North Carolina on Monday, August 25, 2003, at 6:30 p.m. Present - Chairman: Robert M. Freeman Vice Chairman: Richard D. Suggs Commissioners: Carolyn B. Carpenter Robert W. Carruth Coy C. Privette Also present were Mr. John D. Day, County Manager; Mr. Fletcher Hartsell, Jr., County Attorney; and Mrs. Frankie F. Bonds, Clerk to the Board. Chairman Freeman called the meeting to order at 6:32 p.m. Commissioner Carruth gave the invocation. Joint Meeting with the Concord City Council City of Concord Mayor Scott Padgett and the following City Council members were present for the meeting: Lamar Barrier, David Phillips, James Ramseur, Randy Grimes, Alfred M. Brown, Jr., and Allen Small. City staff members present for the meeting included City Manager Brian Hiatt, City Attorney Albert Benshoff, Assistant City Attorney Robert Cansler and Deputy City Clerk Jill Chunn. Mayor Scott Padgett called the meeting of the Concord City Council to order. Mayor Padgett asked the City Council by consensus to direct the City Manager and Planners to work with County staff to seek a mutually satisfactory arrangement for development standards in proposed water and sewer service areas. The City Council agreed by consensus. Discussion of the Proposed Convention Center Mayor Padgett commented on similar hotel and convention center projects by John Q. Hammons in such places as Tulsa, Oklahoma and Rogers, Arkansas. He stated each agreement was different with some better and some not as good as the one proposed for the Concord project. Further, Mayor Padgett reported that interest rates had increased during the discussion of the proposed convention center. Citing the impact of the higher interest rates and the reluctance by John Q. Hammons to have the Authority as Lessor of the convention center, Mayor Padgett asked that discussion of the project be postponed in order for the City to get updated financial information. Mr. Hiatt advised that interest rates quoted at 6.02 to 6.04 percent i~ Nove~er when the project was first proposed to the Convention and Visitors Bureau are now at 6.5 percent. He stated this would increase the City's cost for one-half' the debt service from $550,000.00 to $680,000.00 and that funding from the increase in the occupancy tax revenue would be insufficient to cover that cost. Chairman Freeman addressed various arrangements by John Q. Hammons for hotel and convention center projects in the following cities: Tulsa, Oklahoma; Rogers, Arkansas; Loveland, Colorado; and Hampton, Virginia. He stated in his opinion a better "deal" can be worked out with John Q. Hammons for the local convention center project. There was discussion regarding the agreements by John Q. Hammons in other areas of the country, the merits of the local project and the impact of the increased interest rates on financing the project. Mayor Padgett expressed concern that there had been no discussions about the Interlocal Agreement between the City and County Managers and Attorneys since the last meeting. He stated it was his understanding that direction had been given for the Managers and Attorneys to meet and discuss the Interlocal Agreement. Mr. Hartsell advised that he had incorporated the recommended changes as agreed to by the Board on August 11 into a single document. He had sent the rewritten Interlocal Agreement to Mr. Benshoff who in turn had sent a letter back to the County that raised some issues with regard to the incorporated document.