Res 2005-078 - Laserfiche WebLink

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but are not pre-approved by the City and Prime, the City and Prime will have no obligation to contribute towards the expenses. 2. Contribution of Funds by Tanger. Tanger agrees to match, dollar-for-dollar, the contributions made by the City and Prime to Tanger for advertising expenses incurred by Tanger on behalf of the Co-op. In the event that Tanger expends funds in excess of its match either to advertise the Tanger Outlet Center, or promote retail business or tourism in the City, the City and Prime will not be obligated to contribute any additional funds, and correspondingly Tanger would have no obligation to gain pre-approval by the City or Prime of those particular advertising endeavors. 3. Contributions of Funds by Prime. Prime agrees to match, dollar~for-dollar, the contributions made by the City and Tanger for advertising expenses incurred by Tanger on behalf of the Co-op. Prime will make payments to the City in two equal installments on May 31, 2005, and August 1, 2005 totaling $38,262. In no event will the total of payments by Prime under this Agreement exceed $38,262. The City will use these amounts from Prime to reimburse Tanger for up to one-third of all advertising costs incurred by Tanger under this Agreement. The City will make these payments within 30 days from receipt of invoice copies and advertising proofs. If any of the Prime funds are unspent for any reason as of December 31, 2005, the City shall refund the unspent amount to Prime within ten days of that date. fu the event that Prime expends funds in excess of its match either to advertise the Prime Outlet Center, or promote retail business or tourism in the City, the City and Tanger will not be obligated to contribute any additional funds, and correspondingly Prime would have no obligation to gain pre-approval by the City or Tanger of those particular advertising endeavors. 4. Contribution of Funds by City. The City agrees to contribute to the Co-op four and five-tenths percent (4.5%) of the City's hotel occupancy tax receipts for the City's 2004-05 fiscal year. The City has received payments thus far for the first two quarters of the fiscal year, and 4.5% of these payments amounts to $18,810.32. The City expects to receive hotel occupancy tax payments (from which the City's payments will be made under this Agreement) for the third and fourth quarters of the fiscal year, with receipt deadlines of July 31,2005, and October 31, 2005. The City will calculate four and five-tenths percent (4.5%) of the quarterly receipts as of each of these dates, and will notify Tanger and Prime in writing of these calculations within ten business days of each of these dates. The City will use these amounts to reimburse Tanger for up to one-third of all advertising costs incurred by Tanger under this Agreement. The City will make these payments within 30 days from receipt of invoice copies and advertising proofs. The City will hold this percentage of the funds collected from hotel occupancy tax payments in a liability account of the City for the purpose of making payments to Tanger under this Agreement until December 31,2005, when any unspent funds will revert to the City's hotel occupancy tax fund balance. fu no event, however, will the total of contributions by the City under this Agreement exceed four and five-tenths percent (4.5%) of the hotel occupancy tax payments for the City's 2004-05 fiscal year. 5. Advertising Placement; Program Costs; Payments. A. Tanger will pay for all advertising placed under this Agreement, and Tanger will provide the City and Prime with proof of the advertising and detailed copies of invoices associated with the advertising. 2