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<br />a. Three and five-tenths percent (3.5%) of the City's hotel occupancy tax receipts
<br />for the City's 2005-06 fiscal year. The City expects to receive hotel occupancy tax
<br />payments (from which the City's payments will be made under this Agreement) for each
<br />of the four quarters of the City's fiscal year, with receipt deadlines of January 31,2006,
<br />April 30, 2006, July 31, 2006, and October 31, 2006, and with payments expected to
<br />occur on or about March 15, 2006, May 15,2006, August 15,2006, and November 15,
<br />2006. The City will calculate three and five-tenths percent (3.5%) of the quarterly
<br />receipts as of each of these dates, and will notify the Area Chamber, Tanger and Prime in
<br />writing of these calculations within ten business days of each ofthese dates.
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<br />b. The difference between the amount paid under a. above, and $50,000, to be
<br />paid from the City hotel occupancy tax fund balance.
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<br />The City will use these amounts to reimburse Tanger for up to one-sixth of all advertising costs
<br />incurred by Tanger for the Program. The City will make these payments within 30 days from
<br />receipt of invoice copies and advertising proofs. The City will hold these amounts in a liability
<br />account of the City for the purpose of making payments to Tanger under this Agreement until
<br />December 31, 2006, when any unspent funds (relative to City maximum contribution of $50,000)
<br />will revert to the City's hotel occupancy tax fund balance. In no event will the total of
<br />contributions by the City under this Agreement exceed a total of $50,000.
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<br />5. Contribution of Funds by Area Chamber. The Area Chamber agrees to match,
<br />dollar for dollar, the City's payments to Tanger under Paragraph 4 of this Agreement. The Area
<br />Chamber expects to receive hotel occupancy tax payments from the City for each of the four
<br />quarters of the City's 2005-06 fiscal year, with payments expected to occur on or about February
<br />15, 2006, May 15, 2006, August 15, 2006, and November 15, 2006. Upon receiving the
<br />calculation of each ofthe City's payment amounts under Paragraph 4, the Area Chamber will use
<br />a portion of its hotel occupancy tax payments from the City to reimburse Tanger for up to one-
<br />sixth of all advertising costs incurred by Tanger for the Program. The Area Chamber will make
<br />these payments within 30 days from receipt of invoice copies and advertising proofs. In no event,
<br />however, will the total of contributions by the Area Chamber under this Agreement exceed
<br />$50,000.
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<br />6. Advertising Placement; Program Costs; Payments. A. Tanger will pay for all
<br />advertising placed under this Agreement, and Tanger will provide the City, the Area Chamber
<br />and Prime with proof of the advertising and detailed copies of invoices associated with the
<br />advertising.
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<br />B. All three parties shall have the right to review and approve expenses in advance
<br />related to the Program to include, but not limited to, placement fees, agency fees, design and
<br />production fees, in order to ensure the best possible rates can be obtained for the Program. Prime,
<br />the Area Chamber and the City shall have 48 hours to respond, after notification by Tanger;
<br />otherwise, their consent is deemed approved. Objections to expenses must be made in writing, in
<br />advance of placement. No party at any time shall umeasonably withhold its approval.
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<br />C. City, Area Chamber and Prime contributions to the Program made pursuant to the
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