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<br />San Marcos, Texu <br />Memorandum of Understanding <br />December 8,2003 <br />PiKe 2 <br /> <br />2. JQH OBLIGATIONS <br /> <br />a. JQH will construct at his sole cost and expense, an Embassy <br />Suiles or Manion hotel containing 200-230 1'DOIIUl/suitec. <br />b. JQH will construct on City's behalf, and lit City expense, the <br />Convention Center which shall be flnanced through issuance of <br />bonds or other Iype of financing. <br />c. JQH shall reimburse City for twenty-five percent (25%) of the <br />debt aervice for the i&5U&nce of the taxable revenue booda. <br />d. 1QH will manage the Convention Center and will retain aU <br />revenues. <br /> <br />John Q. Harrunons as a private developer and the John Q. Hammons Hotels public <br />company as a hotel and convention center manager luas been a winning combination in every city <br />we've choscn to place one of our developments. The San Mareos area is growing. and there is great <br />potential with a cooperative development such as this proposal to maximize on the opportunity to <br />caplure additional revenues for the city and the area businesses. <br /> <br />Obviously, lhe development of an upscale twtel wben adjacent or connected to I <br />qualiLy meeting facility, can bring thousands of new people into the area for business purposes, <br />convenlions, meetings, special events. and even non-business leisure travel. The City will realize <br />increased sales tax revenue, increased real omrte tax revenue, incre&led tourism, and inoreued <br />spending oftourism dollars. <br /> <br />1 would be interested in discussinJ: this proposal with you in more detail but wan1cd <br />to provide you with the basic tcnns and conditions under which we nonnally develop new projects. <br />Please call my office to mange a conference call when you have completed your review of this <br />proposal. This will give us II bllsis for funher negotiations. and I look forward to talking with you <br />again in the near future. Thank you for your consideration. <br /> <br />Sincerely yours, <br /> <br />c=~;==;:- ~ <br /> <br />J Q. HAMMONS <br /> <br />- --=--- <br /> <br />-- <br /> <br />cc: Mr. Sleven E. Minton <br />Debra M. Shantz. Esq. <br /> <br />J:\UOAL\COMMON\lQHM~ MarcarIl..ulllS\MOU NEIOHBORS.Wpd <br /> <br />27 <br />