2019-022 - Expressing Official Intent to Reimburse Costs of the Love Civic Center Project

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CEN"1D"U& 1'"��(,A, ""8 A,,G EI%,IE"P',,,"ISE AGREEMENT This Agreement shall be between the City of Paris, Texas, a home rule municipal corporation (hereinafter CITY), and the Lamar County Chamber of Commerce, a 501C-6 not- for-profit corporation (hereinafter CHAMBER), which in consideration of the mutual covenants, agreements, stipulations, and payments, do hereby contract and agree as follows. Section 1. Responsibilities of Parties. CITY shall: 1. Convey to CHAMBER quarterly distributions of the Hotel Occupancy Tax collected pursuant to l tate law. 2. Retain five percent (5%) of quarterly Hotel Occupancy Tax proceeds to pay CITY's administrative costs, and for the purpose of funding special purpose grants to enhance tourism as approved by the City Council of Paris, and consistent with ,t9$ eSC tV,, law. CHAMBER shall: 1. Operate, support, fund, staff, and otherwise maintain an active Visitors and Convention Council (VCC) for the purpose of promoting tourism and the convention and hotel industry within the City of Paris. 2. Use one-half of HOT proceeds received from CITY for operation and maintenance of LCC facilities, and other such proceeds as are generated by or contributed to the LCC facilities to use, staff, maintain, and operate a a', V , IoIofi"�Love Civic Center (LCC) facilities for the operation of a conference, meeting, convention, and exhibit center for holding conventions, meetings, exhibits and other events and activities to attract conventions, tourists, and other visitors and for the benefit of the City and the general public. 3. Deposit all Hotel Occupancy Tax (HOT) proceeds into a separate banking account at a local financial institution which is federally chartered and FDIC -insured in such a manner that no other funds of CHAMBER are or can be comingled with HOT proceeds. 4. Submit for approval by CITY, on or before August 1 of each year, a proposed annual program of work and budget for the VCC and for LCC facilities. 5. Submit minutes of the meetings of the VCC and LCC boards to CITY within thirty (30) days of approval of said minutes. 6. Comply with all Ststatutes and city ordinances pertaining to the use of leased facilities and of Hotel Occupancy Tax proceeds. 7. Maintain complete and accurate financial records of all expenditures of HOT and make such records available for review and inspection upon request of CITY. 8. Provide written quarterly reports to CITY, summarizing revenues and expenditures, as well as convention and tourism activities and statistics, and present such reports verbally upon request of CITY.