09-26-16 Regular Meeting of the La Porte City Council

Browse Search

year) the Chamber's Sylvan Beach Festival fundraiser should yield more than $50,000.00 in net proceeds, Chamber agrees to remit to City fifty percent (50%) of each dollar raised in excess of said $50,000.00 threshold. In the event a remittance is made to the City such funds shall be deposited into City's hotel occupancy tax fund. The City's obligation to forward payment as established herein is subject to its right to terminate this agreement at any point during City's fiscal year with 30 days advance written notice, as authorized in Section XIII of this agreement. SECTION III. The term of this agreement is for three (3) years, beginning on October 1, 2016 and expiring on September 30, 2019. No less than ninety (90) days prior to the expiration of the initial 3- year term of this agreement, the City and Chamber may renegotiate the cap level as established in Section II. Any increase in the base contribution will be based on the annual performance report and the annual budget submittal by the Chamber and shall be approved by City Council. SECTION IV. In the event 30 days advance written notice of termination is not received by the other party to this agreement at least ninety (90) days prior to the agreement conclusion date at the expiration of the initial three (3) year term, this agreement shall be extended on the same terms and conditions for one additional two (2) year term. SECTION V. The City shall, on or before the 45th day following the end of the first quarter of the fiscal year, pay $125,000. For purposes of this agreement, City shall make only one payment per year for the full annual amount on or before the 45th day following the quarter ending on September 30, 2016. SECTION VI. Chamber agrees that any and all Hotel Occupancy Tax funds paid to it by City shall be used only in the following specific areas: 1.The furnishing of facilities, personnel, and materials for the registration of convention delegates or registrants; 2.Advertising and conducting solicitations and promotional programs to attract tourists and convention delegates or registrants to the municipality or its vicinity; 3.Advertising and conducting solicitations and promotional programs to encourage tourists and convention delegates to visit preserved historic sites or museums.