[Ord. No. 08-07, 5-13-2008]
There is hereby established the "Kalahari Resort Tourism Zone,"
consisting of all the area designated on the map by Greenhorne &
O'Mara, Inc. dated March 10, 2008, and entitled "Exhibit Plat, Showing
Kalahari TIF Parcels in Celebrate Virginia South," attached hereto
and incorporated herein. The purpose of this zone is to provide economic
incentives and regulatory flexibility for Kalahari Resorts - Virginia,
LLC, for the construction and operation of a new hotel/conference
center/waterpark resort, in substantial accordance with the Performance
and Incentive Agreement between the City of Fredericksburg, the Fredericksburg
Economic Development Authority, and Kalahari Resorts, dated May 13,
2008 ("performance agreement.")
[Ord. No. 08-07, 5-13-2008]
Kalahari Resorts - Virginia, LLC its affiliates, or a Permitted
Kalahari Successor, as defined in the performance agreement, shall
be eligible for the tax incentives and regulatory flexibility provided
in the performance agreement. The term for such tax incentives and
regulatory flexibility shall be 20 years from the date of the performance
agreement. If the incentive period (as defined in the performance
agreement) is reduced to 10 years, then the term for such tax incentives
and regulatory flexibility shall expire at the end of the incentive
period.
[Ord. No. 08-07, 5-13-2008]
The City Manager is authorized to administer the Kalahari Resort
Tourism Zone in accordance with the approved performance agreement.
