In a joint meeting on June 30, 2002, the Raleigh City Council and the Wake County Board of Commissioners delayed an expected vote on an intergovernmental agreement would have set motion the development of the a $180 million convention center and a headquarters hotel. A study by HVS Convention, Sports & Entertainment Facilities Consulting, completed earlier this year, recommends replacement of the existing Raleigh Convention and Civic Center on an adjacent downtown site. To address a serious deficiency in nearby hotel rooms, the study also recommends the development of a 450-room headquarters hotel. A comprehensive financing plan developed by HVS, dedicates 85 percent of existing food and beverage and hotel room taxes to finance the construction, operations and marketing of the proposed new convention center. The hotel is proposed to be privately financed but HVS research indicates that significant public support of the project would be necessary to attract private investment in the hotel project. The business plan anticipates a competitive selection process for architects, construction managers, and hotel developers and operators. A vote on the intergovernmental agreement is expected after a short period of review by the City Council and Board of Commissioners. For more detail see the "Raleigh Convention Center and Hotel Study."