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003 <br />STATE OF NORTH CAROLINA <br />INTERLOCAL AGREEMENT <br />COUNTY OF ORANGE <br /> <br />This INTERLOCAL AGREEMENT(“Agreement”) is hereby made and entered into this the ____ day <br />of _______, 2012, by and between ORANGE COUNTY, hereinafter referred to as (“County”), and theTOWN <br />OF CHAPEL HILL, hereinafter referred to as (“Town”) pursuant to N.C. Gen. Statute 160A-460 et seq., <br />160A-17.1 and other applicable laws. <br />WITNESSETH: <br />WHEREAS, County and Town desire to enter into a partnership whereby local startup businesseshave more <br />opportunities to remain in Orange County and Chapel Hill. <br />NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements containedherein, <br />the parties hereto agree as follows: <br />1.County Grant.County shall grant to the Town $140,000. This grant shall be payablequarterlyin <br />installments of ten thousand dollars ($10,000). Town acknowledges and agrees the full amount, which <br />shall not exceed $140,000, shall be expended by Town for the sole purpose of establishing a small <br />business incubator/joint working space at 321West Rosemary Street, Suite 110, Chapel Hill, North <br />Carolina (the “Small Business Incubator”). County and Town agree this grant is the full extent of the <br />County’s contribution. Town shall be responsible for conducting any statutorily required public hearing <br />prior to the expenditure of any grant funds. <br />2.Town Obligation. Town shall be responsible for payment of the rental obligationof the Small Business <br />Incubator property using the County grant, together with Town resources, in order to maintain the <br />property’s availability for lease and sublease as a Small Business Incubator. <br />3.Term.The term of this Agreement shall commence the year and day first above recorded and shall <br />continue for a period of forty-two (42) months. <br />4.Reporting. Town shall on or before July 1 annually during the term of this Agreement provide a report to <br />the Orange County Manager detailing the expenditure of the grant funds described in Section 1 above. <br />Upon request by County, Town shall provide Countywith any audit or underlying documents necessary to <br />verify thecontents of theannual report. In the event such report or documents are not provided County <br />may suspend grant installments until such time as the report or documents are provided. <br />5.Force Majeure/Emergency Non-Appropriation. In the event Town or Countyshould be delayed in, or <br />prevented from, performing or carrying out any of the agreements, covenants, orobligations made by, and <br />imposed upon, said Party by this Agreement, by reason of or through any cause reasonably beyond its <br />control and not attributable to its neglect, includingbut not limited to condemnation, order of any court <br />granted in any bona fide adverse legal proceeding or action, explosion, fireor other act of God or public <br />enemies, and/or emergency non-appropriation, then, in each such case or cases, the affected Party shall be <br />relieved of performance under this Agreement. <br />6. Termination.The County and Town may terminate this Agreement upon mutual written agreement <br />approved by the County’s and Town’s managers. Either County or Town may terminate this Agreement <br />upon a material breach by the other. Material breach includes but is not limited to the failure by Town to <br />expend grant funds as required by this Agreement. Effectivethe date of termination any termination of <br />this Agreement relieves County of any further responsibilities or obligations established by this <br />Agreement. <br />1 <br /> <br />