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5 <br /> 3 <br /> the University of North Carolina has provided up to $100,000 in support annually <br /> through the Chancellor's Office and an additional $135,000 in annual support <br /> through donor funds allocated to developing and supporting the program at Launch <br /> Chapel Hill (salaries, speakers, events, etc). For the initial term of the agreement 3 <br /> Birds Marketing contributed $10,000 annually to the facilities budget for Launch <br /> Chapel Hill. 3 Birds commitment ends in December 2015 and this request asks that <br /> the Town step in to fill that funding gap. The Town agreeing to fund at $40,000 per <br /> annum would bring its' commitment in line with that of the County. <br /> The extension of the MOU and funding will allow Launch Chapel Hill to sign an <br /> extension of the lease for the 3400 space they currently lease in Downtown Chapel <br /> Hill. The extension of the lease term is at a somewhat more favorable rent rate. The <br /> Executive Committee of Launch Chapel Hill will be authorized to negotiate and <br /> finalize an extension of the lease for the existing space for a 2 year base term with a <br /> third year extension possible. This term matches the funding commitment sought. <br /> Launch Chapel Hill Program Update <br /> Launch Chapel Hill opened its' doors in January of 2013. Since that time a total of <br /> 49 companies have participated in the accelerator program offered by Launch. <br /> Year Number of Companies <br /> Participating <br /> January - December 16 <br /> 2013 Cohort 0 <br /> January — December 18 <br /> 2014 Cohorts 1 & 2 <br /> January — December 15 <br /> 2015 Cohorts 3 & 4 <br /> Three Year Total 49 <br /> 37 of the 49 teams are still in operation: 76% <br />