2015-405-E ED - Carrboro Community Acupuncture - Business Investment Grant Agreement $10,000

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DocuSign Envelope ID: DAA28B73-CB91-446F-A730-9367CAA336F5 ORANGE COUNTY BUSINESS INVESTMENT GRANT PROGRAM Guidelines PURPOSE The purpose of the Orange County Business Investment Grant Program (Grant Program) is to stimulate successful non-farm Business Investment development and expansion in Orange County(County). Farmers should complete the Orange County Agricultural Grant Application. By making economic development grant funds available, the County will be growing its entrepreneurial ecosystem, supporting existing Business Investment and early-stage venture growth, in order to increase jobs, opportunities and grow the commercial tax base in Orange County. Businesses receiving funding through this program will be encouraged to be good corporate citizens as defined in Orange County's Economic Development Strategic Plan and encouraged to employ Orange County residents. The program will provide two types of grants: • Small Grants: Up to$1,500.00 • Large Grants: From $1,500.01 -$10,000.00 GRANT SUBCOMMITTEE The Grant Subcommittee (Subcommittee)will review all applications and make grant recommendations. The Subcommittee will be comprised of 5 members from the Orange County Economic Development Committee. The Subcommittee Chair, elected by the Subcommittee, shall generally monitor the duties of the Grant Program administration; make sure grant proposals are properly prepared prior to their presentations at the Subcommittee meetings; and oversee the preparation of commitment letters to approved grantees, with the assistance of County staff if needed. Grant commitment letters will be signed by the Chair and/or by County staff. The Subcommittee will have the following responsibilities: • Find creative ways to grant funds to stimulate successful Business Investment development and job creation. • Review grant applications quarterly and, determine which applications meet eligibility requirements and whether an eligible application will be approved, approved with conditions, or submitted to the applicant for more information. • Periodically review status of existing grants to determine if funds are being used in the manner in which they were intended, and recommend appropriate corrective action where needed. • Evaluate grant application requirements and make appropriate adjustments as needed to accomplish the objectives of the program. • Conduct annual review of grants and their impact on the County's Business Investment environment. • Provide explanation of why grant was not approved, if requested. GRANT PROGRAM ADMINISTRATION The Grant Program will be administered by a Subcommittee consisting of five members from the Orange County Economic Development Committee. The Subcommittee will meet quarterly to make and facilitate grants. A quorum will consist of 3 voting members of the Subcommittee. County staff may be utilized to service grants, including receiving applications, notifying applicants of the Subcommittee's decision, making payment to recipients, and generating administrative reports.