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7 <br /> Attachment 2 <br /> I STATE OF NORTH CAROLINA <br /> INTERLOCAL AGREEMENT <br /> COUNTY OF ORANGE <br /> This INTERLOCAL AGREEMENT("Agreement")is hereby made and entered into this the day <br /> of ,2015,by and between ORANGE COUNTY,hereinafter referred to as("County"), and the TOWN <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 continue with a partnership initiated through a 2012 interlocal <br /> agreement between the Parties whereby local startup businesses have more opportunities to remain in Orange <br /> County and Chapel Hill. <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements contained herein, <br /> the parties hereto agree as follows: <br /> 1. County Grant. County shall grant to the Town one hundred twenty thousand dollars ($120,000.00). This <br /> grant shall be payable quarterly in installments of ten thousand dollars ($10,000.00). Town acknowledges <br /> and agrees the full amount, which shall not exceed one hundred twenty thousand dollars ($120,000.00), <br /> shall be expended by Town for the sole purpose of establishing and maintaining a small business <br /> incubator/joint working space at 321 West Rosemary Street, Suite 110, Chapel Hill, North Carolina (the <br /> "Small Business Incubator"). County and Town agree this grant is the full extent of the County's <br /> contribution. Town shall be responsible for conducting any statutorily required public hearing prior to the <br /> expenditure of any grant funds. <br /> 2. Town Obligation. Town shall be responsible for payment of the rental obligation of 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 1st day of January 2016 and shall continue for a <br /> period of thirty-six (36) months. This Agreement may be renewed for up to two additional three-year <br /> terms. Any such renewal, or any other modification, shall be accomplished through a mutually agreed <br /> upon written amendment to this Agreement and may be approved and executed by the managers of the <br /> County and Town. <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 County with any audit or underlying documents necessary to <br /> verify the contents of the annual 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 County should be delayed in, or <br /> prevented from,performing or carrying out any of the agreements, covenants, or obligations 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, including but not limited to condemnation, order of any court <br /> granted in any bona fide adverse legal proceeding or action, explosion, fire or 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 />