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Attachment 3 21 <br /> INTERLOCAL AGREEMENT BETWEEN ORANGE COUNTY <br /> AND THE TOWN OF CHAPEL HILL REGARDING THE REIMBURSEMENT OF AN <br /> INDUCEMENT GRANT TO WEGMANS FOOD MARKETS, INCORPORATED <br /> THIS AGREEMENT, made and entered into this day of , 2016 <br /> between Town Chapel Hill, North Carolina a municipal corporation situated in Orange County, <br /> North Carolina (the "Town"), and Orange County, a political subdivision of the State of North <br /> Carolina (the "County"), for the reimbursement to the County by the Town of one half of the <br /> County's expenditures for an economic development inducement grant to induce Wegmans <br /> Food Markets, Incorporated ("Wegmans") to locate a new facility in Chapel Hill, Orange County, <br /> North Carolina. County and Town may be referred to jointly as the "Parties". <br /> WITNESSETH <br /> WHEREAS, the County and Town are public bodies, politic and/or corporate, under the <br /> laws of the State of North Carolina and are vested with the power and authority by Article 20 of <br /> North Carolina General Statute Chapter 160A to enter into this Interlocal Agreement (hereinafter <br /> referred to as the "Agreement"); and <br /> WHEREAS, representatives of the County and Town have expressed interest in joint <br /> economic development incentives to jointly fund the economic development inducement grant to <br /> Wegmans with the County paying one hundred percent (100%) of the agreed upon incentive to <br /> Wegmans and Town reimbursing to County fifty percent (50%) of County's inducement grant; <br /> and <br /> WHEREAS, this project will create jobs, provide company benefits to employees, create <br /> property and sales tax revenue, assist in capturing market share from other areas, and improve <br /> a gateway location; and <br /> WHEREAS, the estimated maximum inducement grant is and shall not exceed four <br /> million dollars ($4,000,000.00); and <br /> WHEREAS, the County and Town now desire to formally establish the terms of the <br /> Town's reimbursements to the County. <br /> NOW, THEREFORE, in consideration of the foregoing and based on mutual promises <br /> and obligations set forth herein, the receipt and sufficiency of which is hereby acknowledged, <br /> the County and Town agree as follows: <br /> 1. TERM AND TERMINATION <br /> a. This Agreement shall commence upon execution and shall continue until all <br /> reimbursement installments are paid in full with such payment in full occurring <br /> no later than January 31, 2026. <br /> b. This Agreement may be renewed or amended upon written agreement of the <br /> Parties. <br />