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DocuSign Envelope ID:83528327-7972-4E21-927F-5B497DEBB348 <br /> STATE OF NORTH CAROLINA <br /> INTERLOCAL AGREEMENT <br /> COUNTY OF ORANGE <br /> This INTERLOCAL AGREEMENT ("Agreement") is hereby made and entered into this the 1st <br /> day of_March_, 2017 with an effective date of January 1, 2017, by and between ORANGE COUNTY, <br /> hereinafter referred to as ("County"), and the TOWN OF CHAPEL HILL, hereinafter referred to as ("Town") <br /> pursuant to N.C. Gen. Statute 160A-460 et seq., 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; and <br /> WHEREAS, through a December 11, 2015 interlocal agreement the County and Town continued this <br /> partnership; and <br /> WHEREAS, the County and Town desire to terminate the interlocal agreement dated December 11, 2015 and <br /> enter into a new interlocal agreement to reflect new terms and conditions. <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 up to one hundred sixty-three thousand seven hundred fifty <br /> dollars ($163,750.00). Except as otherwise provided in this Section, upon an invoice properly submitted <br /> by Town this grant shall be payable quarterly in installments of eighteen thousand three hundred seventy- <br /> five dollars($18,375.00). <br /> 1.1. Such quarterly installments may be made annually on or about July 1st, October 1st, January 1st,April <br /> 1st through the end of the Term of this Agreement. <br /> 1.2. The installments for fiscal year 2016-2017 shall be as follows; January 2017 installment thirty-five <br /> thousand one hundred twenty-five dollars ($35,125.00) and April 1St installment, eighteen thousand <br /> three hundred seventy-five dollars($18,375.00). <br /> 1.3. Town acknowledges and agrees the full amount, which shall not exceed one hundred sixty-three <br /> thousand seven hundred fifty dollars ($163,750.00), shall be expended by Town for the sole purpose <br /> of establishing and maintaining a small business incubator/joint working space at 321 West <br /> Rosemary Street, Chapel Hill, North Carolina (the "Small Business Incubator"). County and Town <br /> agree this grant is the full extent of the County's contribution. Town shall be responsible for <br /> conducting any statutorily required public hearing prior to the 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, 2017 and shall continue until <br /> December 31, 2018. This Agreement may be renewed for up to two additional three-year terms. Any <br /> such renewal, or any other modification, shall be accomplished through a mutually agreed upon written <br /> amendment to this Agreement and may be approved and executed by the managers of the County and <br /> Town. This Agreement replaces and supersedes the original interlocal agreement dated December 11, <br /> 2015 and that December 11,2015 interlocal agreement is terminated as of December 31,2016. <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 /> 1 <br />