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9 <br /> kind services to Launch and Launch companies. In addition, Orange County provides <br /> periodic supplemental financial support to select LCH cohort tenants that occasionally apply <br /> for, and are approved for, small business grants and loans awarded by the Orange County <br /> Economic Development Department. <br /> 4. On 5/8/18 Meg McGurk, on behalf of the Chapel Hill Downtown Partnership (CHDP), agreed <br /> that the CHDP would continue for the period of the one-year lease extension to provide the <br /> same services for Launch as it did previously, such as paying the bills and holding the lease, <br /> with one exception. The CHDP will not cover cash flow shortages as they have done in the <br /> past through the period of the one-year extension. <br /> 5. Dina Rousset serves as the primary contact with the property's owners (Todd Zapolski and <br /> Jeff Boak). Dina is herewith authorized to explore re-negotiating a reduced rental rate <br /> especially in light of frequent roof and rear wall leaks in the new space for a one-year <br /> extension. <br /> 6. CHDP will continue to provide the same services for Launch that it has to date, including <br /> financial management, paying all bills and rent, and collecting program fees through <br /> December 31, 2019. <br /> • CHDP's commitment is contingent upon the approval of the Town of Chapel Hill budget <br /> for FY July 1, 2018 to June 30, 2019 that includes a $150,000 commitment for Launch <br /> until June 30, 2019. In the event that this does not occur and the lease is signed, UNC <br /> Innovate Carolina's financial commitment of$150,000 per fiscal year until 2020 will be <br /> first used to cover facility costs (primarily rent and cam charges) incurred by CHDP for <br /> Launch. <br /> • If the Town of Chapel Hill and Orange County do ndt extend their financial commitment <br /> beyond June 30, 2019, UNC Innovate Carolina has agreed to a financial commitment of <br /> $150,000 for fiscal year 2019 to cover the lease for Launch. It is understood that <br /> Innovate Carolina funding alone would not fully support all operational costs of Launch <br /> and thus ongoing operations would cease. <br /> • The Party funders agree that the priority for these funds is to pay the lease and cam <br /> charges for Launch. CHDP will not cover cash flow shortages. <br /> • CHDP will be repaid $26,953.02 in full by December 31, 2018, or sooner if cash flow <br /> allows. <br /> • Some funds have come in from donations and there is the possibility of additional <br /> donations. <br /> In preparation for LCH Phase III (the one-stop shop for acceleration, co-working, and <br /> networking)that is co-sponsored by the Town, County, and UNC; as the anchor <br /> sponsors/founders, we agree to: <br /> a) Move forward with the efforts to establish LCH as a 501(c)3 stand-alone legal entity. The <br /> Launch Advisory Board and Executive Director have until December 31, 2019 to move all <br /> operations into the new legal entity from CHDP.The Town has agreed to establish the <br /> 501(c)3 on behalf of the Launch Advisory Board.The core fiduciary board for the 501(c)3 <br /> will be made up of representatives from the Town of Chapel Hill, Orange County, and UNC- <br /> Chapel Hill.This board is intentionally small in number to provide maximum flexibility. A <br /> larger advisory board will be established if needed. The current Launch Advisory Board will <br /> 3 <br />