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5 <br /> Attachment 1 <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 day <br /> of ,2019,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 originally initiated through a 2012 <br /> interlocal agreement, and renewed in a new 2016 agreement between the Parties whereby local startup <br /> businesses in the"LAUNCH"incubator have more opportunities to remain in Orange 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. Coup. Grant. County shall grant to the Town two hundred twenty thousand five hundred dollars <br /> ($220,500.00). This grant shall be payable quarterly in installments of eighteen thousand three hundred <br /> seventy five dollars ($18,375.00). Town acknowledges and agrees the full amount,which shall not exceed <br /> two hundred twenty thousand five hundred ($220,500.00), shall be expended by the Town for the sole <br /> purpose of establishing and maintaining a small business incubator/joint co-working space located at 321 <br /> West Rosemary Street, and a joint accelerator space located at 306 W. Franklin Street, Chapel Hill,North <br /> Carolina 27516 (the LAUNCH"Small Business Incubator"). County and Town agree this grant is the full <br /> extent of the County's contribution. Town shall be responsible for conducting any statutorily required <br /> 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 LAUNCH Small <br /> Business Incubator property using the County grant, together with Town resources, in order to maintain <br /> the property's availability for lease and sublease as a Small Business Incubator. <br /> 3. Term. The term of this Agreement shall commence the 1 st day of January 2019 and shall continue for a <br /> period of thirty-six(36)months,expiring on 12/31/21. Any such renewal, or any other modification, shall <br /> be accomplished through a mutually agreed upon written amendment to this Agreement and may be <br /> approved and executed by the managers of the 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 />