2019-128-E Economic Dev - Town of Chapel Hill LAUNCH Incubator Interlocal Agreement

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DocuSign Envelope ID:206E3F41-21CA-479B-99DD-4F870A3B90FA STATE OF NORTH CAROLINA INTERLOCAL AGREEMENT COUNTY OF ORANGE This INTERLOCAL AGREEMENT ("Agreement") is hereby made and entered into this the 25th day of February, 2019, by and between ORANGE COUNTY, hereinafter referred to as ("County"), and the TOWN OF CHAPEL HILL, hereinafter referred to as ("Town") pursuant to N.C. Gen. Statute 160A-460 et seq., 160A-17.1 and other applicable laws. WITNESSETH: WHEREAS, County and Town desire to continue with a partnership originally initiated through a 2012 interlocal agreement, and renewed in a new 2016 agreement between the Parties whereby local startup businesses in the"LAUNCH"incubator have more opportunities to remain in Orange County and Chapel Hill. NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements contained herein, the parties hereto agree as follows: 1. County Grant. County shall grant to the Town two hundred twenty thousand five hundred dollars ($220,500.00). This grant shall be payable quarterly in installments of eighteen thousand three hundred seventy five dollars($18,375.00). Town acknowledges and agrees the full amount,which shall not exceed two hundred twenty thousand five hundred ($220,500.00), shall be expended by the Town for the sole purpose of establishing and maintaining a small business incubator/joint co-working space located at 321 West Rosemary Street, and a joint accelerator space located at 306 W. Franklin Street, Chapel Hill,North Carolina 27516 (the LAUNCH"Small Business Incubator"). County and Town agree this grant is the full extent of the County's contribution. Town shall be responsible for conducting any statutorily required public hearing prior to the expenditure of any grant funds. 2. Town Obligation. Town shall be responsible for payment of the rental obligation of the LAUNCH Small Business Incubator property using the County grant, together with Town resources, in order to maintain the property's availability for lease and sublease as a Small Business Incubator. 3. Term. The term of this Agreement shall commence the 1 st day of January 2019 and shall continue for a period of thirty-six(36)months, expiring on 12/31/21. Any such renewal, or any other modification, shall be accomplished through a mutually agreed upon written amendment to this Agreement and may be approved and executed by the managers of the County and Town. 4. Reporting. Town shall on or before July 1 annually during the term of this Agreement provide a report to the Orange County Manager detailing the expenditure of the grant funds described in Section 1 above. Upon request by County, Town shall provide County with any audit or underlying documents necessary to verify the contents of the annual report. In the event such report or documents are not provided County may suspend grant installments until such time as the report or documents are provided. 5. Force Majeure/Emergency Non-Appropriation. In the event Town or County should be delayed in, or prevented from,performing or carrying out any of the agreements, covenants, or obligations made by, and imposed upon, said Party by this Agreement, by reason of or through any cause reasonably beyond its control and not attributable to its neglect, including but not limited to condemnation, order of any court granted in any bona fide adverse legal proceeding or action, explosion, fire or other act of God or public enemies, and/or emergency non-appropriation, then, in each such case or cases, the affected Party shall be relieved of performance under this Agreement. 6. Termination. The County and Town may terminate this Agreement upon mutual written agreement approved by the County's and Town's managers. Either County or Town may terminate this Agreement