Orange County NC Website
Browse       Search
CIO <br /> Zvi � 60cj <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 Vt day of November , 2016 between <br /> Town Chapel Hill , North Carolina a municipal corporation situated in Orange County , North <br /> Carolina (the " Town " ) , and Orange County , a political subdivision of the State of North Carolina <br /> (the " County" ) , for the reimbursement to the County by the Town of one half of the County ' s <br /> expenditures for an economic development inducement grant to induce Wegmans Food <br /> Markets , Incorporated ( " Wegmans" ) to locate a new facility in Chapel Hill , Orange County , North <br /> 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 grants <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 />