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5 <br /> STATE OF NORTH CAROLINA <br /> COUNTY OF ORANGE <br /> INTERLOCAL AGREEMENT <br /> This INTERLOCAL AGREEMENT ("Agreement") is hereby made and entered into this the <br /> day of , 2021,by and between ORANGE COUNTY, hereinafter referred <br /> 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 originally initiated through <br /> a 2012 interlocal agreement, and renewed in new 2016 and 2019 agreements between the Parties, <br /> whereby local startup businesses in the "LAUNCH, Inc." incubator have more opportunities to <br /> remain in Orange County and Chapel Hill. <br /> NOW, THEREFORE, in consideration of the mutual covenants,promises and agreements <br /> contained herein, the parties hereto agree as follows: <br /> 1. County Grant. County shall grant to the Town a sum of two hundred twenty thousand five <br /> hundred dollars ($220,500.00). This grant shall be payable in twelve (12) quarterly installments <br /> of eighteen thousand three hundred seventy-five dollars ($18,375.00). Town acknowledges and <br /> agrees the full amount, which shall not exceed two hundred twenty thousand five hundred <br /> ($220,500.00), shall be expended by the Town for the sole purpose of establishing and <br /> maintaining a small business incubator space located at 306 W. Franklin Street, Chapel Hill, <br /> North Carolina 27516 (the nonprofit LAUNCH, Inc.). County and Town agree this grant is the <br /> full extent of the County's contribution. Town shall be responsible for conducting any <br /> statutorily required public hearing prior to the expenditure of any grant funds. <br />