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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 160A460 et seq . , 160A47 . 1 and other applicable laws . <br /> WITNESSETH : <br /> i <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 />