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<br />STATE OF NORTH CAROLINA <br />COUNTY OF ORANGE <br /> <br />INTERLOCAL AGREEMENT <br /> <br /> <br />This INTERLOCAL AGREEMENT (“Agreement”) is hereby made and entered into this the <br />21st day of October, 2021, by and between ORANGE COUNTY, hereinafter referred to as <br />(“County”), and the TOWN OF CHAPEL HILL, hereinafter referred to as (“Town”) pursuant to <br />N.C. Gen. Statute 160A-460 et seq., 160A-17.1 and other applicable laws. <br /> <br />WITNESSETH: <br /> <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 /> <br />NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements <br />contained herein, the parties hereto agree as follows: <br /> <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 />DocuSign Envelope ID: 3E20E318-A840-4661-8EF2-4F272AB386D8