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3 <br />STATE OF NORTH CAROLINA <br />COUNTY OF ORANGE <br />PERFORMANCE <br />AGREEMENT <br />This Agreement, made and entered into by and between the Town of Chapel Hill, herein <br />"Town", and Orange County by and for its Chapel HilUOrange County Visitors Bureau, 501 <br />West Franklin Street, Suite 104, Chapel Hill, NC 27516, herein "County" for services <br />hereinafter described for the Town of Chapel Hill. This Contract is between the Town of Chapel <br />Hill and Orange County by and for its Chapel HilUOrange County Visitors Bureau for a <br />comprehensive visitor services program targeted toward providing services to potential visitors <br />to Chapel Hill and Orange County for FY 2008-09. <br />WITNESSETH <br />That for and in consideration of the mutual promises and conditions set forth below, the Town <br />and County agree: <br />1. Duties of the County: The County shall operate a comprehensive visitor services <br />program targeted toward providing services to potential visitors to Chapel Hill and <br />Orange County. The County shall use Town funds for general operational support and to <br />provide visitor services. <br />2. Duties of the Town: The Town has appropriated the sum of One Hundred Thirty <br />Thousand Dollars ($130,000) to the County for the fiscal year 2008-2009. Additionally, <br />if the Town's actual (hotel occupancy) revenues exceed $1,000,000, for the fiscal year <br />ending June 30, 2009, the Town agrees to pay to the County one-half of the revenues <br />over $1,000,000, up to an additional $20,000. Further, the Town will pay 13% of any <br />hotel occupancy revenues in excess of $1,040,000 to the County.* <br />3. Fee Schedule and Maximum Sum: Payments of $32,500 each will be made on or after <br />the following dates: July 1, 2008; October 1, 2008; January 1, 2009; and April 1, 2009 , <br />and if it is determined that revenue for the fiscal year ending June 30, 2009 exceeds <br />$1,000,000, an additional payment calculated as described in # 2 above, will be made <br />within 30 days of the receipt of the final hotel occupancy payment from the State. <br />4. Performance Review: At the end of the third quarter the CVB Director and the Town <br />Manager will review the status of and results of this agreement and report their to <br />findings to the Council. <br />5. Billing and Pam The County shall bill and the Town shall pay the rates set forth <br />Therein. Payment will be made by the Town within thirty (30) days of receipt of an <br />accurate invoice, approved by the contact person or his/her designee. <br />6. Financial Records: The County agrees to allow the Town to inspect its financial books <br />and records upon reasonable notice, during normal working hours. <br />Revised 11/2008 Page 1 of 3 <br />