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- 1 - <br />MEMORANDUM OF UNDERSTANDING <br />BETWEEN <br />ORANGE COUNTY AND THE TOWN OF CHAPEL HILL <br /> <br /> <br />Funding for Joint CoStar Realty Information, Inc. Subscription <br /> <br /> <br />WHEREAS, North Carolina law authorizes counties to enter into agreements with third parties to <br />provide services under mutually agreed upon terms and conditions; and <br /> <br />WHEREAS, Orange County (“County”) and the Town of Chapel Hill (“Town”) wishes to <br />provide services or engage in joint economic development activities as designated herein, and its <br />residents and businesses would benefit from those services or activities. <br /> <br />NOW THEREFORE, the County and Town agree, through this Memorandum of Understanding <br />(“MOU”), to the following terms and conditions: <br /> <br />1. The County will pay the Town Nine Thousand Six Hundred Twenty-Six Dollars and <br />Sixty-Seven Cents ($9,626.67) for each fiscal year 2022-2023 and 2023-2024 up to and not <br />to exceed the total amount for both fiscal years of Nineteen Thousand Two Hundred Fifty- <br />Three Dollars and Thirty-Four Cents ($19,253.34). The funding will cover the cost for <br />Orange County to have two licenses (seats) through June 30, 2024 to CoStar Realty <br />Information, Inc. an online Real Estate Platform. CoStar Realty Information, Inc. provides <br />commercial real estate data and analytics, trends and future lookout for market, submarket, or <br />a custom set of commercial properties-with key performance indicators based market <br />research. <br /> <br />2. The Town shall invoice the County, in writing, each fiscal year. The County will then provide <br />to the Town annual funding to cover to cost of the County’s two licenses. <br /> <br /> <br />3. The County shall not be obligated to provide work, supplies, staffing, or other items or things <br />to the Town for the performance of its services or activities, unless otherwise outlined in the <br />request as referenced under point 2. No partnership, joint venture, or other relationship is <br />formed by entry into this MOU. <br /> <br />4. This MOU shall be effective from July 1, 2022 through and including June 30, 2024. <br /> <br />Wherefore the Parties hereto have set their hands and seals this 24 day of June, 2022. <br /> <br /> <br />________________________________ _________________________________ <br />Orange County Manager Town of Chapel Hill <br />DocuSign Envelope ID: ECB2242C-85A9-4E2D-A57F-7C2EE347DF30 <br />7/5/20227/5/2022