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specific project, the EDC may request an alteration in the business plan <br />subject to approval by the EDC Board. <br />D. The EDC agrees to follow the funding guidelines listed below <br />1. County funds shall be used by the EDC solely for the above stated purposes <br />and will be accounted for so that use can be reported and audited annually by <br />a certified public accountant. <br />2. Funding is contingent upon the EDC maintaining a budget separate from the <br />Chamber of Commerce that is controlled and accounted for separately by the <br />EDC Board. All EDC revenues will be used for EDC services only. <br />E. The EDC agrees to perform the following "Other Duties and Conditions" <br />1. The EDC will provide quarterly reports to the Board of County <br />Commissioners at its regular meetings on the following dates: October 18 <br />2010, January 17, 2011, April 18, 2011 and the annual report on August 15, <br />2011. These reports will include an overview of actual expenditures' during the <br />period, an overview of the overall economic development climate in Cabarrus <br />County, descriptions of announced projects in the County by each jurisdiction, <br />and specific measurements relating to the performance of the marketing plan. <br />The Annual report will also include a Return on Investment (ROI) report and <br />audit results. <br />2. All publications, materials, computer databases, site and building inventories <br />or other information or materials produced as part of this program, excluding <br />information of a confidential nature regarding real estate and business <br />identities or reproduction of custom photography without prior consent of <br />appropriate parties, may be used by the municipalities and county for other <br />purposes without additional compensation to the EDC. In addition, the EDC <br />will furnish or cause to be furnished to the municipalities and county any such <br />reports, data, studies, plans, specifications, documents, computer files, and <br />other information created or collected by the EDC upon request. The <br />documents so provided will remain the property of the municipalities and <br />county. EDC agrees that the municipalities and county will not assume any <br />responsibility for a third party's use of the documents that are produced. <br />3. The managers of Cabarrus County, Concord, Kannapolis, Harrisburg, Mount <br />Pleasant and Midland will be members of the EDC Board of Directors during <br />the term of this contract. <br />4. The EDC shall submit separate invoices to the municipalities for each <br />quarterly payment. Invoices to the County may be submitted on a monthly <br />basis. <br />5. The EDC shall adhere to the Public Records Law and Open Meetings Law of <br />the State of North Carolina. <br />1I. DUTIES AND SERVICES PROVIDED BY THE COUNTY TO THE EDC <br />A. For FY 2011, the County will reimburse the EDC $21,833.33 per month paid in <br />arrears. In future years, the County will endeavor to match dollar for dollar those <br />Attachment number 1 <br />G -3 Page 497 <br />