AG 2005 01 24 - Laserfiche WebLink

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2. By November 30, 2005, the EDC shall return any uncommitted funds to the local governments including any interest earned accompanied by a certified accounting of expenditures and revenues for the 2004-2005 fiscal year. 3. Municipal funding is contingent upon Cabarrus County continuing its base funding of EDC core services and the EDC developing and maintaining significant private sector financial support and involvement as shown in the budget attached at Exhibit A and incorporated into this contract by reference. It is also contingent upon the EDC maintaining a budget separate from the Chamber of Commerce that is controlled and accounted for separately by the EDC Board. All EDC revenues will be used for EDC services only. 4. The EDC will have an audit conducted annually by an independent accounting firm that will include specific information on how funds from participating entities, including the City, were used. E. The EDC agrees to perform the following "Other Duties and Conditions" 1. The EDC will provide quarterly reports to the local governments contributing funds to support its operation prior to the following dates: April 30, 2005 and July 31, 2005 and the annual report by August 31, 2005. These reports will include an overview of actual expenditures during the period, an overview of the overall economic development climate in Cabarrus County, descriptions of announced projects in the County by each jurisdiction, and specific measurements relating to the performance of the marketing plan. The Annual report will also include a Return on Investment (ROI) report and audit results. 2. All publications, materials, computer databases, site and building inventories or other information or materials produced' as part of this program, excluding information of a confidential nature regarding real estate and business identities or reproduction of custom photography without prior consent of appropriate parties, may be used by the municipalities and county for other purposes without additional compensation to the EDC. In addition, the EDC will furnish or cause to be furnished to the municipalities and county any such reports, data, studies, plans, specifications, documents, computer files, and other information created or collected by the EDC upon request. The documents so provided will remain the property of the municipalities and county. EDC agrees that the municipalities and county will not assume any responsibility for a third party's use' of the documents that are produced. 3. The managers of Cabarrus County, Concord, Kannapolis and Harrisburg will be members of the EDC Board of Directors during the term of this contract. 4. The EDC shall submit separate invoices to the municipalities for each quarterly payment. Invoices to the County may be submitted on a monthly basis. II. DUTIES AND SERVICES PROVIDED BY THE COUNTY TO THE EDC . A. County will reimburse the EDCfor cost of the core services as described above, provided at a level substantially similar to those provided by the EDC in FY2004, in an amount up to $38,500 per month. 5 E.../