AG 2004 01 26 - Laserfiche WebLink

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December 15, 2003 Page 306 WHEREAS, County and Economic Development, Inc. have entered ~nto a series of annual contracts for Cotmty to participate in the f~ndlng of economic development programs of Econom/c Development~ Inc.; and WH~REASt Economic Development, Inc. has proposed an econonuc development ~arketlng progra~ to ancr~ase exposure to Cabarr~s County both wathan the recruatment con. unary and the publac as a whole, as part of overall economic development efforts, to be funded partaally by ann~al appropraataons from County and partially by privately raased funds; and WHEREAS, Economic Development, Inc. has concluded that an order to successfully solicit contrabutaons from private, and possably other goven%mental, sources it would be necessary to assure such potentaal co~trlbutors of a stable base of funding fro~the County; and WHEREAS, Economic Development, Inc. and County have agreed upon the Lmportance of achieving the ~ollowlng: an (1) increase an e~ploy~ent oppor~unataes for Cabarr~s County residents in career oriented employment, the (al) creataon of conm~maty wealth through the investment of capital and new business actlvlty, the (iii) expansion and dlversafacataon of the tax base, and the (ay) development and maintenance of solad pravate business partacapataon ~n econamic development, and WHEREA~, County has been granted the authority bythe General Asse~bly an G.S. 153A-13 to enter anto contanuang contracts, some portion or all of which are to bm performed an ensuing fiscal years; and WHEREAS, County has agreed to partlcapate in the funding of the economic development programs of Economic Development, Inc., and Economic Development, Inc. has agreed to provide a program of economzc development wath~n Cabarrus County ~n a¢cordsnce with the terms of this Agreement. herein contained and pursuant to the autho~aty contained in the North Carolina General Statutes, the parties do hereby contract and agree as follows: 1. This Agreement shall begin July 1, 2004, and shall exist and contanue through June 30, 2006. development program for County an whlch it shall: (a) F~tablish and maintain consistent contact with offacials at the considered when locating or lnatlatang an operation in the State of North Carolana or the Charlotte region. (b) Formulate pro]sots for carrying out the econon~c development lndustraal prospects whach may locate in Cab&rrus County, furnish advace and (d) Encourage the foz~atlon of pravate development corporataons or (e) Act as counsel to the Cabarrus County Board of Commissioners on 3. Economic Development, Inc. is authorazed to expend the funds provaded by County for any or all of the uses and purposes set forth an the budget of Economic Development, Inc. 4. The County shall allocate and pay to Economic Development, Inc. one (1) monthly payment of $36,569.62 and eleven (11) monthly payments of $36,569.58, for a total of $438,835, with each payment to be made on or about the 15=8 day of each month, durang the first fiscal year of thas Agreement. For the second rascal year of this Agreement, payments shall be mede ou the sax~ schedule. Expenditure of these funds as subject to annual revaew, modification and approval by the Board of Commissioners prior to the begl~g Of each fiscal year. To facilitate such approval, the proposed budget of Bc~namlc Development, Inc. shall be submLtted to the County Manager by Apral 1, 2004 and by April I of each year thereafter whale the agreement is in force. In addition to the monthly payn~nts, the County w~ll continue to a~low Econ(m~c Development, Inc. to use its currant office space (or provade equavalant office space elsewhere in CabarrUs County should the County need that offace space for another purpose) without payment of rent.