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December 15, 2003
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<br />Page 307
<br />
<br />amend
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<br /> 5. Economic Development, Inc. will fu_~nlsh the Cabarrus Cou~tyManager
<br />w~th quarterly financial statements, prepared by a Certified Public
<br />Accountant in accordance wlth generally acceptable accounting practices, will
<br />undergo an at, ual audit of Ars operations conducted by a Certified P~bllc
<br />Accountant, a~d wail submit a copy of the report of this audit to the Co~ty
<br />Menager within one hundred twenty (120) days of the conclusion of Economic
<br />Development, Inc.'s established fiscal year.
<br />
<br /> 6. Economic Development, Inc. wall prepare and delayer a proposed
<br />detalled annual marketing plan to the Cabarrus County Manager by Aprll 1,
<br />2004 and by ~ril I of each year thereafter while ~hls Agreement ls In force.
<br />The annual marketing plan is sub3ect to review, m~dlfloatlon and approval by
<br />the Cabarrus County Board of Concessioners. Econc~nlc Development, Inc.
<br />provide a written quarterly report to the Cabarrus County Manager on the
<br />lm~lementatzon of the marketxng plan and its other economic development
<br />aotAvltles, and lts President wall meet with the County Manager as necessary
<br />to discuss the quarterly report. Economic Development, Inc. w111 maks
<br />Board me~bers a~d its Presldent avaAlable to make presentatAons to, meet
<br />wAth, and answer questlons posed by, the Cabarrus County Board of
<br />Cormm~ssioners as requested and as necessary to keep the Board of
<br />Conm~ssloners lnformed about the actAvltles of Economic Development, Inc.
<br />
<br /> 7. gconon=c Development, Inc. agrees to hold the County harmless for
<br />any and all llabllAty, damages or claims, including attorney's fees, that
<br />might be asserted or suffered by the County as a result of any act or
<br />omission of any of Bconon~%c Development, Inc.'s offlcers, employees, agents
<br />or representatives arislng out of this contract.
<br />
<br /> 8. Thls Agreement ~ay be terminated by either party for default upon
<br />three (3) months prior wrztten hOrAce to the other party, but only after
<br />hav~ng glvan the other party wrAtten notice of the specmfic event of default
<br />and adequate time to cure the default, but in no circumstances less than
<br />thirty (30) days In which to cure the default. An event of default is any
<br />~aterlal deviation from the ter~ of thls Agreement, lncludlng, but not
<br />limited to, failure of Economic Development, Inc. to provlde its draft annual
<br />marketing plan as required, failure of Economic Development, Inc. to submit
<br />the quarterly financAal and operational reports to the County Manager,
<br />failure to Implement the annual marketing plan, and making expenditures
<br />for purposes not authorAzed by the budget of Economic Development, Inc.
<br />
<br /> 9. Economic Development, Inc. will establish s Business Retention and
<br />Expansion Program, described more fully ~n the annual marketing plan. An
<br />average of thirty (30) face-to-face contacts per month with owners (or h~gh
<br />level eKecutlves} of businesses located in Cabarrus County.
<br />
<br /> 10. Economlc Development, Inc. will develop, An collaboration with
<br />representatlves from Cabarrus County, the ~unAclpalltles wAthln Cabarrus
<br />County, Rowan-Cabarrus Community College, and the Cabarrus RegAonal Chamber
<br />Of Conm~erce, a written, comprehensAve Program of Economic Development (PED).
<br />The PED shall, among other thAngs, ldentlfy goals and strategAes; deflne
<br />roles and expectatAons of each of the organAzatlons; ensure ooordlnatlon of
<br />efforts; provAde for regular contact among the organlzatAons to review
<br />current actxvltAes and projects and plan enhancement of future efforts.
<br />O~her organ/zatlons may be ~ncluded Af desAred. Development of the PED shall
<br />begin wl~hfn forty-five (45) days of the execution of this agreement.
<br />
<br /> 11. Economic Development, Inc. shall raAse, from prlvate sources, a
<br />minimum of $110,000 in the flrst year of thls agreement to assist in funding
<br />the PPD. It shall false, also fr~nprlvate sources, a mlm~m of $150,000 in
<br />the second year of the agreement to asslst 11% funding the PED.
<br />
<br /> IN TE~TIMONYNHEREOF, the parties have caused this Agree~nent to be duly
<br />executed by thexr authormzed offAcers pursuant to resolutions adopted In
<br />accordance wlth law.
<br /> Cabaxrtls Economic Development, Inc.
<br /> By:
<br />ATTEST: President
<br />
<br /> Cabarrus County
<br /> By:
<br />ATTEST: County Manager
<br />
<br />Clerk
<br />
<br />This instrument has been pre-audited in the manner required by the Local
<br />Government Budget and Fiscal Control Act.
<br />Date: By:
<br /> County Finance Off~cer
<br />
<br />Conunlssloner Carruth made a motion, seconded by Commissioner Carpenter, to
<br />Paragraph 11 of the Agreement to read as follows:
<br />
<br />Economic Development, Inc. shall ralse from private sources the
<br />funds necessary to fund the marketing plan at 100 percent level in
<br />the initial and subsequent year of the program. Any additional
<br />funds raised through the fund ralslng efforts will be utilized
<br />wholly for the purpose of offsetting future marketlng needs of
<br />Economic Development, Inc. and not used to supplant any publlc
<br />· nvestment in the program.
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