BC 1986 09 15 - Laserfiche WebLink

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518 WHEREAS, Cabarrus County has agreed to participate in the funding of the economic development programs of the Economic Development Corporation and the Economic Development Corporation has agreed to provide a program of economic development within Cabarrus County in accordance with the terms of this agreement. NOW, THEREFORE, in consideration of the mutual covenants and conditions herein contained and pursuant to the authority contained in the North Carolina General Statutes, the parties do hereby contract and agree as follows: 1. The Economic Development Corporation agrees to pursue an economic development program for Cabarrus County in which it shall: (a) Formulate projects for carrying out the economic development program, through attraction of new industries, encouragement of existing industries, encouragement of new business and industrial ventures by local as well as foreign capital, and other activities of a similar nature; (b) Conduct industrial surveys as needed, advertise in periodicals or other communications media, furnish advice and assistance to business and industrial prospects which may locate in Cabarrus County, furnish advice and assistance to existing businesses and industries, furnish advice and assis- tance to persons seeking to establish new businesses or industries, and engage in related activities; and (c) Encourage the formation of private business development corporations or associations which may carry out such projects as securing and preparing sites for industrial development, constructing industrial buildings, or rendering financial or managerial assistance to businesses and industries; and furnish advice and assistance to such corporations or associations. 2. In furtherance of its economic development program, Economic Development Corporation may employ full and part time staff including a manager or economic developer, a secretary, and other personnel, purchase, rent, or lease an office and furnish the same, and secure the services of accountants, attorneys, consultants, and others. 3. The Economic Development Corporation is authorized to expend the funds provided by Cabarrus County for any or all of the uses and purposes set forth in the budget of the Economic Development Corporation which is attached to this Agreement as Exhibit "A". 4. The County shall allocate and, upon receipt of an invoice therefor, pay to Economic Development Corporation twelve (12) monthly payments of $4,149.42 each, commencing July 1986, for a total of $49,793.00, with each payment to be made on or about the last day of each month. 5. Economic Development Corporation will undergo an audit of its operations conducted by a Certified Public Accountant and will submit a copy of the report of this audit to the County within ninety (90) days of the conclusion of Economic Development Corporation's established fiscal year. 6. Economic Development Corporation agrees to hold the County harmless for any and all liability, damages or claims, including attorney's fees, that might be asserted or suffered by the County as a result of any act or omission of any of Economic Development Corporation's officers, employees, agents or representatives arising out of this contract. 7. This agreement shall be in effect for the period of July 1, 1986 through and including June 30, 1987. This agreement may be renewed and shall continue in force and effect for each successive year in which Cabarrus County makes an appropriation to Economic Development Corporation. IN WITNESS WHEREOF, the parties have caused this Agreement to be executed upon authority duly given.