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199 <br /> <br />COUNTY ECONOMIC DEVELOPMENT CORPORATION, a non-profit corporation <br />organized and existing under the laws of the State of North <br />Carolina, party of the second part, (hereinafter referred to as <br />Economic Development Corporation); <br /> WITNESSETH : <br /> THAT WHEREAS, County is authorized and empowered by the <br />provisions of Section 158-7.1(a) and Article 2 of Chapter 158 of the <br />North Carolina General Statutes to make appropriations for the <br />purposes of aiding and encouraging the location of manufacturing <br />enterprises, making industrial surveys and locating industrial and <br />commercial plants in the County and otherwise to carry out a program <br />of economic development; and <br /> WHEREAS, the Greater Cabarrus County Economic Development <br />Corporation is a non-profit corporation organized and empowered to <br />promote economic development and expansion and new and improved <br />employment opportunities beneficial to the citizens of Cabarrus <br />County through programs and efforts to foster industrial and <br />business growth; and <br /> WHEREAS, the Board of Commissioners of Cabarrus County <br />recognizes the necessity of industrial growth and diversification <br />to the continued economic health and vitality within Cabarrus County <br />and its benefits to the citizens of Cabarrus County; and <br /> WHEREAS, Cabarrus County has agreed to participate in the <br />funding of the economic development programs of the Economic <br />Development Corporation and the Economic Development Corporation has <br />agreed to provide a program of economic development within Cabarrus <br />County in accordance with the terms of this agreement. <br /> NOW, THEREFORE, in consideration of the mutual covenants and <br />conditions herein contained and pursuant to the authority contained <br />in the North Carolina General Statutes, the parties do hereby <br />contract and agree as follows: <br /> 1. The Economic Development Corporation agrees to pursue <br />an economic development program for Cabarrus County in which it <br />shall: <br /> (a) Formulate projects for carrying out the economic <br />development program, through attraction of new industries, <br />encouragement of existing industries, encouragement of new business <br />and industrial ventures by local as well as foreign capital, and <br />other activities of a similar nature; <br /> (b) Conduct industrial surveys as needed, advertise in <br />periodicals or other communications media, furnish advice and <br />assistance to business and industrial prospects which may locate in <br />Cabarrus County, furnish advice and assistance to existing <br />businesses and industries, furnish advice and assistance to persons <br />seeking to establish new businesses or industries, and engage in <br />related activities; and <br /> (c) Encourage the formation of private business development <br />corporations or associations which may carry out such projects as <br />securing and preparing sites for industrial development, <br />constructing industrial buildings, or rendering financial or <br />managerial assistance to businesses and industries; and furnish <br />advice and assistance to such corporations or associations. <br /> 2. In furtherance of its economic development program, <br />Economic Development Corporation may employ full and part time staff <br />including a manager or economic developer, a secretary, and other <br />personnel, purchase, rent, or lease an office and furnish the same, <br />and secure the services of accountants, attorneys, consultants, and <br />others. <br /> 3. The Economic Development Corporation is authorized to <br />expend the funds provided by Cabarrus County for any or all of the <br />uses and purposes set forth in the budget of the Economic <br />Development Corporation which is attached to this Agreement as <br />Exhibit "A". <br /> 4. The County shall allocate and pay to Economic Development <br />Corporation eleven (11) monthly payments of $5,208.91 each and one <br />(1) monthly payment of $5,208.99, commencing July 1989, for a total <br />of $62,507.00, with each payment to be made on or about the last day <br />of each month. <br /> 5. Economic Development Corporation will undergo an audit of <br />its operations conducted by a Certified Public Accountant and will <br /> <br /> <br />