BC 2003 11 24 - Laserfiche WebLink

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November 24, 2003 Page WHEREAS, the Economic Development, Inc. is a non-profit corporation organized and empowered to promote the overa%l economic prosperity of Cabarrus County through programs and efforts to foster business growth such as the following: Recruitment of new and existing companies to Cabarrus County; · Encouragement of existing business enterprises to remain and to further expand their operations in Cabarrus County; · Promotion of small business startup and entrepreneurship for the citizens of Cabarrus County, as well as for those that would relocate to Cabarrus County for the purpose of starting a new enterprise; and WHEREAS, the Board of Commissioners of Cabarrus County recognized the necessity of business growth and diversification to the continued economic health and vitality within Cabarrus County and its benefits to the citizens of Cabarrus County; and WHEREAS, County and Economic Development, Inc. have entered into a series of annual contracts for County to participate in the funding of the economic development programs of Economic Development, Inc.; and WHEREAS, Economic Development, Inc. has proposed a three (3) year economic development marketing program to increase exposure to Cabarrus County both within the recruitment community and the public as a whole, as part of its overall economic development efforts, to be funded partially by annual appropriations from County and partially by privately raised funds; and WHEREAS, Economic Development, Inc. has concluded that in order to successfully solicit contributions from private, and possibly other governmental, sources it would be necessary to assure such potential contributors of a stable base of funding from County for the three (3) year time frame of the proposed economic development marketing program; and WHEREAS, Economic Development, Inc. and County have concluded that in order to achieve the desired impact and results from the proposed three (3) year marketing program of (i) increase in employment opportunities for Cabarrus County residents in career oriented employment, (ii) creation of community wealth through the investment of capital and new business activity, (iii) expansion and diversification of the tax base, and (iv) development and maintenance of solid private business participation in eoonomic development, that Economic Development, Inc. needs to be assured of sufficient funding from County over the three (3) year period to conduct such a marketing program; and WHEREAS, County has been granted the authority by the General Assembly in G.S. 153A-13 to enter into continuing contracts, some portion or all of which are to be performed in ensuing fiscal years; and WHEREAS, County has agreed to provide funding for three (3) fiscal years to enable Economic Development, Inc. to provide that effective three-year economic development marketing program; and WHEREAS, County has agreed to participate in the funding of the economic development programs of Economic Development, Inc., and Economic Development, Inc. 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. This Agreement shall begin July 1, 2004, and shall exist and continue through June 30, 2007. 2. Economic Development, Inc. agrees to pursue an economic development program for County in which it shall: (a) ~stablish and maintain consistent contact with officials at the local, state, regional and national level to ensure that Cabarrus County is considered when locating or initiating an operation in the State of North Carolina or the Charlotte region. (b) Formulate projects for carrying out the economic development program, through attraction of new business, retention and expansion of existing businesses, encouragement of new business and industrial ventures by local as well as foreign capital, function as a reliable source of information for entrepreneurs and small business enterprises wishing to establish viable businesses in Cabarrus County, and other activities of a similar nature; 299