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November 24, 2003 Page 300
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<br /> (c) Conduct surveys as needed, advertise in periodicals or
<br />other communications media, furnish advice and assistance to business and
<br />industrial prospects which may locate in Cabarrus County, furnish advice
<br />and assistance to existing businesses and industries, furnish advice and
<br />assistance to persons seeking to establish new businesses or industries,
<br />and engage in related activities; and
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<br /> (d) Encourage the formation of private development
<br />corporations or associations which may carry out such projects as
<br />securing and preparing sites for commercial, office and industrial
<br />development; constructing office and industrial buildings; rendering
<br />financial or managerial assistance to businesses ~nd industries; and
<br />furnish advice and assistance to such corporations or associations.
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<br /> (e) Act as counsel to the Cabarrus County Board of
<br />Commissioners on economic development matters, as requested.
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<br /> 3. In furtherance of its economic development program, Economic
<br />Development, Inc. may employ full and part time staff including a manager
<br />or economic developer, an administrative assistant, and other personnel,
<br />purchase, rent, or lease an office and furnish the same, and secure the
<br />services of accountants, attorneys, consultants, and others.
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<br /> 4. Economic Development, Inc. is authorized to expend the funds
<br />provided by County for any or all of the uses and purposes set forth in
<br />the budget of Economic Development, Inc.
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<br /> 5. The County shall allocate and pay to Economic Development, Inc.
<br />one (1) monthly payment of $36,569.62 and eleven (11) monthly payments of
<br />$36,569.58, for a total of $438,835, with each payment to be made on or
<br />about the 15~n day of each month, during the first fiscal year of this
<br />Agreement. For the second and third fiscal years of this Agreement,
<br />payments shall be made on the same schedule, but the amounts shall be
<br />increased or decreased each year by the same percentage that the total of
<br />property tax revenues and sales tax revenues increase or decrease. In
<br />addition to the monthly payments, the County will continue to allow
<br />Economic Development, Inc. to use its current office space (or provide
<br />equivalent office space elsewhere in Cabarrus County should the County
<br />need that office space for another purpose) without payment of rent.
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<br /> 6. Economic Development, Inc. will furnish the Cabarrus County
<br />Manager with quarter financial statements, prepared by a Certified Public
<br />Accountant in accordance with generally acceptable accounting practices,
<br />will undergo an annual audit of its operations conducted by a Certified
<br />Public Accountant, and will submit a copy of the report of this audit to
<br />the County Manager within one hundred twenty (120) days of the conclusion
<br />of Economic Development, Inc.'s established fiscal year.
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<br /> 7. Economic Development, Inc. will prepare and deliver a proposed
<br />detailed annual marketing plan to the Cabarrus County Manager by April 1
<br />of each year of this Agreement for his comments prior to its adoption by
<br />the Economic Development, Inc. Board of Directors which agrees to take
<br />into consideration his comments and attempt to incorporate such into the
<br />adopted annual marketing plan. Economic Development, Inc. will provide a
<br />written quarterly report to the Cabarrus County Manager on the
<br />implementation of the marketing plan and its other economic development
<br />activities, and its President will meet with the County Manager as
<br />necessary to discuss the quarterly report. Economic Development, Inc.
<br />will make its Board members and its President available to make
<br />presentations to, meet with, and answer questions posed by, the Cabarrus
<br />County Board of Commissioners as requested and as necessary to keep the
<br />Board of Commissioners informed about the activities of Economic
<br />Development, Inc.
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<br /> 8. Economic Development, Inc. agrees to hold the County harmless
<br />for any and all liability, damages or claims, including attorney's fees,
<br />that might be asserted or suffered by the County as a result of any act
<br />or omission of any of Economic Development, Inc.'s officers, employees,
<br />agents or representatives arising out of this contract.
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<br /> 9. This Agreement may be terminated by either party for default
<br />upon six (6) months prior written notice to the other party, but only
<br />after having given the other party written notice of the specific event
<br />of default and adequate time to cure the default, but in no circumstances
<br />less than thirty (30) days in which to cure the default. An event of
<br />defa. ult is any material deviation from the terms of this Agreement,
<br />including, but not limited to, failure of Economic Development, Inc. to
<br />provide its draft annual marketing plan as required, failure of Economic
<br />Development, Inc. to submit the quarterly financial and operational
<br />reports to the County Manager, failure to implement the annual marketin~
<br />plan, and making expenditures for purposes not authorized by the budget
<br />of Economic Development, Inc.
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