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December 15, 2003 Page 306
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<br /> WHEREAS, Economic Development, Inc. has proposed an economic
<br />development marketing program to increase exposure to Cabarrus County both
<br />within the recruitment community and the public as a whole, as part of its
<br />overall economic development efforts, to be funded partially by annual
<br />appropriations from County and partially by privately raised funds; and
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<br /> WHEREAS, Economic Development, Inc. has concluded that in order to
<br />successfully solicit contributions frQm private, and possibly other
<br />governmental, sources it would be necessary to assure such potential
<br />contributors of a stable base of funding from the County; and
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<br /> WHEREAS, Economic Development, Inc. and County have agreed upon the
<br />importance of achieving the following: an (i) increase in employment
<br />opportunities for Cabarrus County residents in career oriented employment,
<br />the (ii) creation of community wealth through the investment of capital and
<br />new business activity, the (iii) expansion and diversification of the tax
<br />base, and the (iv) development and maintenance of solid private business
<br />participation in economic development, and
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<br /> WHEREAS, County has been granted the authority by the General
<br />Assembly in G.S. 153A-13 to enter into continuing contracts, some portion
<br />or all of which are to be performed in ensuing fiscal years; and
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<br /> WHEREAS, County has agreed to participate in the funding of the
<br />economic development pro§rams of Economic Development, Inc., and Economic
<br />Development, Inc. has agreed to provide a program of economic development
<br />within Cabarrus County in accordance with the terms of this Agreement.
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<br /> NOW, THEREFORE, in consideration of the mutual covenants and
<br />conditions herein contained and pursuant to the authority contained in the
<br />North Carolina General Statutes, the parties do hereby contract and agree
<br />as follows:
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<br /> 1. This Agreement shall begin July 1, 2004, and shall exist and
<br />continue through June 30, 2006.
<br /> 2. Economic Development, Inc. agrees to pursue an economic
<br />development program for County in which it shall:
<br /> (a) Establish and maintain consistent contact with officials at the
<br />local, state, regional and national level to ensure that Cabarrus County is
<br />considered when locating or initiating an operation in the State of North
<br />Carolina or the Charlotte region.
<br /> (b) Formulate projects for carrying out the economic development
<br />program, through attraction of new business, retention and expansion of
<br />existing businesses, encouragement of new business and industrial ventures
<br />by local as well as foreign capital, function as a reliable source of
<br />information for entrepreneurs and small business enterprises wishing to
<br />establish viable businesses in Cabarrus County, and other activities of a
<br />similar nature;
<br /> (c) Conduct surveys as needed, advertise in periodicals or other
<br />communications media, furnish advice and assistance to business and
<br />industrial prospects which may locate in Cabarrus County, furnish advice and
<br />assistance to existing businesses and industries, furnish advice and
<br />assistance to persons seeking to establish new businesses or industries, and
<br />engage in related activities; and
<br /> (d) Encourage the formation of private development corporations or
<br /> associations which may carry out such projects as securing and preparing
<br /> sites for commercial, office and industrial development; constructing office
<br /> and industrial buildings; rendering financial or managerial assistance to
<br /> businesses and industries; and furnish advice and assistance to such
<br /> corporations or associations.
<br /> (e) Act as counsel to the Cabarrus County Board of Commissioners on
<br /> economic development matters, as requested
<br /> 3 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 the
<br /> budget of Economic Development, Inc.
<br /> 4.The County shall allocate and pay to Economic Development, Inc. one
<br /> (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 15th day of each month, during the first fiscal year of this
<br /> Agreement. For the second fiscal year of this Agreement, payments shall be
<br /> made on the same schedule. Expenditure of these funds is subject to annual
<br /> review, modification and approval by the Board of Commissioners prior to the
<br /> beginning of each fiscal year. To facilitate such approval, the proposed
<br /> budget of Economic Development, Inc. shall be submitted to the County
<br /> Manager by April 1, 2004 and by April 1 of each year thereafter while the
<br /> agreement is in force. In addition to the monthly payments, the County will
<br /> continue to allow Economic Development, Inc. to use its current office space
<br /> (or provide equivalent office space elsewhere in Cabarrus County should the
<br /> County need that office space for another purpose) without payment of rent.
<br /> 5. Economic Development, Inc. will furnish the Cabarrus County
<br /> Manager with quarterly 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 the
<br /> County Manager within one hundred twenty (120) days of the conclusion of
<br /> Economic Development, Inc.'s established fiscal year.
<br /> 6. Economic Development, Inc. will prepare and deliver a proposed
<br /> detailed annual marketing plan to the Cabarrus County Manager by April 1,
<br /> 2004 &nd by April 1 of each year thereafter while this Agreement is in
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