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December 15, 2003 Page 30?
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<br /> force. The annual marketing plan is subject to review, modification and
<br /> approval by the Cabarrus County Board of Commissioners. Economic
<br /> Development, Inc. will provide a written quarterly report to the Cabarrus
<br /> County Manager on the implementation of the marketing plan and its other
<br /> economic development activities, and its President will meet with the County
<br /> Manager as necessary to discuss the quarterly report. Economic Development,
<br /> Inc. 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.
<br /> 7. Economic Development, Inc. agrees to hold the County harmless for
<br /> any and all liability, damages or claims, including attorney's fees, that
<br /> might be asserted or suffered by the County as a result of any act or
<br /> omission of any of Economic Development, Inc.'s officers, employees, agents
<br /> or representatives arising out of this contract.
<br /> 8. This Agreement may be terminated by either party for default upon
<br /> three (3) months prior written notice to the other party, but only after
<br /> having given the other party written notice of the specific event of default
<br /> and adequate time to cure the default, but in no circumstances less than
<br /> thirty (30) days in which to cure the default. An event of default is any
<br /> material deviation from the terms of this Agreement, including, but not
<br /> limited to, failure of Economic Development, Inc. to provide its draft
<br /> annual marketing plan as required, failure of Economic Development, Inc. to
<br /> submit the quarterly financial and operational reports to the County
<br /> Manager, failure to implement the annual marketing plan, and making
<br /> expenditures for purposes not authorized by the budget of Economic
<br /> Development, Inc.
<br /> 9. Economic Development, Inc. will establish a Business Retention and
<br /> Expansion Program, described more fully in the annual marketing plan. An
<br /> average of thirty (30) face-to-face contacts per month with owners (or high
<br /> level executives) of businesses located in Cabarrus County.
<br /> 10. Economic Development, Inc. will develop, in collaboration with
<br /> representatives from Cabarrus County, the municipalities within Cabarrus
<br /> County, Rowan-Cabarrus Community College, and the Cabarrus Regional Chamber
<br /> of Commerce, a written, comprehensive Program of Economic Development (PED).
<br /> The PED shall, among other things, identify goals and strategies; define
<br /> roles and expectations of each of the organizations; ensure coordination of
<br /> efforts; provide for regular contact among the organizations to review
<br /> current activities and projects and plan enhancement of future efforts.
<br /> Other organizations may be included if desired. Development of the PED
<br /> shall begin within forty-five (45) days of the execution of this agreement.
<br /> 11. Economic Development, Inc. shall raise, from private sources, a
<br /> minimum of $110,000 in the first year of this agreement to assist in funding
<br /> the PED. It shall raise, also from private sources, a minimum of $150,000
<br /> in the second year of the agreement to assist in funding the PED.
<br /> IN TESTIMONY WHEREOF, the parties have caused this Agreement to be
<br /> duly executed by their authorized officers pursuant to resolutions adopted
<br /> in accordance with law.
<br /> Cabarrus Economic Development, Inc.
<br /> ATTEST: By:
<br /> President
<br /> Witness Cabarrus County
<br /> ATTEST: By:
<br /> County Manager
<br />
<br /> Clerk
<br /> This instrument has been pre-audited in the manner required by the Local
<br /> Government Budget and Fiscal Control Act.
<br /> Date: By:
<br /> County Finance Officer
<br />
<br /> Commissioner Carruth made a motion, seconded by Commissioner Carpenter, to
<br />amend Paragraph 11 of the Agreement to read as follows:
<br /> Economic Development, Inc. shall raise from private sources the
<br /> funds necessary to fund the marketing plan at 100 percent level in
<br /> the initial and subsequent year of the program. Any additional
<br /> funds raised through the fund raising efforts will be utilized
<br /> wholly for the purpose of offsetting future marketing needs of
<br /> Economic Development, Inc. and not used to supplant any public
<br /> investment in the program.
<br />
<br /> There was discussion regarding the establishment of a minimum level of
<br />funding from private contributions. Mr. Day advised the proposed amendment would
<br />preclude the flexibility of using private funds, if needed, for any purpose other
<br />than the marketing plan.
<br />
<br /> Commissioner Carruth withdrew the motion, and Commissioner Carpenter
<br />withdrew the second.
<br />
<br /> U~ON MO?ION of Commissioner Carruth, seconded by Commissioner Carpenter and
<br />unanimously carried, Board agreed to amend Paragraph 11 of the Agreement to state
<br />that the funding raised from private sources would be 100 percent of the approved
<br />marketing plan with a minimum of $100,000.00 per year.
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