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Enclosure #3 <br /> <br />ECONOMIC DEVELOPMENT <br />SERVICES AGREEMENT <br /> <br />This AGREEMENT is made and entered into this~ day of ,2001, by <br />and between the County of Henry, Virginia, a political subdivision of the <br />Commonwealth of Virginia (the County) and the City of Martinsville, Virginia, a <br />municipal corporation of the Commonwealth of Virginia (the City). <br /> <br />WHEREAS, the County and the City have determined that the development of the <br />region and the comfort, convenience, and welfare of their citizens require unified <br />efforts in the recruitment, retention, and expansion of business and industry; and <br /> <br />WHEREAS, the County and the City have recognized that cooperative efforts in <br />business and industrial recruitment will increase the opportunities for both <br />localities to achieve a greater degree of economic stability, and <br /> <br />WHEREAS, the County intends to employ Wayne L. Sterling to direct its <br />economic development efforts; and <br /> <br />WHEREAS, Mr. Sterling was previously the head of the Virginia Economic <br />Development Partnership and was most recently the Chief of Staff for the South <br />Carolina Department of Commerce; and <br /> <br />WHEREAS, Mr. Sterling's experience and accomplishments, particularly in the <br />area of global marketing, will enhance both the County and City Economic <br />Development efforts; and <br /> <br />WHEREAS, the City desires to contract with the County for certain services that <br />will aid the overall Economic Development efforts of both localities; and <br /> <br />WHEREAS, the County is prepared to provide these services through Mr. Sterling <br />under certain terms and conditions; <br /> <br />NOW, THEREFORE, the parties to this AGREEMENT hereby agree as follows: <br /> <br />TERM: This AGREEMENT shall initially be for a three (3) year period, <br />commencing on November 1, 2001 and ending on October 31, 2004. The <br />AGREEMENT may be extended for a second three-year period upon mutual <br />consent of the parties hereto. <br /> <br />ANNUAL COMPENSATION: The City agrees to pay the County $100,000 <br />annually for the services described herein. Payments shall be made in <br />quarterly installments of $25,000 and submitted the first day of the month <br />beginning each quarter (July, October, January, April). <br /> <br /> <br />