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November 13, 2001 <br /> <br />say that we spend too much for economic development." Council Member Roop moved <br /> <br />to authorize the Mayor to execute the following agreement; the motion was duly <br /> <br />seconded and carried by the following vote, with all members voting: Vote 5 - 0; Yeas <br /> <br />(5) - Crabtree, Dallas, Ferrill, Roop, Teague; Nays (0) - None: <br /> <br />This AGREEMENT is made and entered into this day of <br /> ,2001, by and between the County of Henry, Virginia, a <br />'political subdivision of the Commonwealth of Virginia (the County) <br />and the City of Martinsville, Virginia, a municipal corporation of the <br />Commonwealth of Virginia (the City). <br />WHEREAS, the County and the City have determined that the <br />development of the region and the comfort, convenience, and <br />welfare of their citizens require unified efforts in the recruitment, <br />retention, and expansion of business and industry; and <br />WHEREAS, the County and the City have recognized that <br />cooperative efforts in business and industrial recruitment will <br />increase the opportunities for both localities to achieve a greater <br />degree of economic stability, and <br />WHEREAS, the County has hired Wayne L. Sterling to direct its <br />economic development efforts; and <br />WHEREAS, Mr. Sterling was previously the head of the Virginia <br />Economic Development Partnership and was most recently the <br />Chief of Staff for the South Carolina Department of Commerce; and <br />WHEREAS, Mr. Sterling's experience and accomplishments, <br />particularly in the area of global marketing, will enhance both the <br />County and City Economic Development efforts; and <br />WHEREAS, the City desires to contract with the County for certain <br />services that will aid the overall Economic Development efforts of <br />both localities; and <br />WHEREAS, the County is prepared to provide these services <br />through Mr. Sterling under certain terms and conditions; <br />NOW, THEREFORE, the parties to this AGREEMENT hereby <br />agree, as follows: <br />1. TERM: This AGREEMENT shall initially be for a three (3) year <br /> period, commencing on November 1, 2001 and ending on <br /> October 31, 2004. The AGREEMENT may be extended for a <br /> second three-year period upon mutual consent of the parties <br /> hereto. <br />2. ANNUAL COMPENSATION: The City agrees to pay the County <br /> $100,000 annually for the services described herein. Payments <br /> shall be made in quarterly installments of $25,000 and <br /> submitted the first day of the month beginning each quarter <br /> (July, October, January, April). <br /> <br /> <br />