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� • '. <br /> �. � DECATUR INDUSTRY & TB(�iOLOGY C�1TBR (DITC) <br /> ' ADMINISTRATIVS AQtSID�IT BS141SBN . <br /> ` ' CITY OF DECATUR & f�OPflr1UNITY INVBSTlSENT OORPORATION OF DBCATUR INC. <br /> This AGREEI�'NP is entered into on the � day of� , 1993 <br /> by and between the CITY OF DTCATUR, ILLINOIS, a public body, her inafter <br /> referred to as CITY, and the COIrIl�UNITY INVESTI�N'r CORPORATION OF DECATUR INC. , <br /> an Illinois non for profit corporation, hereinafter referred to as CICD. <br /> WHEREAS, the City of Decatur has acquixed, remodeled and improved a <br /> facility located at 2121 Irt�boden Drive in the City of Decatur, Illinois that <br /> has been designated as the Decatur Industry & Ter.hnplogy Center, hereinafter <br /> referred to as DITC, and <br /> WI�REP►S, the DITC is used as a Small Business Incubator under the Small <br /> Business Incubator Program of the state and federal government of the United <br /> States of America, and <br /> WIiEREAS, the DITC facility operates and is made available to qualified <br /> tenants under contract lease arrangements in accordance with all the <br /> applicable guidelines and regulations of the Economic Development <br /> Administration, United States Department of Housing and Urban Development, the <br /> Illinois Department of Comnerce and Community Affairs and in accordance with <br /> any other conditions or provisions of any loan or grant relating to the DITC, <br /> NOW THEREFORE, the above mentioned parties do hereby agree to the <br /> following terms and conditions: <br /> I. ACrIONS BY TI� CICD <br /> A. The CICD will maintain records of all activities carried out by the <br /> DITC and will insure that all operations of the DITC are in such a manner as <br /> to be in compliance with all applicable federal, state and local laws and <br /> regulations. <br /> B. The CICD will provide for the on site management of the day to day <br /> operations of the DITC through the employment of a facility manager to be <br /> housed at the DITC. The CICD will provide for all administrative oversight <br /> of the manager and will maintain the necessary clerical and other support <br /> staff to insure the appropriate operations of the DITC. <br /> C. The CICD will assume all fiduciary responsibilities for the operations <br /> of the DITC to include the preparation and maintenance of all associated day <br /> to day accounting functions, financial statements, operational budgets and any <br /> other necessary financial documents related to the operations of the DITC. <br /> D. The CICD will provide for an annual financial audit of DITC financial <br /> activities by an independent Certified Public Accountant. Copies of audits <br /> will be provided to the City of Decatur administrative officials. <br /> (1) <br />