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HomeMy WebLinkAboutC08-172MEMORANDUM OF UNDERSTANDING THI~~ RAN OF UNDERSTANDING is made and entered into effective this day o ,c.~-x,2,~ , 2008 , by and between the Board of County Commissioners, County of Eagle, S Colorado, ("Eagle County"), and Michael V. Barry and Glenn M. Heelan ("Barry" and ' eelan"). Recitals WHEREAS, Barry and Heelan have declared a specific interest in seeing an additional child care facility located in the Town of Gypsum, Colorado and wish to promote such use through a financial contribution. WHEREAS, Eagle County intends to leverage said financial contribution with BrightStart funds to fiuther the development and establishment of the child care facility. NOW THEREFORE, in consideration of the mutual promises herein, the Parties hereto agree to cooperate in the specific manner as set forth hereinbelow: Agreement: 1) Barry and Heelan shall contribute to Eagle County an amount equal to $78,000.00 on or before December 1, 2008 with the intent that such contributions shall qualify for tax credits allowed by law in the State of Colorado and various deductions allowed by the Internal Revenue Service. 2) Eagle County may use the funds as it deems appropriate provided that the funds are used solely for the purpose of establishing and operating a licensed child care center. If; far any reason, a licensed child care center ceases to operate on the site within three (3) years after the donation, Eagle County shall reimburse Barry and Heelan a prorated portion of said donation for that time within the three (3) year period that the licensed child care facility was not in operation. 3) Eagle County shall reasonably assist Barry and Heelan in applying for a child care contribution credit, including the provision of form DR 1317. However, nothing herein shall be a representation or guarantee by Eagle County of the eligibility of the donation for such credit. Additionally, Eagle County shall not be required to return any portion of the donation if the same is ultimately determined to be ineligible for the child care contribution credit. 4) This Memorandum of Understanding may be amended by the parties only in writing upon their written mutual consent. Signatures• COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUN~ O,tVIlVIISSIONERS ~~- ,~ ~,- Byl ' ~~ ATTEST: ~ ~~ c~ Cato the Boa~jt[ of County Commissioners !~u'. G:IBRYAN1MiscllieelanMOU 2