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10 - Resolution-Approving Addendum to Tax Abatement Agreement dated February 25, 2017 with Campbell Soup
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10 - Resolution-Approving Addendum to Tax Abatement Agreement dated February 25, 2017 with Campbell Soup
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AGENDA
Item Number
10
AGENDA - Date
10/23/2017
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e) "Employer" means the owner or lessee of Property who provides Jobs within the <br />Reinvestment Zone or within the Enterprise Zone, applying for tax abatement. <br />f) "Enterprise Zone" means an area of land designated as such under Chapter 2303 of <br />the Texas Goverrmmenc Code. <br />g) "Jobs" or "a lob" as used herein mama position of full-time employment for an <br />individual to work 32 hours or more per week for an Employer, in which position the individual <br />is provided the benefits normally offered by the Employer, such as health insurance, vacation <br />time and some form of retirement benefit. A Job is not a position filed for the Employer as a <br />worker or employee of an employment agency or service. "Jobs" as used herein includes "Full- <br />time Equivalent Jobs", as defamed below. <br />h) "Full-time Equivalent Jobs" means a number ofpart-time jobs where the hours worked <br />in each such job is less than 32 hours per week, made available by one Employer and added <br />together. For example, sixteen (16) part time jobs made available by one Employer where all <br />such part-time jobs added together require a total of 352 hours of work per week (but no such <br />part-time job requires 32 hours of work or more per week), will equal eleven (11) Full-time <br />Equivalent Jobs (352 hours divided by 32 hours per week equal 11). Hill -time Equivalent Jobs <br />do not require the employee to receive benefits from the Employer. <br />i) "Manufacturing Facility" means buildings and structures, including fixed machinery <br />and equipment, the purpose of which is or will be the manufacture of tangible ;goods or materials <br />or the processing of such goods or materials by physical or chemical change. Facilities <br />primarily engaged in assembling component parts of manufactured products are also considered <br />manufacturing facilities. <br />j) "Modernization" means the replacement and upgrading of existing facilities which <br />increases the productive input or output, updates the technology, or substantially lowers the <br />unit cost of operation. Modernization may result from the construction, alteration or <br />installation of buildings, structures, fixed machinery or equipment, but shall not be for the <br />purpose of reconditioning, refurbishing, repairing, or deferred maintenance. <br />k) "Other Basic Industry" means buildings and strac ti es, including fixed machinery and <br />equipment, not elsewhere described, used, or to be used for the production of products or <br />services which result in the creation of new Jobs and bring new wealth into the City. <br />1) "Personal Property" means machinery, equipment, tools, shelving or materials eligible <br />under applicable law for tax abatement, which can be removed from an authorized facility <br />described in Section IV (a) below. <br />
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