11 - Resolution Approving Agreement to Terminate Tax Abatement Agreement with Campbell Soup

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IM, 0 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN AGREEMENT TO TERMINATE TAX ABATEMENT AGREEMENT DATED FEBRUARY 25, 2013 BETWEEN THE CITY OF PARIS AND CAMPBELL SOUP SUPPLY COMPANY, LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE, WHEREAS, heretofore, on February 25, 2013, the City Council of the City of Paris, Texas and Campbell Soup Supply Company I -LC ("Canipbell Soup" or "the Company") entered into the Tax Abatement Agreement (the "Agreement") attached as an Exhibit hereto and incorporated by reference as if fully set forth herein, related to the Company's Single Serve Beverage Line; and WHEREAS, heretofore, ozi October 23, 2017, the City Council approved an Addendum to Tax Abatement Agreement (the "Addendum"), also attached as an Exhibit and incorporated by reference as if fully set forth herein, modifying certain terms of said Agreement; and WHEREAS, the term of said Agreement, as modified by the Addendum,, expires on December 31, 2020; and WHEREAS, said Agreement relates to property owned by the Company within the City of Paris, which property is located within an Enterprise Zone as set forth In the Agreement; and WHEREAS, the Texas Tax Code Sec. 312.208(b) provides that a tax abatement agreement may be terminated by mutual consent of the parties in the same manner that the agreement was approved and executed-, and WHEREAS, due to prevailing conditions in the industry, the Company has determined to replace the Single Serve Beverage Line at its PROPERTY with a new product line; and WHEREAS, as a result of this determination, the Company has asked to terminate the Agreement; and WHEREAS, at the tirne of approval of this Agreement to Terminate Tax Abatement Agreement Dated February 25, 2013 Between the City of Paris, Texas and Campbell Soup Supply Company LLC (the "Termination Agreement"), Campbell Soup is in compliance with the terms of the Agreement, as modified by the Addendum; and WHEREAS, the City Council has agreed to said termination of the Agreement as modified by the Addendum because the replacement of the Single Serve Beverage 1.,ine with a new product line is in the best interest of the City and the Enterprise Zone in which it is located in that it will contribute to the SLIstainability and growth of the Company's property; and