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

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continuously operate and maintain the PROPERTY, including the specific units of new machinery and equipment as identified herein, as a food production plant. 5.1 OWNER agrees that it will employ fift (50) full-time employees to operate the new line of business described above to be conducted at the PROPERTY, provided, however, that this number of employees may vary one way or another by a few employees as this PROJECT nears the commencement of its operation. 6.1 In the event that (a) the IMPROVEMENTS for which an abatement has been granted are not completed in accordance with this AGREEMENT or the expenditure for the IMPROVEMENTS does not meet the amount required herein; or (b) OWNER aHows: its ad wg� -XIkes; Im tc) *1W'.r1EA—m-7HRfaTFy breaches any of the other terms and conditions of this AGREEMENT, then this AGREEMENT shall be in default. In the event the OWNER defitults in its perfbrmance of either (a), (b) or (c) above, then the CITY shall give the OWNER written notice of such default and if the OWNER has not cured such default within sixty (60) days of said written notice, this AGREEMENT may be modified or terminated by the CITY. Notice shall be in accordance with paragraph 13.3. As liquidated damages in the event of default and in accordance with the requirements of Section 312.205 (a)(4) of the Property Tax Code of the State of Texas, all taxes which otherwise would have been paid to the CITY without the benefit of abatement, together with interest to be charged at the statutory rate for delinquent taxes as determined by Section 33.01 of the Property Tax Code of the State of Texas, with all penalties permitted by the Property Redevelopment and Tax Abatement Act and the Property Tax Code of k: of Texas, shall be recaptured and will become a debt to the CITY and shall be due, owing, and paid to the CITY within sixty (60) days of the expiration of the above-mentioned applicable cure period as the sole remedy of the CITY, subject to any and all lawfid offsets, settlements, deductions, or credits to which OWNER may be entitled. The parties acknowledge that actual damages in the event of default and termination would be speculative and difficult to determine. 11I. Real and Personal Property Tax Abatement 7 71"Ti He 2 17 7 NO I WW LM I N 2