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

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f: 1 • I.:: 1 ei • 4 � A f t # A 4 A • 0 "Enterprise Zone" means an area of land designated as such under Chapter 2303 the Tam Government Code. "Jobs" A Job" as used herein meansposition A of full-timeemployment for an is provided the benefits normally offered by the Employer, such as heWth insurance, vacation time and some form of red=ent benefit. A Job is not a position filled for the Employer as a worker or employee of an anployment agency or service. "Jobs" as used havein includes 'Tull time Equivalent Jobs'. as defitned below. 1 Equivalent Jobs" moma number ofpart-timejobs wherethehouums in each suchjob is less then 32 hours per week, made available by one Employer and added together. For example, sixteen (16) part-time jobs made available by one Employer where all such put -time jobs added together require a total of 352 hours of work per week (but no such part-time job requires 3 2 hours of work or more per week). will equal eleven (11) Full-time Equivalent Jobs (352 hours divided by 32 hours per week equal 11). FWl-time Equivalent Jobs do not require the employee to receive benefits ftorn the Employer. i) "Manufacturing Facility" me= buildings and structures, including fixed machinery which is -,r will be the manufliewre of -z --ods or materil or the processing of such goods or materials by physical or chemical change. Facilities primarily engapd in assembling component parts of manufacured products are also oonsidem j) 'Modernization" means the replacement and upgrading of existing facilities which incroases the productive input or 7 1':updates� or substantially lowers unit cost of operation. Modernization may result ftn the construction. alteration or instaliationof buildings, rkmaeftery orequipment, 1 :ll notbefor the purpose of reconditioning, rdiwbishing, rVairingi or da*nW maintenance. XI`,.rBasic Industry"buildingsand structures, # fixedmachinery ana' equipment, not e],sewhere described, use4 or to be used for the produotion of products or sery ices which result in the creation of new Jobs and bring new wealth into the City. 1) ,personal property" me=s mwhinery, equipment, tools, shelving or materials eligib under applicable law for tax abetment whi1 can be removed from a ( A hicility describedSection rV below.