15 - PEDC Amendment & Termination of Campbell Soup's Single Serve Beverage Line Incentive Agreement

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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AGREEMENTS TO AMEND AND TO TERMINATE AN ECONOMIC INCENTIVE AGREEMENT DATED JANUARY 30, 2014 BETWEEN THE PARIS ECONOMIC DEVELOPMENT CORPORATION AND CAMPBELL SOUP SUPPLY COMPANY LLC; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, heretofore, on January 27, 2014 by Resolution No. 2014-006, the City Council of the City of Paris, Texas approved an Economic Incentive Agreement ("the Agreement") between the Paris Economic Development Corporation ("PEDC") and Campbell Soup Supply Company LLC ("Campbell Soup" or "the Company") relating to the Company's Single Serve Beverage Line, which Agreement was then executed by the PEDC and the Company on January 30, 2014; and WHEREAS, due to prevailing conditions in the industry, the Company has determined that it is in the best interest of the present and future growth and development of its Paris, Texas plant to decommission said Single Serve Beverage Line and thereafter to commission a new product manufacturing line (the "Plum Organics Line"); and WHERES, at this time, the Company is in default of the Agreement due to said prevailing industry conditions; and WHEREAS, at its regularly scheduled meeting on October 20, 2017, in light of the Company's commissioning the new Plum Organics Line, the Board of Directors of the PEDC determined it is in the best interest of the Paris, Texas community and the local economy to amend the original Agreement so that the Company is not in default and to further terminate said Agreement; and WHEREAS, for the reasons stated above, the City Council tnds that it is in the best interest of the City to approve the Addendum to Economic Incentive Agreement (the "Addendum"), attached hereto as Exhibit A and incorporated herein by reference, and the Agreement to Terminate Economic Incentive Agreement Dated January 30, 2015 Between the Paris Economic Development Corporation and Campbell Soup Supply Company LLC (the "Termination Agreement"), attached hereto as Exhibit B and incorporated herein by reference; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved. Section2. That the Addendum to Economic Incentive AgreementAd attached hereto as Exhibitand incorporated