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PEDCBoard Meeting Minutes October 2O,2O17 Page 2 of 5 Mc Manning asked if there were any corrections to the nzizu1oa. No one from the Board had any changes. Mc. Banks nuudo unuotion to approve the minutes from September 22, 2017. Mc l{ocnundoz seconded the motion. Vote was 4 -ayes to 0 -nays. Mc. Hernandez said that the [uah Out atu1onzon1 showed that the orponaoa were normal. $25,000 was aid to Bodyguard for exceeding their nn»oyooa by an or1m/ five. The PED[ also paid the vc»rl, bond payment of$339,000. Mr. Banks asked ifthe insurance payment made kzPierson Fondloywas u new policy. The answer to the question; it is uconovvul ofthe business policy. Mc Banks then asked if other quotes were received before the policy was conovvod. Mc Paris stated that no other quotes were required because it was under the threshold of $1,500. Mc Paris also highlighted an orponao for the TED[ auloa 1mr workshop that u City Councilor would be attending. He pointed out the orponao of $840 to the l.unzuz County [hunzboc of Commerce for two 1ubloa at the [hunzboc Celebration. And the amount paid 10 Rocking EMoving was for shredding both the Industrial Puck and the Build -to -Suit site. On the [uah Flow Report interest earned is shown at $10,099.20, this is the yearly in1ocoat for the two investments pools we have. Mc Banks nuudo umotion 10 approve the September financials. Mc Hamill seconded the motion. Vote was 4-uyoa1o0-nuya. Ullignalmilml for Campbell's Soup. Mr. Paris opened by saying thatCampbell's Soup approached the PEI}[ about developing u now product line. This transition is cue to nuurko1 force changes happening in the food industry. Bco1 I}unaon, f4un1 Manager, is hoco to give us u pcoaon1u1on on this transition. Mc. I}unaon introduced Shelia [oucaey, Plant Controller, at the Paris plant. He then thanked the PEI}[ for the continued support nfCampbell's inthe community. Mr. I}unaonstated that howas u1the meeting kzmake utwo- part coguoa1 ofsupport. The fica1 pmt of the request is related to the Single Socro Bovocugo ugcoonzon1 we currently have in place with the PEDC. The second part is a new capital investment awarded to the Paris plant. Mc Dunaon explained that nuogu |zonda in the food industry are changing because of consumer food preferences are changing to fresh and organic. This is u shift away from packaged foods. For Campbell's the shelf staple beverage industry iudeclining. The l7-0line ofproducts has u big market ahuzo of this industry, but this segment of the food industry is still declining. In 2013 the Single Serve Bovocugo lino was installed at the Paris plant with an invoahoon1 of $23 million and the creation of fifty jobs. A decision has been made 10close this line which will impact forty-one jobs. This also impacts the 2013 incentive Campbell's received from the f»EDC. Mc I}unaonnoted that u new opportunity, the Plum Organics lino, with $20.5 to $33 million in capital investment and the creation of 40-49 positions is being put into place. This new lino is projecting upward growth and the Paris plant will boproviding 55%-80% of the current Plum volume. We are asking for forgiveness on the Single Serve Beverage ugcoonuon1; amending the ugroonuon1 and then terminating the ugroonuon1. At the aunzo time the Paris plant is requesting financial uaaia1unco with the Plum investment. Mc Paris questioned the consumer buying changes. Mc I}unaon stated that the consumer is looking for fresh foods and they do not want food with preservatives in it or food from cans. Mc 8onoundoz asked about the onuployooa projected for the lino. Mc I}unaon said the operation will be five days uweek which