2017-039 - Agreements to Amend and Terminate an Economic Incentive Agreement between Campbell Soup and PEDC

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($500,000,00) to Campbell Soup for the Dew Capital Investment in the ss Juice Line, 50 new full-time jobs fo�r the SS juice line, retention of at least 500 jobs at the Paris, Texas Plant and specialized job training for the new SS Juice line, and directed PEDC staff to finalize the scope and terms of the econon-dc incentive packagein an Econornic Incentive Agreement; and WHEREAS, the $'500,000.00 economic incentive payment will be paid to Campbell Soup in one lump sum within five (5) days following execution of this Agreement by all parties and approval of the Agreernent'by the PEDC Board and the Paris City Council; and WHEREAS, The Board of Directors of Paris EDC has determined that it is in the best interest of the City of'Paris, Texas community apd the local economy that Paris EDC provide these economic incentives to Campbell Soup to help bring the new capital investment to the Paris, Texas Facility; through the new SS Juice line and fifly (50) new jobs and to maintain 500 jobs at the Campbell Sou Facility in Paris, Texas,i and p 1, NOW, THEREFORE, in consideration of the covenants, promises, and conditions set forth herein, the Paris EDC and Campbell Soup agree as follows, This Agreement shall be effective upon the lose last executed by the Parties hereto and shall remain in force for a to of five (5) years from the effective date. If. REPRESENTATIONS AND OBLIGATIONS OF THE PARTIES A. Campbell Soup's Duties, Obliptions and Representations: 1. Campbell Soup shall make a Capital Investment of at leasi $25,000,000M in the Paris, Texas Plant as part of the tiew SS Juice line by December 31,2013, 2, Campbell Suup sMl hire fifty (50) new hill -time employees at the Paris, Texas Plant as part of the new SS Juice line by December 31, 2013. 3. Campbell Soup shall retain a minimum of five -hundred (5 00) full-time jobs at the Paris, Texas Plant droughout the term of this Agmement, 4, Campliell Soup shall provide High Peribrinance Organization ("11PO") training to all new erriployees worldrig on the SS Juice linea 5. Campbell Soup shall provide, all training to stay -rip® opelfite and Successfully mainlain the S8 Juice line, including any necessary cross -training or 14PO training for retained full-time employees at the Paris, Texas Plant, 6, Campbell Soup shall continue to operate a food and beverage manufacturing plant Mdth a diversified product line at lbe Paris, Texas l" aril throughout the term of this Agreernent.