1994-085-RES WHEREAS, the City Council of the City of Paris, did on May 10, 1990, authorize the execution, delivery

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RESOLUTION NO. 94-085 WHEREAS, the City Council of the City of Paris, did on May 10, 1990, authorize the execution, delivery and performance of an agreement with CAMPBELL SOUP COMPANY ("Campbell") and CAMPBELL SOUP (TEXAS), INC. (Campbell- Texas"), pursuant to the Property Redevelopment and Tax Abatement Act, V.T.C.A., Tax Code Sec. 312.001, et seq. ("Act"), and the Guidelines and Criteria for Designation of Reinvestment Zones and Tax Abatement Agreements ("Guidelines") to exempt a portion of the value of the properly owned by Campbell Soup Company located in Reinvestment Zone No. One ("Paris Plant") from ad valorem taxation upon and subjected to the terms, conditions and provisions set forth in the Tax Abatement Agreement, dated effective as of October 2, 1989 (" Agreement"); and, WHEREAS, pursuant to the Agreement, the term of the tax abatement granted therein began with the tax year beginning January 1, 1990, and expires on December 31, 1994, subject to the option to extend for an additional two-year period expiring on December 31, 1996; and, WHEREAS, Campbell has succeeded to the interests of Campbell-Texas and has acquired all interest of Campbell-Texas in and to the personal property used in the operation of the Paris Plant; and, WHEREAS, Campbell is desirous of exercising the option to extend the period of tax abatement under the Agreement to December 31, 1996; and, WHEREAS, Section 3l2.208(a) of the Act and the Guidelines adopted by the City each provide that a tax abatement agreement may be modified by the parties thereto by the same procedure by which the original agreement was approved and executed; and, WHEREAS, the City and Campbell now desire to amend the Agreement in accordance with the Act and the Guidelines to provide for extension of the period of tax abatement under the Agreement to December 31, 1996; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OJ' PARIS, that: 1. The facts and recitations contained in the preamble of this Resolution are hereby found and declared to be true and correct. 2. The City Council hereby finds and determines that the terms of the First Amendment to Tax Abatement Agreement attached hereto as Exhibit A meet the criteria for tax abatement as set forth in the Act and in the Guidelines adopted by the City of Paris. 3. Pursuant to Section 312.208(a) of the Act, the City Council hereby authorizes the execution, delivery and performance by the City of the First Amendment to Tax Abatement Agreement with Campbell Soup Company in the form attached hereto as Exhibit A. The Mayor is hereby authorized to execute the First Amendment to Tax Abatement Agreement on behalf of the City of Paris, and to do or cause to be done all _ t"r_ _. _ _ _L .... _u _._ ..I____._L