13 - Terminating Tax Abatement dated 11-24-2008 with Campbell Soup related to the Multi-Serve Beverage Line

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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING AND AUTHORIZING AN ADDENDUM TO TAX ABATEMENT AGREEMENT DATED NOVEMBER 25, 2008 WITH CAMPBELL SOUP SUPPLY COMPANY LLC RELATING TO THE COMPANY'S SINGLE SERVE BEVERAGE LINE AND AUTHORIZING AN AGREEMENT WITH THE COMPANY TO TERMINATE SAME; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, heretofore, on November 24, 2008, the City Council of the City of Paris, Texas approved the Tax Abatement Agreement (the "Agreement") attached hereto to as a part of Exhibit A and incorporated by reference as if fully set forth herein with Campbell Soup Supply Company LLC ("Campbell Soup" or "the Company") related to Campbell Soup's Multi -Serve Beverage Line (also known as the "Fusion Line"); and WHEREAS, the term of said Agreement expires on December 31, 2019; and WHEREAS, said Agreement relates to property owned by Campbell Soup within the City of Paris, which property is located within an Enterprise Zone as set forth in the Agreement; WHEREAS, the Texas Tax Code Sec. 312.208 and tax abatement guidelines in effect in 2013 and on the date of this Resolution allow for the modification and termination of a tax abatement agreement during the term of said agreement; and WHEREAS, due to prevailing conditions in the industry, OWNER has closed the Fusion Line at OWNER's PROPERTY and has diverted resources associated with the Fusion Line to sauce production within the Paris, Texas facility and has furthermore made an additional capital investment in said sauce production of over $10,000,000.00; and WHEREAS, in consequence thereof, the Company has requested that the Agreement be modified and terminated; and WHEREAS, the City Council has agreed to said modification and termination of the Agreement because said modification and termination are consistent with encouraging development of said Enterprise Zone in accordance with the purposes for which it was created and are in compliance with the City's policy on tax abatements and all applicable laws and otherwise serve a public purpose in maintaining a major employer in the City; 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.