1990-063-RES WHEREAS, the City Council of the City of Paris has been presented a proposed agreement by and between

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NOW THEREFORE, the Parties hereto do mutually contract and agree as follows: I. Term 1,1. The term of this AGREEMENT sha11 begin on the 9th day of August, 1990, with, as hereinafter provided, tax abatement granted herein beginning with the tax year beginning January 1, 1991, and expiring on December 31, 1995, subject to the option to extend hereinafter described. II. Area to be Improved 2,1. The property to be the subject of this agreement shall be that property described by metes and bounds on Exhibits A, B, and C, attached hereto, and depicted on the plat attached hereto as Exhibit D, each of which is made a part hereof and shall be hereinafter referred to as PROPERTY. III. Improvements 3.1. The OWNER shall make improvements to the PROPERTY as follows: Expansion in production capacity in the Paris plant consisting of additional production lines and modifications to the existing buildings and utilities. Such improvements will be made upon the PROPERTY herein described and will consist of machinery, equipment and utilities installed to produce consumer products in the existing south converting and mechanical buildings; a cooling tower located 35 feet south of said converting and mechanical buildings; building revisions and new truck docks in the present south rail dock area; additional conveyors, case stackers, stretch wrappers and a trash compactor to be located in the present converting and storage areas; a 40,000 square foot addition to the northeast section of the existing employee parking lot; and miscellaneous items of office and plant equipment, all of which will be particularly described in CITY'S Certificate of Completion prepared after the completion and installation of the improvements and machinery herein described which shall be furnished to and filed with the Chief Appraiser of Lamar County and the Tax Assessor and Co11ector of the City of Paris. Said Certificate shall be duly executed by the Nayor of the Ci ty of Paris. The improvements descr ibed in this paragraph shall be hereinafter referred to as IMPROVEMENTS. The IMPROVEMENTS wil1 be at a cost in excess of $1,000,000, and shall be substantially completed on or about January 1, 1992; provided, that OWNER shall have such additional time to complete the INPROVEMENTS as may be required in the event of "force majeure" if OWNER is diligently and faithfully pursuing -2-