2008-104-RES-Adopting and extending the policy statement criteria and guidelines for tax abatements for an additional two years, and approving and authorizing tax abatement agreement with campbell soup for a new juice line at the paris plant.

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equ ly qualified job applicants the hiring of employees first from within the Enterprise Zone, seco d from within the corporate limits of the City of Paris, Texas, and third, from within Lamar Cou ty, Texas, subject to the laws and regulations of the United States of America and the State of T xas, and subject to any labor contracts currently in effect and any successive contracts or past ractices. The OWNER agrees that it will not fill the new, permanent, full -time jobs with emp oyees from among its current employees at the existing site without immediately filling the posi ions vacated by such employees. 5.3 OWNER agrees that during the term of this AGREEMENT it will not reduce the total number of existing permanent full-time jobs at it's Paris, Texas plant (as referenced herein) plus 57 additional permanent full-time jobs as called for in this AGREEMENT. VI. Default/Liquidated Damages 6.1 In the event that (a) the IMPROVEMENTS for which an abatement has been gran ed are not completed in accordance with this AGREEMENT or the expenditure for the IMP OVEMENTS does not meet the amount required herein; or (b) the jobs required to be crea ed and retained by OWNER, as provided in Article V herein, are not maintained in acco dance with this AGREEMENT; or (c) OWNER allows its ad valorem taxes owed the CITY to b come delinquent and fails to timely and properly follow the legal procedures for protest or cont st of any such ad valorem taxes; or (d) OWNER materially breaches any of the other terms and onditions of this AGREEMENT, then OWNER shall be in default of this AGREEMENT. In t event the OVVNER defaults in its performance of either (a), (b) (c) or (d) above, then the CIT shall give the OWNER written notice of such default and if the OWNER has not cured such default within sixty (60) days of said written notice, this AGREEMENT may be modified or te inated by the CITY. Notice shall be in accordance with paragraph 13.3. 6.2 As liquidated damages in the event of default, and in accordance with the requ rements of Section 312.205 (a)(4) of the Property Tax Code of the State of Texas, all taxes whi otherwise would have been paid by OWNER to the CITY without the benefit of abat ment, together with interest to be charged at the statutory rate for delinquent taxes as dete ined by Section 33.01 of the Property Tax Code of the State of Texas, with all penalties perrE itted by the Property Redevelopment and Tax Abatement Act and the Property Tax Code of the tate of Texas, shall be recaptured and will become a debt to the CITY and shall be due, owi g, and paid to the CITY within sixty (60) days of the expiration of the above-mentioned appl cable cure period as the sole remedy of the CITY, subject to any and all lawful offsets, settl ments, deductions, or credits to which OWNER may be entitled. The parties acknowledge that ctual damages in the event of default and termination would be speculative and difficult to VII. Personal Property Tax Abatement 7.1 Subject to the terms and conditions of this AGREEMENT, and subject to the right and holders of any outstanding bonds of the CITY, a portion of the ad valorem property TAX ABATEMENT AGREEMF,NT - Page 4