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596 <br /> <br /> INCENTIVE AGREEMENT <br /> <br /> STATE OF TEXAS ) <br /> ) KNOW ALL MEN BY THESE PRESENTS: <br /> COUNTY OF LAMAR ) <br /> <br /> THAT, the PARIS ECONOMIC DEVELOPMENT CORPORATION, acting by and through <br /> <br /> its President, Michael R. Rhodes, duly authorized, hereinafter called PEDC, and AGPRO, INC., <br /> <br /> acting by and through its Owner and Member of the Board of Directors, Donald Gribble, duly <br /> <br /> authorized, hereinafter called AGPRO, do hereby contract and agree as follows: <br /> <br /> 1. AGPRO agrees to expand its production floor area, construct an inventory storage <br /> facility, and procure new equipment to facilitate this expansion at the facilities <br /> located on the property described on Exhibit A, attached hereto, and guarantees to <br /> maintain the same for not less than five (5) years from the date of this agreement. <br /> AGPRO further agrees to maintain a workforce of at least sixteen (16) persons paid <br /> at a rate of at least $6.00 per hour, or more, with benefits, during said five (5) year <br /> period. <br /> <br /> 2. The improvements and procurements described in Paragraph 1 hereof will be at a <br /> cost in excess of $250,000.00, and shall be substantially completed over a three (3) <br /> year period from the date of this agreement; provided, that AGPRO shall have such <br /> additional time to complete the IMPROVEMENTS as may be required in the event <br /> of "force majeure" if AGPRO is diligently and faithfully pursuing completion of the <br /> improvements. For this purpose, "force majeure" shall mean any contingency or <br /> cause beyond the reasonable control of AGPRO including, without limitation, acts <br /> of God, or the public enemy, any natural disaster, war, riot, civil commotion, <br /> insurrection, governmental or de facto governmental action, unless caused by acts or <br /> omissions of AGPRO, rites, explosions, accidents, floods, and labor disputes or <br /> strikes. <br /> <br /> 3. In accordance with established policy, if any property wherein the business activity <br /> is located for which incentives are given is not located within the corporate limits of <br /> the City of Paris, then AGPRO must petition the City of Paris for annexation. <br /> Accordingly, AGPRO agrees that, for and in consideration of the incentive payments <br /> made by PEDC, if any of the property described on Exhibit A is not located within <br /> the corporate limits of the City of Paris, then AGPRO will petition the City of Paris <br /> for annexation within ninety (90) days of the date of this Agreement, or within ninety <br /> (90) days of when the property is identified as outside the corporate limits, whichever <br /> date is later. <br /> <br /> EXHIBIT A <br /> <br /> <br />