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<br />STATE OF TEXAS
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<br />KNOW ALL MEN BY THESE PRESENTS:
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<br />COUNTY OF LAMAR
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<br />DEVELOPMENT CONTRACT
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<br />WHEREAS, Paris Economic Development Corporation, hereinafter called "PEDC," and
<br />Paris Packaging, Inc., a Texas Corporation, have previously entered into a Development Contract
<br />dated July 15, 1998, containing certain representations and promises associated with the loan of
<br />$4,000,000.00 in funds from PEDC to Paris Packaging, Inc. to carryon a manufacturing
<br />operation in the city of Paris, Texas; and,
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<br />WHEREAS, the aforesaid original note securing the loan of said $4,000,000.00 between
<br />Paris Packaging, Inc. and PEDC is scheduled to mature on July 15,2003, the same date that the
<br />obligations of Paris Packaging, Inc. under the original Development Contract would expire; and,
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<br />WHEREAS, Paris Packaging, Inc. has requested a renewal and extension of the existing
<br />note such that said note in the remaining principal amount of $3,392,165.54 would be extended
<br />beginning July 15,2003, for an additional one hundred sixty-five (165) monthly payments in the
<br />amount of $32,000.00 each, with the final monthly payment ofthe unpaid balance being due and
<br />payable on April 15, 2017; and,
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<br />WHEREAS, in consideration of the acceptance of said renewed and extended note, Paris
<br />Packaging, Inc. is prepared to enter into an extended Development Contract on the terms and
<br />conditions as set out herein; NOW, THEREFORE,
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<br />FOR AND IN CONSIDERATION OF THESE PREMISES, Paris Packaging, Inc. and
<br />PEDC agree as follows:
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<br />1.
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<br />That, for the term of this Contract, the same being for an additional one hundred sixty-five
<br />(165) months, beginning July 15, 2003, and ending on April 15, 2017, Paris Packaging,
<br />Inc. shall operate a business located in Paris, Texas, with a manufacturing facility located
<br />at 800 W. Center Street, Paris, Texas, and shall at that location operate said business as
<br />a printing, folding carton, and packaging manufacturing facility and/or related
<br />manufacturing facility.
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<br />2.
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<br />That Paris Packaging, Inc. agrees to keep employed at the manufacturing facility located
<br />in Paris, Texas, at least one hundred sixty (160) employees for the term of this contact,
<br />said employment level to be verified by furnishing PEDC a copy of the employer's
<br />quarterly employee report furnished to the Texas Workforce Commission.
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<br />3.
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<br />That Paris Packaging, Inc. shall keep the assets purchased insured against fire and the
<br />elements in an amount of at least $12,000,000.00, or in an amount equal to the most
<br />current appraised value of the property for taxation purposes as said value shall be
<br />established by the Lamar County Appraisal District, whichever amount shall be greater,
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<br />EXHIBIT ß...
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