2013-039 Approving an Economic Incentive Agreement between the Paris Economic Development Corporation and Campbell Soup Supply Company, LLC

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DOLLARS ($1,400,000.00) to Campbell Soup for the new Capital investment in the RTE Line, 68 new full -time jobs for the RTE line, retention of at Ieast 500 jobs at the Paris, Texas Plant and specialized job training for the new RTE line, and directed PEDC staff to finalize the scope and terms of the economic incentive package in an Economic Incentive Agreement; and WHEREAS, the $1,400,000.00 economic incentive payment will be paid to Campbell Soup in one lump sum within five (5) days following execution of this Agreement by all parties and approval of the Agreement by the PEDC Board and the Paris City Council; and WHEREAS, the Board of Directors of Paris EDC has determined that it is in the best interest of the City of Paris, Texas community and the local economy that Paris EDC provide these economic incentives to Campbell Soup to help bring the new capital investment to the Paris, Texas Facility through the new Ready -to -Eat line and sixty-eight (68) new jobs and to maintain 500 jobs at the Campbell Soup Facility in Paris, Texas; and NOW, THEREFORE, in consideration of the covenants, promises, and conditions set forth herein, the Paris EDC and Campbell Soup agree as follows: 1. TERM This Agreement shall be effective upon the date last executed by the Parties hereto and shall remain in force for a term of five (5) years from the effective date. 11. REPRESENTATIONS AND OBLIGATIONS OF THE PARTIES A. Campbell Soup's Duties, Obligations and Representations: 1. Campbell Soup shall make a Capital Investment of at least $46,100,000.00 in the Paris, Texas Plant as part of the new Ready -to -Eat line by December 31, 2013. 2. Campbell Soup shall hire sixty -eight (68) new full -time employees at the Paris, Texas Plant as part of the new Ready -to -Eat line by December 3I, 2013, 3. Campbell Soup shall retain a minimum of Five Hundred (500) full -time jobs at the Paris, Texas Plant throughout the term of this Agreement. 4. Campbell Soup shall provide High Performance Organization ( "HPO ") training to all new employees working on the RTE line. 5. Campbell Soup shall provide all training to start-up, operate and successfully maintain the Ready -to -Eat line, including any necessary cross - training or HPO training for retained full -time employees at the Paris, Texas Plant. 5. Campbell Soup shall continue to operate a food and beverage manufacturing plant with a diversified product line at the Paris, Texas Facility throughout the term of this Agreement. E