2013-041 Approving an Economic Incentive Agreement between the Paris Economic Development Corporation and JS Baking, LLC

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ECONOMIC INCENTIVEAGREEMENT STATE OF TEXAS KNOW ALL MEN BY THESE PRESENTS: COUNTY OF LAMAR THAT, the PARIS ECONOMIC DEVELOPMENT CORPORATION, a Non -Profit Texas Corporation, acting by and through its Board of Directors (hereinafter called "Paris EDC "), and The James Skinner Baking Co., a Nebraska S. Corporation(hereinafter called "Skinner "), do hereby contract and agree with each other within this Agreement (herein so called) as follows: WITNESSETH: WHEREAS, the Paris EDC a local Economic Development Corporation organized under the Texas Development Corporation Act of 1979, codified as Chapters 501 and 504 of the Texas Local Government Code (hereinafter, the "Act "), exists for the purpose of encouraging and assisting qualified service and manufacturing entities in the creation and retention of facilities and jobs in the Paris, Texas, area; and WHEREAS, Skinner is a baked goods manufacturing limited liability company, which is duly existing and authorized to do business in its state of creation and in the State of Texas; and WHEREAS, Skinner has made or has committed to make a TWENTY -FIVE MILLION DOLLAR ($25,000,000.00) capital investment in the former Sara Lee property and facility located at 2020 NW 19th, Paris, Texas (hereinafter "Property" or "Facility ") over the next five (5) years (2013 -2018) consisting of a combination of (1) $5,600,000 for facility acquisition, (2) $19,400,000 for constructing new infrastructure and facility improvements, and purchasing and installing new equipment, and (3)creating new jobs and training employees to manufacture Skinner baked goods (hereinafter the "Project "); and WHEREAS, in consideration of Skinner's capital investment in the Project, the Paris EDC has agreed to provide certain financial incentives to Skinner as set forth in this Agreement; and WHEREAS, Skinner will be making significant improvements to its Property and will be hiring 393 new employees and staff to work at the Property upon completion of construction of its new infrastructure and facility improvements and the purchase and installation of its new equipment; and WHEREAS, the Paris EDC Board, at a special called meeting on December 3, 2012,authorized an economic incentive offer of ONE MILLION ONE HUNDRED SEVENTY NINE THOUSAND DOLLARS ($1,179,000.00) to Skinner as incentive for Skinner's TWENTY FIVE MILLION DOLLAR ($25,000,000.00) Capital Investment in the Projectand393new full -time equivalent jobs at the Facility; and 1