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

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40 hours/week over the preceding 12- months from calculation date, defined as "Skinner" fiscal year end date. The remaining hours worked by part-time employees during the Fiscal Year may then be combined and divided by 52 weeks, then divided by 40 hours to determine the additional number of full -time equivalent jobs eligible for reimbursement. In no event will the total economic incentive provided by this Agreement exceed ONE MILLION ONE HUNDRED SEVENTY NINE THOUSAND DOLLARS ($1,179,000.00). 4. Confirmation of Skinner's year ending FTE count shall be provided to the Paris EDC no later than January 7a` of each year. Reconciliation and any audit procedures from the Paris EDC shall be communicated and passed to Skinner by January2ls' of each year. Reconciliation and response shall be provided by Skinner by January 28'h of each year. Payments shall be made via physical check, electronic draft or wire within thirty (30) days of receiving Skinner's final documentation, in accordance with the agreement. Validation by Paris EDC will be based on a review of records from the Texas Workforce Commission (TWC) and certified payroll records provided by Skinner. Skinner agrees to provide any other personnel records, payroll records, documents, reports or affidavits deemed necessary by Paris EDC to verify minimum employment/retention requirements at the Facility. Skinner shall provide these additional verification documents to Paris EDC within five (5) business days following request from Paris EDC. Any delay in providing the verification documents to Paris EDC may cause a delay in issuance of economic incentive payment. 6. Skinner will pay all taxes when due, including, but not limited to: federal employment, payroll and Medicare taxes on its employees; all state and local sales and use taxes and excise and franchise taxes; and all ad valorem taxes on all real and personal property. In the event Skinner should fail to pay any of the lawfully imposed taxes or fees referred to above when due, plus any penalties, interest, costs or attorney's fees lawfully imposed, Skinner shall be considered in default of this Agreement and Paris EDC may terminate this Agreement and pursue recovery of any and all economic incentives provided to Skinner under this Agreement plus any other rights it may have in equity or under the law. 7. Skinner agrees not to employ undocumented workers at the Facility. Should Skinner be convicted of a violation under 8 U.S.C. Section 1324a(f) regarding the employment of undocumented workers during the term of this Agreement, it shall be deemed in default and subject to termination of Agreement and reimbursement of Economic Incentive funds as provided herein. Skinner agrees to operate and maintain the Facility as described herein for the five (5) year term of this Agreement. If Skinner fails to maintain the Facility as set forth in this Agreement, then Skinner shall be considered in default of this Agreement. If Skinner is unable to cure this default within thirty (30) days following receipt of written notice of default from Paris EDC, then Skinner shall reimburse and repay Paris EDC all funds paid to Skinner under this Agreement within sixty (60) days. 4