2014-006 - Approving an Economic Incentive Agreement between the Paris Economic Development Corporation and Campbell Soup Supply Company, LLC

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ECONOMIC INCENTIVE AGREEMENT 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 CAMPBELL SOUP SUPPLY COMPANY LLC, a Delaware limited liability company (hereinafter called "Campbell Soup "), 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, Campbell Soup is a manufacturer and marketer of high quality food and beverage products, with one of its primary manufacturing plants located in Paris, Texas at 500 Loop 286, Paris, Texas 75460 (the "Property," "Plant," or "Facility "); and WHEREAS, Campbell Soup manufactures a line of "Single Serve Juice" ( "SS Juice ") products, some of which will be manufactured at the Campbell Soup Facility in Paris, Texas and in connection therewith, Campbell Soup has committed to make a new capital investment of approximately $25,000,000.00 in the Paris, Texas Plant ( "Capital Investment "); and WHEREAS, the Capital Investment will include: (1) construction of a new SS Juice production and packaging line at the Paris, Texas Plant; (2) acquisition and installation of new machinery and equipment for the line; (3) creating 50 new jobs at the Paris Facility to operate and maintain the SS Juice line; and (4) job training for the employees hired to operate and maintain the SS Juice line; and WHEREAS, Campbell Soup created 50 new jobs for the SS Juice line, and commits to retain a minimum of 500 full -time equivalent employees at the Paris, Texas Plant throughout the term of this Economic Incentive Agreement; and WHEREAS, in consideration of the Capital Investment that Campbell Soup is making in the Paris, Texas Plant, the new jobs created for the SS Juice line and retention of at least 500 jobs at the Paris Facility, Paris EDC has agreed to provide certain financial incentives to Campbell Soup as set forth in this Agreement; and WHEREAS, the Paris EDC Board, at a regularly scheduled meeting on August 14, 2012, approved an economic incentive offer of FIVE HUNDRED THOUSAND DOLLARS