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($500,000.00) to Campbell Soup for the new Capital Investment in the SS Juice Line, 50 new <br />full -time jobs for the SS Juice line, retention of at least 500 jobs at the Paris, Texas Plant and <br />specialized job training for the new SS Juice line, and directed PEDC staff to finalize the scope <br />and terms of the economic incentive package in an Economic Incentive Agreement; and <br />WHEREAS, the $500,000.00 economic incentive payment will be paid to Campbell <br />Soup in one lump sum within five (5) days following execution of this Agreement by all parties <br />and approval of the Agreement by the PEDC Board and the Paris City Council; and <br />WHEREAS, the Board of Directors of Paris EDC has determined that it is in the best <br />interest of the City of Paris, Texas community and the local economy that Paris EDC provide <br />these economic incentives to Campbell Soup to help bring the new capital investment to the <br />Paris, Texas Facility through the new SS Juice line and fifty (50) new jobs and to maintain 500 <br />jobs at the Campbell Soup Facility in Paris, Texas; and <br />NOW, THEREFORE, in consideration of the covenants, promises, and conditions set <br />forth herein, the Paris EDC and Campbell Soup agree as follows: <br />I. TERM <br />This Agreement shall be effective upon the date last executed by the Parties hereto and <br />shall remain in force for a term of five (5) years from the effective date. <br />II. REPRESENTATIONS AND OBLIGATIONS OF THE PARTIES <br />A. Campbell Soup's Duties, Obligations and Representations: <br />1. Campbell Soup shall make a Capital Investment of at least $25,000,000.00 in the Paris, <br />Texas Plant as part of the new SS Juice line by December 31, 2013. <br />2. Campbell Soup shall hire fifty (50) new full -time employees at the Paris, Texas Plant as <br />part of the new SS Juice line by December 31, 2013. <br />3. Campbell Soup shall retain a minimum of five - hundred (500) full -time jobs at the Paris, <br />Texas Plant throughout the term of this Agreement. <br />4. Campbell Soup shall provide High Performance Organization ( "HPO ") training to all <br />new employees working on the SS Juice line. <br />5. Campbell Soup shall provide all training to start-up, operate and successfully maintain <br />the SS Juice line, including any necessary cross - training or HPO training for retained <br />full -time employees at the Paris, Texas Plant. <br />6. Campbell Soup shall continue to operate a food and beverage manufacturing plant with a <br />diversified product line at the Paris, Texas Facility throughout the term of this <br />Agreement. <br />