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

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6. Campbell Soup agrees to operate and maintain its Paris Texas Facility as described herein for the five (5) year term of this Agreement. If Campbell Soup fails to maintain its Paris Facilities as set forth in this Agreement, then Campbell Soup shall be considered in default of this Agreement. If Campbell Soup is unable to cure this default within thirty (30) days following receipt of written notice of default from Paris EDC, then Campbell Soup shall reimburse and repay Paris EDC all funds paid to Campbell Soup under this Agreement within sixty (60) days. 7. Throughout the term of this Agreement and any extensions thereof, Campbell Soup agrees, upon request, to provide copies of its audited or unaudited annual financial statements to Paris EDC within thirty (30) days of the end of Campbell Soup's fiscal year. Upon request from Paris EDC and three business days advance notice, Campbell Soup shall make its financial records and books open for inspection and review by Paris EDC or Paris EDC's authorized accountants or agents. C. Paris Economic Development Corporation's Duties, Obligations and Representations: 1. Paris EDC agrees to pay the above - described incentive payment of $500,000.00 to Campbell Soup within five (5) business days of final approval and execution of the Agreement by all parties hereto. 2. Paris EDC has completed its assistance to Campbell Soup in advocating tax abatement agreement for the Paris, Texas Facility with the City of Paris, Texas, with Lamar County, Texas and with the Paris Junior College for the SS Juice line was approved by the Paris City Council on August 27, 2012. The tax abatement agreement was authorized in conformity with the approved Tax Abatement Guidelines and Criteria of the above named taxing jurisdictions. 3. Convene and facilitate additional State and Federal incentives for which Campbell Soup's project may qualify, including, but not limited to Skill Training funds through the Texas Workforce Commission; Texas Enterprise Fund award from the Texas Governor's Office; Financial Assistance through the Texas Economic Development Bank, Enterprise Zone Designation, and Federal New Market Tax Credits. III. EVENTS OF DEFAULT AND REMEDIES A. Events of Default - Campbell Soup shall be in default of this Agreement if it shall: 1. Fail to make the $25,000,000.00 Capital Investment in the Paris, Texas Facility for the SS Juice line, as provided in this Agreement; 2. Fail to employ 50 new employees at the Paris, Texas Facility as part of the new SS Juice line as provided for in this Agreement; 3. Fail to retain a minimum workforce of 50Q employees at the Paris, Texas Facility throughout the term of this Agreement or any extensions thereof; 4. Fail to maintain and operate its Facility at the Property in Paris, Texas throughout the term of this Agreement or any extensions thereof;