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Special PEDC Meeting <br />October 9, 2003 <br />Page 3 <br /> <br />following: <br /> <br />A. Possible Campbell Soup expansion. <br /> <br />At 1:47 P.M. President Wall declared the executive session closed and the <br />PEDC Board back in open session. <br /> <br />President Wall called for a motion to ratify the proposal to the Campbell Soup <br />Company. <br /> <br />A motion was made by Director Sims that the Paris Economic Development <br />Corporation approve the package of incentives for Campbell Soup as proposed. <br />Director Sims asked Mr. Vest to read the wording on the incentive. Mr. Vest <br />read the incentive as follows: ~On the new plastic line you have proposed with <br />a capital investment of 3 8.7 million dollars, the PEDC is offering a two million- <br />dollar cash incentive paid to Campbell up front. PEDC will require an <br />incentive agreement that details your capital investment, the number of jobs <br />created in a specified time, and that those jobs be maintained in Paris. All of <br />these terms and conditions are subject to negotiations to the mutual satisfaction <br />of both Campbell' s and the PEDC." The motion was seconded by Director Bass <br />and carried unanimously. <br /> <br />There being not further business, the meeting was adjourned. <br /> <br />ATTEST: <br /> <br />DON WALL, PRESIDENT. <br /> <br />TOMMY HAYNES, ASST. CITY CLERK <br /> <br /> <br />