1998-074-RES WHEREAS, CITY COUNCIL DID HERETOFORE ON THE 17TH DAY OF MAY

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" RESOLUTION NO. 98-074 WHEREAS, the City Council of the City of Paris did heretofore, on the 17th day of May, 1993, in Resolution No. 93-051, authorize the execution, delivery, and performance of an agreement with Campbell Soup Company, pursuant to the Property Redevelopment and Tax Abatement Act, V.T.C.A., Tax Code Sec. 312.001, et seq. ("Act"), and the Guidelines and Criteria for Designation of Reinvestment Zones and Tax Abatement Agreements ("Guidelines"), to exempt a portion of the value of the property owned by Campbell Soup Company located in Reinvestment Zone No. Four from ad valorem taxation upon and subject to the terms, conditions, and provisions set forth in the Tax Abatement Agreement, dated effective as of April 12, 1993 ("Agreement"); and, WHEREAS, pursuant to the Agreement, the term of the tax abatement granted therein began with the tax year beginning January 1, 1994, and expires on December 31, 1998, subject to the option to extend for an additional two (2) year period expiring on December 31, 2000; and, WHEREAS, Campbell Soup Company is desirous of exercising the option to extend the period of tax abatement under the Agreement to December 31, 2000, and has expressed its intent to assign said Agreement, as the same pertain to the two-piece can manufacturing equipment, upon the sale of said equipment to Silgan Can Company; and, WHEREAS, Section 312.208(a) of the Act and the Guidelines adopted by the City each provide that a tax abatement agreement may be modified by the parties thereto by the same procedure by which the original agreement was approved and executed; and, WHEREAS, the City and Campbell Soup Company now desire to amend the Agreement in accordance with the Act and the Guidelines to provide for extension of the period of tax abatement under the Agreement to December 31, 2000, and to provide for the retention of the one hundred forty-six (146) existing jobs related to or in support of the two-piece can manufacturing operation; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS: 1. That the City Council hereby finds and determines that the terms of the First Amendment to Tax Abatement Agreement for Reinvestment Zone No. Four, the form of which is attached hereto as Exhibit A, meet the criteria for tax abatement as set forth in the Act and in the Guidelines adopted by the City of Paris. 2. That, pursuant to Section 312.208(a) of the Act, the City Council hereby authorizes the execution, delivery, and performance by the City of the First Amendment to Tax Abatement Agreement with Campbell Soup Company in the form attached hereto as Exhibit A.