HomeMy WebLinkAboutIowa Economic Development Authority-7/27/2015 (2)ase a erurn mu wpy rte
City Clerk & Finance Dept. aa "�
715 Mulberry St. sj,'c��'�.�°w
Waterloo, IA 50703 weed -,ter
REINVESTMENT DISTRICT CONTRACT
CITY: Waterloo
CONTRACT NUMBER: 15 -RD -001
AWARD DATE: February 3, 2015
MAXIMUM AWARD AMOUNT: $12,000,000
COMMENCEMENT DATE: July 1, 2016
TERMINATION DATE: June 30, 2036
This REINVESTMENT DISTRICT CONTRACT is made by and between the Iowa Economic
Development Authority ("IEDA" or "Authority"), 200 East Grand Avenue, Des Moines, IA
50309 and the City of Waterloo ("City"), 715 Mulberry Street, Waterloo, IA 50703.
The City hereby acknowledges that, on the Award Date, the Iowa Economic
Development Board ("Board") approved the City's application to establish a
reinvestment district ("the District") pursuant to !owa Code Chapter 15J, the "Iowa
Reinvestment Act." The City's Reinvestment District Final Application ("Final
Application"), including the detailed district plan describing the Projects to be completed
("District Plan"), as approved by the Board, is incorporated herein by reference as
Exhibit A. Due to its size, Exhibit A will not be attached to this Agreement, but will be
kept on file at Iowa Economic Development Authority ("IEDA"). Exhibit B, District
Description and Allocation of Funds, and Exhibit C, City's Estimated Tax Revenue
Projections, are attached hereto and incorporated herein by reference.
The City and IEDA agree to the following terms:
1. Definitions of words and phrases used herein, including but not limited to
"Project", "State Hotel and Motel Tax", "State Sales Tax", "New Lessor", and "New
Retail Establishment" and other applicable terms mean the same as in 261 IAC 200.
2. The date upon which the calculation of new State Sales Tax and new
State Hotel and Motel Tax revenue shall begin ("Commencement Date") is July 1, 2016.
3. The City may adopt an ordinance establishing the District and shall notify
the Director of the Iowa Department of Revenue ("iDR") of the Commencement Date no
later than 30 days after the adoption of the ordinance. The ordinance shall include the
information set out at Iowa Code section 15J.4(4).
4. The City shall not modify any Project described in the District Pian or add
any Project to the District Plan without prior Board approval. If a requested plan
amendment would reduce capital investment in the District or remove one or more of
the projects originally approved for the District, the Board in its discretion may reduce,
rescind, or otherwise modify the maximum benefit amount accordingly. In determining
whether to approve a plan amendment that includes a modification to an existing
Project or the addition of a new Project, the Board shall consider the scoring criteria in
261 iAC 200.6 as well as the amount of indebtedness incurred by the City in furtherance
of the Project and the potential impact on covenants or other financial commitments
Page 1 of 6
made in reliance on the projected receipt of State Sales Tax revenues or State Hotel
and Motel Tax revenues by the City. If modification to or addition of a Project is
approved, and the modification or addition changes financial information set out in the
District Plan and any ordinance the City adopted to establish the District, the City shall
amend the ordinance to reflect any changes to financial information.
5. The City shall assist the IDR in identifying New Retail Establishments in
the District that are collecting State Sales Tax and new lessors in the District that are
collecting State Hotel and Motel Tax. This process shall be ongoing until the City
ceases to utilize State Sales Tax revenue or State Hotel and motel Tax revenue under
Chapter 15J, or until the District is dissolved.
6. The maximum amount of State Sales Tax revenues and State Hotel and
Motel Tax revenues that may be remitted to the City's reinvestment project fund created
pursuant to Iowa Code section 15J.7 ("City's Fund") is $12,000,000. A copy of the City's
estimated new State Sales Tax revenues and estimated new State Hotel and Motel Tax
revenues for the District is included as Exhibit C. Exhibit C is included for reference
only. The amount of funds remitted to the City will be based on actual tax revenues
within the District.
7. Following establishment of the District, the City may use moneys
deposited in the City's Fund to fund the development of Projects included within the
District Plan. The City shall use funds received in accordance with the District Plan, as
summarized in Exhibit B, District Description and Allocation of Funds.
8. Following establishment of the District, the City shall, on or before October
1 of each year, submit a report to the Board detailing all of the following:
a. The status of each Project undertaken within the District in the
previous twelve months.
b. An itemized list of expenditures from the City's Fund in the previous
twelve months that have been made related to each Project undertaken within
the District.
c. The amount of the total cost remaining for each Project undertaken
within the District as of the date the report is submitted.
d. The amounts, types, and sources of funding used for each Project
undertaken within the District in the previous twelve months.
e. The amount of bonds issued or other indebtedness incurred for
each Project undertaken within the District in the previous twelve months,
including information related to the rate of interest, length of term, costs of
issuance, and net proceeds.
f. The amounts of types of moneys to be used for payment of bonds
or indebtedness.
Page 2 of 6
9. The City is bound by all statutes and rules that pertain to reinvestment
districts.
10. The City acknowledges that failure to comply with any provision of this
agreement, or with any of the statutory or administrative code provisions governing
administration of the program, may constitute an event of default. Whether an act or
omission constitutes an event of default and whether such an event of default has been
or can be cured shall be determined by the IEDA in its sole discretion. An event of
default may result in the modification, cessation, deferral, or termination of the benefits
of the Reinvestment District Program. IEDA may provide notice of a material, uncured
event of default to the Iowa Department of Revenue.
FOR IEDA: FOR CiT
BY:
Deborah V. Durham, Director
3?J,'-
Date
Signature
:Or s#— Ci -'U � & tct_./ o (—
Typed Name and Title
Date
Page3of6
Exhibit A
City's Reinvestment District Final Application (on file with IEDA)
Page 4 of 6
EXHIBIT B
District Description and Allocation of Funds
"Tech 1" and "Tech
2" buildings
$11,000,000 (92%)
TechWorks Outlots
$0 (0%)
Cedar River
Marina
$1,000,000 (8%)
TOTAL ALL
PROJECTS
$12,000,000
Note:
The Reinvestment Project Fund Allocation amounts are estimates based on the
maximum award amount. Fund allocations shall be made in proportion to the allocation
described in the District Plan approved by the Board and noted as percentages above.
Page 5 of 6
Exhibit C
City's Estimated Tax Revenue Projections
Page 6 of 6
0
ID
cs,
a
CO
a
0.
re
0
994
97
.2'
5
C:1
0
4,
0 0 CO §
LO
cs1 aah
r --
a 4 a
10
ID
N—
a
10
Ca
442
ID
co
cst
a
1
0
E0
ID
tO
ri
ID
ID
CV
8
ID
CI
N:.
CV
ID
CV
Green Hotel Room Tax
a
a
a
Tech 2 Green Hotel - Room Service and Incidentals
,01
4.
§ §
g g
ID
ID
ID
0
ID
ID
ID
0
ID
ID
ID
ID
ID
ID
ID
ID
ID
ID
ID
0
rig
ID
ID
ID
IDs
a
0
a
ID
ID
ID
a
.47
#".
• .1
co '70
cr_
.=,
04
c6
co,............„
r•S
ai
A
.0
•st
f=4
c,
N-..
a2.5...,
q
"
co
":.
•,ct•
'''':.
'
P•
5 •
' k
1
1 1
;
9.
....;
.5.
:,_,
66
X
6.
cc.
,_,
69.
'=,
Y...
,..,,
rc.......,
8
.0-
,D
66
§
c-4
..-
66
66
Cti
CO
69•
'''...
.... al
,
...,,
i
.... ..i
,,,,,,4
›..2,
-,,,,-..1
,fre..
'P'. P'
.
1":".
cr;
.,....
,
0
0
7.
-
0,
,
ciF
CV
ai
CO
CV
cri
0
O.
Lro
ee
6.3
CD
0
Ittil.
1.
e-.
../....
,.......
0
0
,..."
0.
CO
‘r
1.-
l"-•
a
...
, e
8
,.
.....
'
8
a
•
CO •
CO
0
C•1
8
CI
ri".6...
co
CV
61.
(...§
to
"
0.
C...I
61..
,0
1,.....
1.....
.0
66
czr
1.37
SO
49
to
P.:
0;
a
.6
:11
'
0
,,.,,3
CO
.7„,
IV
A
66
0
co
cs
•cF
N.
C°
.1."..
..‘,....,.
.4"-
r... ,
„.
‘R.
'
_ .
0
C;1"
CSI"
,-.,
p,
,..
r --
.*-
a;
...,
.Lit
6,
.
0
E6
..
r/4r
69.
66
66
a
t 5
... '
,
ca
tThi
CO
66
co
cc.
0
...
OF
8
r...,
8
CO
Ile
.4:..
••
,
8
..•,
•k-'
'='-,-
0
'1-
0 0
.,
7,
ct
0
cr,_
CO
•=r
CSr
,,,--='-'z
c7-.7.5,
P.
At
V 4
4
Cii
Q)
•cr
oi
(f)
8
co'
g
....cri
8
.
,......cr
.4.)
N-.
1,-
M
LCS.
1..•
I,.
a
A...C..."
.
.
%,
3
.
°
8
69.
8
8
06
-,,
_,,
t
8.
8
8
c•4
.-
.=,
(N3
,•,=,
.V.z..-,
,
li
4
0
1.,:i..
4
CO
0
CO
0
,
1,1
0
co
CO
CO
t•--
O....
N-
g
O...
2
t.
h .
1,.. •
g4,1
..>
• ., ,.
lik
,=:,
=
8
„_.
69.
ca
8
8
,_
*Rt.
;.-.,
\ ---%
.1
4=:,
8
c0
X
cza
8
CS1
fl7i,
8
,=,
CY
X
-___, ,......
./......., 0-
ylL
Use
Project Area 1 - TechWorks Ca , • (see attached map)
Tech 1 (see attached map)
!Programming TBD (IAMC Business Services and User Fees)
'Tech 2 (see attached map)
'Tech 2 Full Service Restaurant #1 - dining room and outdoor seating
'Tech 2 Full Service Restaurant #1 - bar area
'Tech 2 Limited Service Restaurant #2
ITech 2 Event Catering 1
1 In-house Catering (within Hotel, from Restaurant #1)
ICampurs-related Catering (from Restaurant #1)
'Green Hotel Room Tax
Tech 2 Green Hotel - Room Service and incidentals
Prefect Area 2- TechWarks Outlets (see attached map)
lOutiot #1 - Full Service Restaurant
kutlot #2 - Commercial Servicesillefall
10,111.f:t
••••••••:
Prefect Area 3 - TechWorks Marina District (see attached map)
[Commercial/Marina; Boat Sales Showroom
!Commercial/Marina: Minor Repair, Marine Supply Sales, Fuel Sales
'Fisherman's Pub Bar & Restaurant
. 4
'''l
•,-•:,'
4
i -
0
7--,
rs
0
GO
7c
1:5
"8
Lu
I--
'M >
ro E. ,m.
•— E y'
W 0 1Z
Hb
oNN
co_M
CO
coN'
F.
7
r --O
o,
CO
Q
KY
�4
�pp
t0
O
udfi
t
oO
p
coI03
4-
N
-
V
=�G
j
O
p
O
O
2
4-
O
O
W
S�
Ci
N
CO
0
N
O0
ca
cpqq
O
N
�y�y
r.t
{l
p
C.I.
V.3
'''
0
p}
f
LW
o
o
O
,O
O
tCtpp1
4
N
pp
Q
MO
p
!V
�F
N
CO
G
4C0M1�
N
EfY
'Q
CpCC;
@9
xo
3itC
pp
G
C
dq
pQ
4)
�P
g
pQ
Oci-
c0
rl:,
dJ
p¢
O
N
de
O
0,
g
Ea-
`^ y
Q
(ll
rt;,..
�
O
Cr;
G
•CF
u
1...
O^
V
H
'R
M1
A
.
O
'4.0
U
-
d
OO
O
C
4-
O
o
t$
O
C3.
r
449'
p
c.1
69
Use
Project Area 1- TechWorks Campus (see attached map)
Tech 1 (see attached map)
Programming TBD (AMC Business Services and User Fees)
Tech 2 (see attached map)
[Tech 2 Full Service Restaurant #1 - dining room and outdoor seating
Tech 2 Full Service Restaurant #1 - bar area
ITech 2 Limited Service Restaurant #2
Tech 2 Event Catering
co
Et
i
g
.tea
U
W
W
ICamgurs-related Catering (from Restaurant#1)
Green Hotel Room Tax
Tech 2 Green Hotel - Room Service and Incidentals
SSS r
y1
i
}
>l"�fe
!Project Area 2 - TechWorks Outlets (see attached map)
.52
1
IOutJot #2 - Commercial Servlces/Retall
rf
�t
' 3
's-nco
rrf
PmjectArea 3- TechWorks Marina Distrkt (see attached map)
ICommercialiMarina: Boat Sales Showroom
)
"0
IsZ
o.
ur
, -
CC
2ct
CO
13
[Fisherman's Pub Bar & Restaurant
�.'
•