HomeMy WebLinkAboutCedar Valley TechWorks-9/4/2012CONTRACT AMENDMENT
BUSINESS:
MASTER CONTRACT #:
FUNDING AGREEMENT #:
AMENDMENT #:
EFFECTIVE DATE:
Cedar Valley TechWorks
P0807M01748
09-PIAPIVFRF-001
Two
August 17, 2012
Please return this copy to:
City Clerk & Finance Department
715 Mulberry Street
Waterloo, IA 50703
THIS CONTRACT AMENDMENT is made by and between the IOWA ECONOMIC
DEVELOPMENT AUTHORITY f/k/a Iowa Department of Economic Development, (hereafter
"IEDA"), 200 East Grand Avenue, Des Moines, Iowa 50309, an agency of the State of Iowa, Cedar
Valley TechWorks, an Iowa Corporation ("Business"), 10 West 4th Street, Suite 310, Waterloo, Iowa
50701 and the City of Waterloo ("Community"), 715 Mulberry Street, Waterloo, Iowa 50703
WHEREAS, Business has requested that the Project Scope and Completion Date be modified,
and
WHEREAS, the IEDA BOARD approved the changes, effective as of the Effective Date stated
above, and
NOW, THEREFORE, the Contract referenced above is amended as follows:
1. REVISION OF ARTICLE 3.1, "CONTRACT STRUCTURE AND DEFINITIONS."
"Project Completion Date" means - .. .... ,. • • ., _ e . _ August 17, 2012 as stated
in Exhibit C, Description of the Project and Award Budget. The Project Completion Date is the date
by which all Project activities shall be satisfactorily completed.
2. REVISION OF EXHIBIT B-3, ARTICLE 3.2; "Forgivable Loan." The Contract is amended as
follows:
3.2 Forgivable Loan. $2,500,000, 36 months. The terms of forgiveness are as follows:
(a)
The project must be completed as described in Exhibit C proposed by the
Project Completion Date.
Floors 2, 1, 5 and 6 "white boxed" and prepared for occupant}
(b) A minimum of 50,000 s.f. (approximately 3 of the 6 floors) must be
(c--) Cedar Valley TechWorks will record and track the FTE data for each entity
signing a lease.
A minimum of 50% of the FTEs working for any one entity shall earn
a base of more than $22.12 per hour not including benefits/overtime/or other
additional forms of pay.
DESCRIPTION OF THE PROJECT AND AWARD BUDGET
(EXHIBIT C)
Revised 8-17-2012
Cedar Valley TechWorks
Name of Business:
Contract Number: P0807M01748
PROJECT DESCRIPTION
Cedar Valley TechWorks will complete the TECH 1 building multiple improvements located on the
'Cedar Valley TechWorks campus.
- -- - - _..
`involves land acquisition, site preparation, building remodeling, and working capital.
Project Completion Date:
SOURCE OF FUNDS
' IDED Programs
PIAP
City (EDA/EDI)
`John Deere
John Deere
The project
. ebrupr • 1, 2013 August 17, 2012
AWARD BUDGET
Amount USE OF FUNDS
Cost
*Land Acquisition $1,300,000T
$2,500,000 Forgivable Loan :*Site Preparation $1,400,000
*Building Acquisition $3,350,000
*Building Construction $0;
$1,950,000 Grants !*Building Remodeling $4668,149
$2,158,149 Cash *Mfg Machinery and Equipment $0
$4,650,000 In -Kind Other Machinery and Equipment $0
- Racking, Shelving, etc. $0
*Computer Hardware $0
Computer Software $0 -
Furniture and Fixtures $0;
Working Capital $540,000
,Research and Development $0
,Job Training $0
Other Expenses $0
SUBTOTAL $11,258,1149
SUB TOTAL $0
TOTAL ALL FUNDS $1'1,258,149
SUBTOTAL $11,258,149
*included as capital investment it awarded tax credit program
14
SUB TOTAL
5
$11,258,149=
updated &107
3. REVISION OF EXHIBIT C; "DESCRIPTION OF THE PROJECT AND AWARD
BUDGET." The Contract is revised to replace Exhibit C with the revised Exhibit C, which is attached
to this Amendment and incorporated by this reference.
Except as otherwise revised above, the terms, provisions, and conditions of Contract Number
P0807M01748 remain unchanged and are in full force and effect:
FO : USINESS: FOR IEDA:
• A TIRE
SIG A
DATE Deborah V. Durham, Director DATE
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