HomeMy WebLinkAboutCedar Valley TechWorks-9/6/2012CONTRACT AMENDMENT
BUSINESS: Cedar Valley TechWorks
MASTER CONTRACT #: P0807M01748
FUNDING AGREEMENT #: 09-PIAPIVFRF-001
AMENDMENT #: Two
EFFECTIVE DATE: August 17, 2012
Pease 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 ,: _ :. :. ! . _ 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. $2,500,000, 36 months. The terms of forgiveness are as follows:
(a) The project must be completed as described in Exhibit C proposed by the
Project Completion Date.
Floors 1 and 3 completed and occupied
,,
(b) A minimum of 50,000 s.f. (approximately 3 of the 6 floors) must be
($(b) 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
Febru ry , 2^" ugust 17, 2012
AWARD BUDGET
USE OF FUNDS
Amount Cost
*Land Acquisition $1,300,000
$2,500,000 Forgivable Loan *Site Preparation $1,400,000
*Building Acquisition $3,350,000
*Building Construction. $0
$1,950,000 Grants *Building Remodeling $4,668,149
$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
SUBTOTAL $11,258,149 Other Expenses SUBTOTAL $11,258,149
* included as capital investment if awarded tax credit program
TOTAL ALL FUNDS sue TOTAL$11,258,149 sus TOTAL 80
$11,258,149
Updated 8/07
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:
T.4 12
q /(
SIG A ' DATE Deborah V. D r ham, Director DATE
3tekisk-S. DAsi Regolet
PRINT/TYPE NAME, TITLE
lefa,/ gke19-eig
SIGNATURE DATE
PRINT/TYPE NAME, TITLE
CONTRACT AMENDMENT
BUSINESS: Cedar Valley TechWorks
MASTER CONTRACT #: P0807M01748
FUNDING AGREEMENT #: 09-PIAPIVFRF-001
AMENDMENT #: One
EFFECTIVE DATE: April 20, 2012
('\1y\ r.c
FPLE CeP4
RECEIVED MAY 09 2012
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 Completion Date be extended, and
WHEREAS, the IEDA BOARD approved an extension, effective as of the Effective Date
stated above, and
NOW, THEREFORE, the Contract referenced above is amended as follows:
1. REVISION OF ARTICLE 3.L "CONTRACT STRUCTURE AND DEFINITIONS."
"Project Completion Date" means , - .. - .. - .. .... . •. - • - February 1. 2013 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 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:
FOR
SIGNATURE
-5�cr SLA
PRINT/TYPP NAME, TITLE C C, ��
a5�
ILFOR IEDA:
DATE (—Deborah -V. Pur am, Director +'` D.6:1 E
FOR COMMUNITY:
wesy- ar. ehi e -t2-/ 0 -
SIGN DATE
RINT/TYPE NAME, TITLE
DESCRIPTION OF THE PROJECT AND AWARD BUDGET
(EXHIBIT C)
Revised 4-20-2012
Name of Business: Cedar Valley TechWorks
Contract Number: P0807M01748
PROJECT DESCRIPTION
Cedar Valley TechWorks will complete the TECH 1 building located on the Cedar Valley TechWorks
campus. It is a six-story building with 155,640 s.f. of floor space. The building will offer business
incubator space to start-up and growing Bio-industry businesses. The project involves land acquisition,
site preparation, building remodeling, and working capital.
Project Completion Date: 8014 February 1, 2013
AWARD BUDGET
SOURCE OF FUNDS
Amount
USE OF FUNDS
Cost
DED Programs
PIAP
3 _
er00
Forgivable Loan
*Land Acquisition
*Site Preparation
*Building Acquisition
00,00
bO,e 0 0
it 0 0 0
-
*Building Construction
.
�,•0-
City (EDA/EDI)
0 000
Grants
*Building Remodeling
*Mfg
,668,4 .
John Deere
$ >,
Cash
Machinery and Equipment
-
John Deere
0 03;
In-Kind
Other Machinery and Equipment
Racking, Shelving, etc.$0
—,
*Computer
Hardware
tie_;
Computer Software
Furniture and Fixturesu
a-
�
Working Capital
Research and Development
Job Training
440 0p
—.
: � $0,
.-
*.(,-1-- - 4
Other Ex enses
®�
. u ,,i-: E-ni ' `�• v B A 11, t149
- .
Qty
.. -.� ,""'i'-w: , „., .SUB � 58,1 Ti _-X
-,i,_-
Included as capital Investment If awarded tax credit program �_
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Updated 8107