HomeMy WebLinkAboutTyson - Amendment to Contract 10.5.2020 CONTRACT AMENDMENT
RECIPIENT: Tyson Fresh Meats, Inc.
MASTER CONTRACT#: 18-TC-018
AMENDMENT #: 1
EFFECTIVE DATE: September 18, 2020
THIS CONTRACT AMENDMENT is made by and among the IOWA ECONOMIC
DEVELOPMENT AUTHORITY, (hereafter "IEDA"), 1963 Bell Avenue, Suite 200, Des Moines,
IA 50315, an agency of the State of Iowa, Tyson Fresh Meats, Inc. ("Recipient'), 2200 Don
Tyson Parkway (CP131), Springdale, AR 72762, and City of Waterloo ("Community"), 715
Mulberry St., Waterloo, IA 50703.
WHEREAS, Recipient, has requested to extend the Project Completion Date, 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 EXHIBIT D; "JOB OBLIGATIONS." Exhibit D is amended to revise the
Project Completion Date. Details of this change are reflected in the attached Revised Exhibit D
which is hereby incorporated by this reference and made a part of this Contract Amendment.
FOR RECIPIENT: FOR IEDA:
J,a,vt;�aA
SIGN RE C Deborah V. Durham, Director
Sr. Director Tax
PRINT/TYPE NAME, TITLE DATE
09/23/2020
DATE
FOR COMMUNITY:
Quentin }-fart
SIGNATURE
Quentin Hart, Mayor
PRINT/TYPE NAME, TITLE
October 5, 2020
DATE
EXHIBIT D—JOB OBLIGATIONS
Amended September 2020
Recipient: Tyson Fresh Meats, Inc.
Community: City of Waterloo
Contract Number: 18-TC-018
This Project has been awarded Project Completion Assistance and Tax Incentives from the High Quality Jobs Program
(HQJP)
—Tax Credit Component. The chart below outline the contractual job obligations related to this Project.
Data in the"Employment Base"column has been verified by IEDA and reflects the employment characteristics of the
facility receiving funding before this award was made. Jobs to be retained as a part of this Project must be included
in these calculations.
Data in the"Jobs To Be Created"column outlines the new full-time jobs(including their wage characteristics)that must
be added to the employment base and,if applicable,statewide employment base as a result of this award.
At the Project Completion Date and through the Maintenance Period Completion Date,the Recipient must achieve,at a
minimum,the numbers found in the"Total Job Obligations"column.
HQJP JOB OBLIGATIONS 1 Employment Jobs Total
Project Completion Date: September 30 202 I Base ITo Be Created I Job
May 31, 2021 Obligations
Maintenance Period Completion Date: September 30 2022
May 31, 2023
Total employment at project location 2,892 245 3,137
F--Average wage of total employment at project location $17.52
Qualifying Laborshed Wage threshold requirement(per hr) $17.29 (100%)
Number of jobs at or above qualifying wage I 642 245 887
Average Wage of jobs at or above qualifying wage $23.31
Notes re:Job Obligations
1. When determining the number of jobs at or above the qualifying wage,wages will include only the regular hourly
rate that serves as the base level of compensation.The wage will not include nonregular forms of compensation such
as bonuses,unusual overtime pay,commissions,stock options,pension,retirement or death benefits,unemployment
benefits or other insurance,or other fringe benefits.
2. Employment Base includes 0"Retained Jobs".
If the Recipient uses or proposes to use a non-standard work week(8 hours a day, 5 days a week, 52 weeks a year
including holidays,vacation and other paid leave), check the box below and describe that alternative schedule. The
alternative schedule must meet the requirements of 261 IAC 173.2.
If the box is not checked or if no alternative schedule is provided, IEDA will consider"Full-time Equivalent(FTE)
Job"to mean the employment of one person for 8 hours per day for a 5-day,40- hour workweek for 52 weeks per year,
including paid holidays,vacations and other paid leave.
❑ The Recipient shall use an alternative work week for purposes of its employees
described in the Contract. The alternative work week is as follows: [description].
Sufficient Benefits Deductible Requirements. Recipient shall provide Sufficient Benefits with a maximum deductible
of$1,250 for single coverage or
$2,500 for family coverage.