HomeMy WebLinkAboutAdvanced Heat Treat Corp - Amendment No. 1 - 9.7.2021 CONTRACT AMENDMENT
RECIPIENT: Advanced Heat Treat Corp.
CONTRACT#: 18-TC-037
AMENDMENT#: 1
EFFECTIVE DATE: July 16, 2021
I
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, Advanced Heat Treat Corp. ("Recipient"), 2825 MidPort
Blvd., Waterloo, IA 50703, and City of Waterloo ("Community"), 715 Mulberry St., Waterloo, IA
50703.
WHEREAS, Recipient, has requested that the Project Completion Date be extended.
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,:. / n
SIGNATURE Deborah V. Durham, Director
-1U(L L W0 s /P� ,� � Sept 15, 2021
PRINT/TYPE NAM , TITLE DATE
DATE
FOR COMMUNITY:
SIGNATURE
Quentin Hart
PRINT/TYPE NAME, TITLE
9/7/2021
DATE
EXHIBIT D—JOB OBLIGATIONS
Updated on 7/16/2021
Recipient: Advanced Heat Treat Corp.
Community: City of Waterloo
Contract Number: 18-TC-037
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 Employment Jobs Total
Project Completion Date: MaFGh 31 2021 March 31, 2022 Base To Be Created Job
Maintenance Period Completion Date: MaFGh 31, 2023 March 31, 2024 Obligations
Total employment at project location 91 12 103
Average wage of total employment at project location $29.69
Qualifying Laborshed Wage threshold requirement (per hr) $17.29
Number of jobs at or above qualifying wage 60 6 66
Average Wage of jobs at or above qualifying wage $37.86
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$2,250 for single coverage or$4,500 for family
coverage.