HomeMy WebLinkAboutIowa Deptartment of Economic Development-Grant Award-07.06.2009 /y2'`"`se'Q 'g oaf _
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IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT
BROWNFIELD PROJECT FINANCIAL ASSISTANCE AGREEMENT
BETWEEN: IOWA DEPARTMENT OF ECONOMIC AWARD NUMBER: 09-BRN-07
DEVELOPMENT
200 East Grand Avenue
Des Moines, Iowa 50309
(hereinafter "IDED or Department")
AND: CITY OF WATERLOO TOTAL AWARD AMOUNT
715 Mulberry Street $215,000 in the form:
Waterloo, IA 50703
(hereinafter "Community or Business") $215,000 FORGIVABLE LOAN
In consideration of the promises and mutual covenants and agreements contained herein, the Parties agree
as follows:
1. DEFINITIONS. As used in this Agreement, the following terms shall apply:
1.1 Award Date. "Award Date" Means February 19, 2009.
1.2 Project Completion Date. "Project Completion Date" Means June 30, 2011. To the extent that the
actual Project Completion Date may change, determination of Project Completion Date shall be
determined by and solely approved by the Department.
1.3 Expiration Date. "Expiration Date" Means June 30, 2015. To the extent that the actual Project
Completion Date may change, determination of Expiration Date shall be determined and solely
approved by the Department.
1.4 Redevelopment Area. "Redevelopment Area" means the broader geographic area affected by the
Project activity(ies) as defined in Attachment A of this Agreement and the application.
1.5 Brownfield Project Area. "Brownfield Project Area" means the site(s) upon which acquisition,
remediation or redevelopment occurs as defined in Attachment A.
1.6 Project. "Project" means the acquisition, remediation or redevelopment activities of a qualified
Brownfield site to be accomplished within the Brownfield Project Area as defined in Attachment A.
1.7 Forgivable Loan. "Forgivable Loan" means an award made by the Department to the Community for
which repayment is eliminated in part or entirely based on Terms in article five (5) herin.
1.8 Loan. "Loan" means funds advanced by the Department to the Community of which full payment is
expected as provided for within this Agreement.
2. PRIOR EXPENSES. No expenditures for Project activities made prior to the Award Date may be
reimbursed from the State Brownfield Redevelopment Fund but may be included as part of the
Community's required seventy-five percent match.
Contract Number 09-BRN-d7
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23. GOVERNING LAW. This Agreement shall be interpreted in accordance with the law of the State of
Iowa, and any action relating to the Agreement shall only be commenced in the Iowa District Court for
Polk County or the United States District Court for the Southern District of Iowa.
24. INTEGRATION. This Agreement contains the entire understanding between the Community and IDED
and any representations that may have been made before or after the signing of this Agreement,which are
not contained herein, are nonbinding,void and of no effect. Neither of the parties has relied on any such
prior representation in entering into this Agreement.
25. DOCUMENTS INCORPORATED BY REFERENCE. The following documents are hereby
incorporated by reference:
a. Attachment A, "Program Description."
b. Attachment B, "Promissory Note."
c. Attachment C, "Report of Performance Measures."
d. Attachment D, "Application for Brownfield Redevelopment Funds."
Attachment D will be kept on file at the Iowa Department of Economic Development. It shall,
nevertheless,be considered an incorporated item of this Agreement.
26. ORDER OF PRIORITY.. In the event of a conflict between documents of this Agreement, the following
order of priority shall govern:
a. Articles 1 through 25 herein.
b. Attachment A, "Program Description."
c. Attachment B, "Promissory Note."
d. Attachment D, "Application for Brownfield Redevelopment Funds."
e. Attachment C, "Report of Performance Measures."
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed, effective as of the
Award Date.
FOR COMMUNITY: 42-4- '" 0 9
Signature Date
Irm 1�tt_cl rna.yoe
Printed name and title
FOR IDED:
Michael Tramontina, Director Date
Contract Number 09-BRN-07
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ATTACHMENT C REPORT ON PERFORMANCE
MEASURES
City of Waterloo
Contract#: 09-BRN-07
The Community shall submit to the Iowa Department of Economic Development by the date indicated a brief
report on the completion of the following:
Prior To Release of Funds
Initial Report
A. Report of total assessed property valuation for the Redevelopment Area from the City/County Assessor Office
for all real property within the Redevelopment Area at the Award Date.
B. Report on current taxable property values for the Brownfield Project Area properties, if different from values at
the award date.
C. Report on project timeline including current status of project.
June 30, 2011
Final Report
A. Report of total assessed property valuation for the Redevelopment Area from the City/County Assessor Office
for all real property within the Redevelopment Area.
B. Report on current assessed property values including ownership for the Brownfield Project Area properties.
C. Narrative on status of Project activities.
D. Project fiscal summary of costs incurred on Project Activities.
Contract Number 09-BRN-07
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