HomeMy WebLinkAboutIEDA - HQJ Application - 1.21.2025Economic Development
Debi Durham, Director
Iowa Economic Development Authority
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Business Finance - Business Development Division
Iowa Economic Development Authority
1963 Bell Avenue, Suite 200
Des Moines, IA 50315
iowaeda.com
Email: businessfinanceiowaeda.com
Application Instructions
To Complete Electronic Form: Click on TEXT BOX to add text. Double click on YES/NO boxes and select
"Checked".
1. All applicants must complete the Business Financial Assistance Application, and attach only those
additional sections for the components to which the applicant is applying.
STATE of IOWA — Financial Assistance Program
High Quality Jobs Program (HQJ)
►1 Tax Credits
Direct Financial Assistance
2. Before filling out this application form, please read all applicable sections of the Iowa Code and Iowa
Administrative Code (rules). https://www.legis.iowa.gov/law/administrativeRules
3. Only typed or computer -generated applications will be accepted and reviewed. Any material changes to
the format, questions or wording of questions presented in this application will render the application
invalid, and it will not be accepted.
4. Complete the applicable sections of the application fully. If questions are left unanswered or required
attachments not submitted, an explanation must be included.
5. Use clear and concise language. Attachments should only be used when requested or as supporting
documentation.
6. Any inaccurate information of a significant nature may disqualify the application from consideration.
7. The following must be submitted to Business Finance at Iowa Economic Development Authority (IEDA)
to initiate the review process:
One signed application form and all required attachments submitted electronically to the project
manager.
Facsimile copies will not be accepted.
Applications must be submitted to IEDA Business Finance before 4:00 p.m. on the fourth Monday of the
month.
Applications will be reviewed by the IEDA Board on the third Friday of the following month.
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Public Records Policies
During the application process, the information submitted to IEDA is exempt from disclosure under the
"industrial prospects" exemption found in Section 22.7(8). However, once an award is received, the
industrial prospects exemption no longer applies and all documents submitted and generated during the
application and negotiation process become public records under Iowa's Open Records Law (Iowa Code
Chapter 22), unless:
1) The information belongs to one of the classes of records automatically treated as confidential; or
2) You have applied for and received written notice that the information will be treated as confidential.
Automatically Confidential Records
IEDA automatically treats the following records as confidential and will withhold them from public inspection
even without a request for confidential treatment:
• Tax Records and Tax Liability Information
• Quarterly Iowa Employer's Contribution and Payroll Report prepared for the Iowa Workforce
Development Department
• Payroll Registers
• Business Financial Statements and Projections (unless those statements are already publicly
available elsewhere, e.g., 10-K filings)
• Personal Financial Statements
Exemptions to the Open Records Law
To have additional information treated as confidential, you must fill out the confidential treatment request
form. This form is available by request. Under the Open Records Law, IEDA may lawfully treat certain
information as confidential if that information falls within an exemption to the Open Records Law. The
following exemptions represent records which may lawfully be treated as confidential under the Open
Records law and which are most often applicable to the information submitted to IEDA:
• Release of information would give an unfair advantage to competitors — Iowa Code Sec. 15.118
• Trade secrets — See Iowa Code section 22 7(3), see also Iowa Code Ch. 550
• Information on an industrial prospect with which the IEDA is currently negotiating — See Iowa Code
section 22.7(8)
• Communications not required by law, rule or regulation made to IEDA by persons outside the
government to the extent that IEDA could reasonably believe that those persons would be
discouraged from making them to IEDA if they were made available for general public examination
— Iowa Code section 22.7(18)
Non -Confidential Information
Information submitted to IEDA as part of the application process or that is contained in a contract for
program benefits is generally considered material to the eligibility requirements of the program or to the
amount of incentives or assistance to be provided. Such information is generally not given confidential
treatment. Such information includes, but is not limited to, the number and type of jobs incented, the wage
levels for the incented jobs, the company's employee benefit information and the project budget.
Additional Information Available. Copies of Iowa's Open Record law and IEDA's administrative rules
relating to public records are available from the IEDA upon request.
IEDA — Business inancial ssistance Application 2 v.8.2024
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SECTION A
Applicant Information
Date Application Submitted: 12/23/24
1. Name of Business: International Paper Company
2. Entity Name(s) for contracting (please include all that are involved in proposed project):
International Paper Company
3. Address: 6400 Poplar Avenue
4. City, State and Zip Code: Memphis, TN 38197
5. Contact Person: James Baumer Title: Project Manager
6. Phone: 513-659-4286 Fax: Email: james.baumer@ipaper.com
7. FEIN: 13-0872805
8. Please indicate your tax period end date: 12/31
9. NAICS Code for primary business operations: 322211
10. US DOT Number: 297334
11. Does the Business file a consolidated tax return under a different tax ID number?
Yes (If yes, please also provide the tax ID number) ►1 No
a. Is the contact person listed above authorized to obligate the Business?
Yes No If no, please provide the name and title of a company officer authorized to
obligate the Business:
12. If the application was prepared by someone other than the contact person listed above, please
complete the following:
N ame of Business McGuire Woods Consulting LLC
Address: 800 East Canal Street
City, State and Zip Code: Richmond, VA 23219
Contact Person: Chris Lloyd Title: Senior Vice President, Infrastructure & Economic Development
P hone: 804-775-1902 Fax: 804-775-1061 Email: clloyd@mwcllc.com
Sponsor Information (A sponsor organization is a city or county)
13. Sponsor Organization: City of Waterloo
14. Official Contact (e.g. Mayor, Chairperson, etc.): Quentin Hart Title: Mayor
15. Address: 715 Mulberry Street
16. City, State & Zip Code: Waterloo, IA 50703
17. Phone: 319-291-4301 Fax: 319-291-4286 Email: mayor@waterloo-ia.org
18. If IEDA needs to contact the sponsor organization with questions, should we contact the person
listed above?
►1 Yes No, please contact the following person:
N ame:
Address:
City, State and Zip Code:
P hone: Fax: Email:
Title:
If necessary, please list information on additional sponsors in an attachment.
IFDA — ari . s f inancial Assistance Application 3 v.8.2024
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SECTION B
Business Information
1. Provide a brief description and history of the Business. Include information about the Business'
products or services and its markets and/or customers.
International Paper is one of the world's leading producers of renewable corrugated packaging and cellulose fibers with
manufacturing operations in North America, Latin America, Europe and North Africa. We are a New York corporation, incorporated
in 1941 as the successor to the New York Corporation of the same name organized in 1898. We are laser -focused on building a
better future for people, our customers and our company while creating profits for our shareholders. In Iowa, our manufacturing
locations create material for fiber -based packaging products that promote goods, enable worldwide commerce and help keep
consumers safe. The key segments we serve include e-Commerce, processed food and beverage, fruit and vegetables, protein,
distribution and durable/non-durable goods.
2. Business Structure:
❑ Cooperative Corporation
n Partnership ■ S-Corporation ■ Sole Proprietorship
3. State of Incorporation: New York
4. Identify the Business' owners, where business owners are domiciled, and percent ownership: (NYSE:IP)
5. Does a woman, minority, or person with a disability own the Business? ■ Yes /1 No
List the Business' Iowa locations and the most current number of employees at each location. •
Cedar River Mill — 250
• Cedar Rapids Box —179
• Waterloo Box —129
• Des Moines Recycle — 20
• Other Statewide - 12
6. What is the Business' total Iowa employment for each of the last four quarters?
Q4 2023: 585
Q1 2024: 597
Q2 2024: 594
Q3 2024: 594
All figures are period -end as employment can fluctuate slightly throughout the period. Official Q4 2024 period -end
reporting is not available at this time; however, the totals listed in #6 have been verified.
7. What is the Business' worldwide employment? (Please include employees of parent company,
subsidiaries and other affiliated entities in this figure.) 39,000
■
Limited Liability Company
Project Information
8. Project Street Address: 3230 Leversee Road
Project City and Zip Code: Waterloo, 50703
Project County: Black Hawk
Certified Site Name, if applicable: N/A
Does the Business currently own the project site? ❑ Yes ►I No
9. Type of Business Project:
❑ Startup
Expansion of Iowa Company 0 New Location in Iowa
10. Does the project site qualify as a "Brownfield" or "Grayfield" site? ❑ Yes ® No
If yes, please explain and document as Attachment A6.
11. Does the project provide a licensed child care facility for use by the business's employees? ❑ Yes
No
If yes, please explain
12. Describe the proposed capital investment planned for the project for which assistance is being sought.
(Include project timeline with dates, facility size, infrastructure improvements, proposed
products/services, any new markets, etc.)
Acquisition of land as part of land swap with City to be improved with site improved with roadways, railroad spur, and 900K building
to house new state-of-the-art corrugated products manufacturing plant. Estimate start date April 1, 2025.
I DA—Bi floss s inancial ssislance Application 4 v.8.2024
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Project
Timeline (add additional rows as needed)
Beginning Activity
Date
Activity Completion Date
Land Acquisition
January 2025
January 2025
Site Preparation
April 2025
May 2025
Building Construction
May 2025
January 2026
Equipment
Installation
January 2026
September
2026
13. Has any part of the project started*? ■ Yes No
If yes, please explain.
For IEDA's purposes, starting the project includes: the start of construction or rehabilitation, the purchase ofa building, execution of a lease, or
installation of equipment to be used in the project.
14. Identify the Business' competitors. If any of these competitors have Iowa locations, please explain the nature
of the competition (e.g. competitive business segment, estimated market share, etc.) and explain what impact the
proposed project may have on the Iowa competitor. Corrugated container manufacturers: PCA — Marshalltown,
IA; West Rock — Cedar Rapids, IA
15. Will any of the current Iowa employees lose their jobs if this project does not proceed?
Yes 3 No
If yes, please explain why and identify those jobs as "retained jobs' in the Project Jobs Section E.
16. Is the Business actively considering locations outside of Iowa? ❑ Yes No
If yes, where and what assistance is being offered? All company facilities must compete internally for capital
investment from limited company funds. Demonstration of a public private partnership is important to corporate
leadership in prioritizing the allocation of these funds.
17. Please identify the company project management for the project location and experience. The company
has assembled an internal project team with significant experience in the development of corrugated
manufacturing facilities.
1DA—B MSS Financial Assistance Application 5 v.8.2024
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SECTION G
Attachments
Please attach the following documents:
Al Project Plan
Please provide an executive summary for your project. This information should include, at a minimum,
expanded information about the company's products and services and any other project related information
not already been described in the application for financial assistance.
This strategic investment aims to position International Paper for sustained success in the region: leveraging
cutting -edge technology and a focused operational strategy to meet market demands and drive growth. The
objective is to establish a new greenfield box plant in Waterloo, Iowa to address capacity constraints and
enhance production efficiency with in thew region. Key goals are as follows:
1) alleviate capacity stress by reducing the burden on other International Paper plants in the region which are
currently operating at or near capacity limits
2) optimize production by rationalizing operations into the new facility, thereby improving production
efficiencies
3) enhance flexibility by increasing the availability of production capacity to better meet market demands and
accommodate future growth
4) Increase volume transfer by transferring internal protein volume to the new facility to capitalize on
production efficiencies and streamline operations.
As one of the largest suppliers to Tyson Foods, Amazon, and JBS, and other major customers in the region,
the Project will better address their long-term needs.
Please note, a traditional business plan, including an executive summary, market analysis, organization and
management structure, marketing and sales management, service and product line narrative, financial
projections, feasibility study and patent status, as well as any other relevant information, may be requested by
the Iowa Economic Development Authority to evaluate the feasibility of this project.
A2 Payroll Information (Confidential)
• A copy of the most recent payroll report for one pay period. The copy of the most recent payroll
report for one pay period must be in Excel format and include the following information:
o Company name, date of payroll and source of payroll information
o Employee name and/or employee identification number
o Current hourly wage - do not Include bonuses, overtime or other benefit values
• Indicate if the employee is full time (40 hours per week, 52 weeks per year) or part time.
o A sample Excel spreadsheet can be provided by IEDA staff
A3 Financial Information (Confidential, unless already publicly available) (Existing Businesses Only)
• Profit and loss statements and balance sheets for past three year -ends;
• Current YTD profit and loss statement and balance sheet;
A6 Brownfield or Grayfield site documentation (if applicable)
DA — Bjn s Financial Assistance Application
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11 v.8.2024
SECTION H
Certification & Release of Information
Business Name: International Paper Company FEIN: 13-0872805
Business Address: 6400 Poplar Avenue,Memphis, TN 38197 Sales Tax Permit #: 157955798
For the purposes of this Certification & Release of Information, "principals" includes any current or prospective officer,
director, or owner.
1. Have there been any current or past bankruptcies on the part of the applicant entity (or predecessor entities),
or on the part of any principal or in any business dealings of any principals of the applicant entity? Has the
applicant entity ever been subject to foreclosure?
❑ Yes No
If yes, please provide the date and a description of the outcome of any bankruptcy or foreclosure:
2. Is the applicant entity or principal currently delinquent in the payment of state or local taxes or otherwise in
substantial noncompliance with Iowa tax law?
Yes ►4 No
■
If yes, please provide the date and amount of the delinquency:
3. Has the applicant entity or any principal been debarred by the federal government?
❑ Yes No
If yes, please explain the explain the circumstances of the debarment.
In the last five years:
1. Are there any judgments or court actions currently pending or completed against the applicant entity or any
principal?
Yes ►/ No
■
If yes, please provide the date and a description of each judgment or court action:
2. Has any principal been accused or convicted of any wrongdoing or felony?
Yes ® No
■
If yes, please provide the date and a description of each charge or conviction:
3. Have there been, or are there currently any investigations of potential violations of public health, safety
(including workplace safety) or environmental laws by the applicant entity or any principal?
n Yes No
If yes, please provide the date and a description of each investigation or violation:
4. Have there been, or are there currently any violations of antitrust laws by the applicant entity or any
principal?
❑ Yes ®No
If yes, please provide the date and a description of each violation:
IEDA — Business EEinancial Assistance Application 12 v.8.2024
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The undersigned representative of the Applicant gives permission to the Iowa Economic Development Authority
(IEDA) to research the Applicant, make credit checks, contact the Applicant's financial institutions, insurance carriers,
and perform other related activities necessary for reasonable evaluation of this application.
The undersigned authorizes the Iowa Department of Revenue (IDR) to provide to IEDA state tax information pertinent
to the Applicant's standing with IDR, including but not limited to information related to state income tax, safes and use
tax, state withholding, and state tax credits claimed. The undersigned representative of the applicant further
authorizes the IDR to access tax incentive information pertinent to the responsibilities of IDR, including but not limited
to information IDR is required to report to the Iowa General Assembly and information required to process tax
incentive claims. The undersigned authorizes other state entities to provide IEDA information pertinent to the
application and standing, including but not limited to, the Iowa Department of Natural Resources, the Iowa
Department of Public Safety, Iowa Attorney General, and Iowa Workforce Development.
f understand that all information submitted to IEDA related to this application is subject to Iowa's Open Record Law
(Iowa Code, Chapter 22).
I understand this application is not an award or promise of tax incentives. I understand this application is subject to
approval by IEDA. Furthermore, I am aware that tax incentives will not be disbursed until a contract has been
executed by the principal officer of the Applicant and the Director of IEDA and all terms, conditions, and requirements
of Iowa Code for this program, all applicable administrative rules, and the contract have been satisfied.
I understand that IEDA reserves the right to negotiate the financial assistance and to request additional information to
determine eligibility or the appropriate program benefits.
I understand that upon execution of the contract and prior to the issuance of a tax credit number or the disbursement
of Award Funds, a recipient shall pay IEDA a one-time compliance cost fee in the amount of $500. In addition, if tax
benefits are greater than $100,000, the Recipient shall remit to IEDA a compliance cost fee 0.5% of the value of the
Tax Incentives claimed pursuant to the contract. The fee will be due and payable upon filing the Recipient's annual tax
return for each tax year in which tax credits are claimed under the contract.
I hereby certify that all representations, warranties, or statements made or furnished to IEDA in connection with this
application are true and correct in all material respect. I understand that it is a criminal violation under Iowa law to
engage in deception and knowingly make, or cause to be made, directly or indirectly, a false statement in writing for
the purpose of procuring economic development assistance from a state agency or subdivision.
For the Business: For the Sponsor(s):
9.041, i9¢7,
Signs re
1/6/2025
62uerc-arc fir(
1 /21 /2025
Date Signature Date
John D. Berry, Vice President North America Packaging Quentin Hart, Mayor
Name and Title (typed or printed) Name and Title (typed or printed)
IEDA will not provide assistance in situations where it is determined that any representation, warranty or statement made
in connection with this application is incorrect, false, misleading or erroneous in any material respect. If assistance has
already been provided prior to discovery of the incorrect, false, or misleading representation, IEDA may initiate legal
action to recover incentives and assistance awarded to the Business.
IEDA — Business inancial Assistance Application 13 v.8.2024
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