HomeMy WebLinkAboutIEDA - Hydrite - Project Amendment - 3.17.2025Docusign Envelope ID: 514A3619-002D-404C-9E57-C2FD6DB53629
RECIPIENT:
CONTRACT NUMBER:
AMENDMENT NUMBER:
APPROVAL DATE:
CONTRACT AMENDMENT
Hydrite Chemical Co.
22-HQJP-022
One
February 21, 2025
THIS CONTRACT AMENDMENT is made by and between the IOWA ECONOMIC
DEVELOPMENT AUTHORITY (hereafter "IEDA"), 1963 Bell Ave, Suite 200, Des Moines, Iowa
50315, an agency of the State of Iowa, Hydrite Chemical Co. ("Recipient"), 2815 WCF & N
Drive, Waterloo, IA 50703 and the City of Waterloo ("Community") 715 Mulberry St.,
Waterloo, IA 50703.
WHEREAS, the Recipient has requested an extension of the Project Completion Date.
WHEREAS, the IEDA BOARD approved the request, and
NOW, THEREFORE, the Contract referenced above is amended as follows:
1. REVISION OF JOB OBLIGATIONS (EXHIBIT D). Exhibit D is hereby amended to
reflect the amended Project Completion and Maintenance Period Completion Dates.
Details of the changes are reflected in the attached revised Exhibit D which is hereby
incorporated by this reference and made part of this Contract Amendment.
Except as otherwise revised herein, the terms, provisions, and conditions of Contract Number
22-HJQP-025 and related exhibits shall remain unchanged and are in full force and effect.
F,QlidiEggl ENT:
3,, a4,
SIG FD
Tim Auerbach
PRINT/TYPE NAME, TITLE
March 7, 2025
Date
FOR THE COMMUNITY:
Q tertari 9 a
SIGNATURE
Quentin Hart, Mayor
PRINT/TYPE NAME, TITLE
3/17/2025
Date
ORc4
61-956 C5740&8436...
Deborah Durham, Director
March 7, 2025
Date
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Docusign Envelope ID: 514A3619-002D-404C-9E57-C2FD6DB53629
EXHIBIT D — JOB OBLIGATIONS
Amended February 2025
Recipient: Hydrite Chemical Co.
Community: City of Waterloo
Contract Number: 22-HQJP-022
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
Project Completion Date: February 28, 2025
Employment
Base
r Jobs
To Be Created
Total
Job
Obligations
2026
Maintenance Period Completion Date: February 28, 2027
2028
Total employment at project location
138
20
158
Average wage of total employment at project location
$33.41
Qualifying Laborshed Wage threshold requirement (per hr)
$20.01 (100%)
Number of jobs at or above qualifying wage
137
20
157
I Average Wage of jobs at or above qualifying wage
$33.51
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.
E 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 $1,700 for single coverage or $3,750 for family
coverage.
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