Iowa Economic Development Authority Business Financial Assistance Application for McCoy Group, Inc.City of Dubuque
City Council Meeting
Action Items # 01.
Copyrighted
December 5, 2022
ITEM TITLE: Iowa Economic Development Authority Business Financial Assistance
Application for McCoy Group, Inc.
SUMMARY: City Manager recommending City Council approve the Economic
Development Assistance Application to the Iowa Economic
Development Authority (I E DA) on behalf of McCoy Group, I nc. for the
proposed investment of approximately $33 million for the expansion of its
operations in Dubuque.
RESOLUTION Authorizing the filing of an application with the Iowa
Economic Development Authority for business financial assistance on
behalf of Mccoy Group, Inc.
SUGGESTED Suggested Disposition: Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description Type
McCoy Group - IEDA Business Assistance City Manager Memo
Application-MVM Memo
Staff Memo Staff Memo
Resolution Resolutions
Application Supporting Documentation
THE CITY
DUOF
B TEE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
All -America City
IN
2007.2012.2013
2017*2019
SUBJECT: Iowa Economic Development Authority Business Financial Assistance
Application for McCoy Group, Inc.
DATE: November 30, 2022
Economic Development Director Jill Connors is recommending City Council approve the
Economic Development Assistance Application to the Iowa Economic Development
Authority (IEDA) on behalf of McCoy Group, Inc. for the proposed investment of
approximately $33 million for the expansion of its operations in Dubuque.
The McCoy Group is a private family -owned company headquartered in Dubuque
started in 1958. McCoy Group customer base is nationwide and in Mexico. McCoy
Group employs 3,833 people nationwide, with 351 of those jobs located in Dubuque.
Subject to State of Iowa and City of Dubuque approval, McCoy Group is proposing to
build a 78,370 square foot corporate headquarters in the same general location as its
existing facility at 2099 Southpark Ct. The company plans to invest approximately $33
million in remodeling, construction, and machinery/equipment. The company is
proposing to create 18 new jobs with this expansion, all of which would qualify for the
IEDA High Quality Jobs Incentive Program.
The company is submitting an application to the State of Iowa for an estimated
Investment Tax Credits of $930,000, Sales, Service and Use Tax Refund of $930,000
and 260E Job Training Funds in the amount of $518,851. A local match is required and
is based upon the expected increase in the company's local property taxes. The City
intends to offer tax increment rebates to fulfill the local match requirement. The exact
figure remains to be determined but is not expected to exceed $2,978,213. If the
company receives an award from the IEDA, that contract will be contingent upon
approval of the local match tax increment rebates.
I concur with the recommendation and respectfully request Mayor and City Council
approval of the Economic Development Assistance Application on behalf of McCoy Group
for the proposed investment of approximately $33 million for the expansion of its
operations in Dubuque. The proposed project would add 18 jobs and promote the City's
goal of retaining and expanding business to add to the economic base.
Mich el C. Van Milligen
MCVM:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill Connors, Economic Development Director
THE CITY OF
UB & E
Masterpiece on the Mississippi
Dubuque Economic Development
Department
50 West 131h Street
AII•AmerieaNy Dubuque, Iowa 52001-4864
\AD �A `PM [N,11 Office (563) 589-4393
TTY (563) 690-6678
f I I®' http://www.cityofdubuque.org
2007-2012.2013
2017*2019
TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
SUBJECT: Iowa Economic Development Authority Business Financial
Assistance Application for McCoy Group, Inc.
DATE: November 29, 2022
INTRODUCTION
This memorandum presents for City Council review and approval a resolution
authorizing the submission of a Business Financial Assistance Application by McCoy
Group, Inc. to the Iowa Economic Development Authority (IEDA).
BACKGROUND
The McCoy Group is a private family -owned company started in 1958. McCoy Group,
Inc. is the parent company of Foodliner (Food grade bulk hauler), Quest Liner (Non -
Food grade bulk hauler), Truck Country (Freightliner and Western Star Truck
Dealerships) and McCoy Construction & Forestry (John Deere Construction & Forestry
Dealerships). Customer base is nationwide and in Mexico. Their customer base
includes, ADM, Ingredion, Cargill, KMG, General Mills, Walmart, Heartland Express,
CRST, Dow, Coca-Cola, Pepsi, United States Air Force to name a few.
McCoy Group, Inc. employs 3,833 people nationwide (including parent company,
subsidiaries, and other affiliated entities), with 351 of those jobs located in Dubuque.
DISCUSSION
Subject to State of Iowa and City of Dubuque approval, McCoy Group, Inc. is proposing
to build a 78,370 square foot corporate headquarters in the same general location as its
existing facility. The company plans to invest approximately $33 million in remodeling,
construction, and machinery/equipment. The company is proposing to create 18 new
jobs with this expansion, all of which would qualify for the IEDA High Quality Jobs
Incentive Program.
The company is submitting an application to the State of Iowa for an estimated
Investment Tax Credits of Nine Hundred Thirty Thousand Dollars ($930,000), Sales,
Service and Use Tax Refund of Nine Hundred Thirty Thousand Dollars ($930,000) and
260E Job Training Funds in the amount of Five Hundred Eighteen Thousand Eight
Hundred Fifty -One Dollars ($518,851). A local match is required and is based upon the
expected increase in the company's local property taxes. The City intends to offer tax
increment rebates to fulfill the local match requirement. The exact figure remains to be
determined but is not expected to exceed $2,978,213. If the company receives an
award from the IEDA, that contract will be contingent upon approval of the local match
tax increment rebates.
RECOMMENDATION/ ACTION STEP
I recommend that the City Council approve the Economic Development Assistance
Application on behalf of McCoy Group, Inc. for the proposed investment of
approximately $33 million for the expansion of its operations in Dubuque. The proposed
project would add 18 jobs and promote the City's goal of retaining and expanding
business to add to the economic base.
2
Prepared by: Jill Connors, Economic Development, 50 W. 13'^ Street, Dubuque IA 52001, 563 589-4393
Return to: Jill Connors, Economic Development, 50 W. 13t1 Street, Dubuque IA 52001, 563 589-4393
RESOLUTION NO. 377-22
AUTHORIZING THE FILING OF AN APPLICATION WITH THE IOWA ECONOMIC
DEVELOPMENT AUTHORITY FOR BUSINESS FINANCIAL ASSISTANCE ON
BEHALF OF MCCOY GROUP, INC.
Whereas, McCoy Group, Inc. has proposed making an approximately Thirty -Three
Million Dollar ($33,000,000.00) investment for the expansion of its headquarters office
facility in the City of Dubuque, Iowa (the Project); and
Whereas, financial assistance from the Iowa Economic Development Authority is
designed to assist in the economic development efforts of local jurisdictions; and
Whereas, the City of Dubuque, Iowa is eligible to apply for funding from the Iowa
Economic Development Authority Business Financial Assistance Program; and
Whereas, the City Council of the City of Dubuque, Iowa has considered the
proposal and determined that the proposed Project will contribute to the local economy
through the creation of eighteen (18) full-time jobs in the City, all of which qualify for the
Iowa Economic Development Authority Business Financial Assistance Program.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the filing of the attached Application for participation in the Iowa
Economic Development Authority Business Financial Assistance Program on behalf of
McCoy Group, Inc. is hereby approved.
Section 2. That the Mayor is hereby authorized and directed to execute and the
City Manager is hereby directed to submit the Application to the Iowa Economic
Development Authority together with such other documents as may be required.
Passed, approved, and adopted this 5th day of December, 2022.
.: .•Mayor
Attest: ��//
//- &kk,
Adrienne N. Breitfelder, City Clerk
1()WA&
economic development
Debi V. Durham, Executive Director
Iowa Economic Development Authority
Business Financial Assistance Application
Business Finance - Business Development Division
Iowa Economic Development Authority
1963 Bell Avenue, Suite 200
Des Moines, IA 50315
iowaeda.com
Email: businessfinance(uNowaeda.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)
® 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.
v.1.7.2021
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 Financial Assistance Application 2 v.10.6.2021
0
ICA
3.
4.
5.
6.
7.
8.
9.
10
SECTION A
icant Information
Date Application Submitted:
Name of Business: McCoy Group, Inc.
Entity Name(s) for contracting (please include all that are involved in proposed project): Mike Birkett,
Trish Jewett, Jason Grawe, Tim Stueck and Jim Kane
Address: 2099 Southpark Ct.
City, State and Zip Code: Dubuque, IA 52003
Contact Person: Mike Birkett Title: VP Shared Services
Phone: 563-584-2672 Fax: Email: mikebirkett@foodliner.com
FEIN: 39-1428371
Please indicate your tax period end date: 12.31.22
NAICS Code for primary business operations: 441228
US DOT Number: McCoy Group does not but the subsidiaries with an Iowa FEIN do. Truck Country of
Iowa 737573, Truck Country of Illinois 907986, and Quest Liner 1609038
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) ® 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:
Name of Business: McCoy Group, Inc.
Address: 2099 Southpark Ct.
City, State and Zip Code: Dubuque, IA 52003
Contact Person: Jim Kane Title: VP Procurement/Facilities/Audit
Phone: 563-584-2626 Fax: Email: jimkane@mccoygroup.com
Sponsor Information (A sponsor organization is a city or county)
13. Sponsor Organization: City of Dubuque
14. Official Contact (e.g. Mayor, Chairperson, etc.): Brad Cavanagh Title: Mayor
15. Address: 50 West 13th St.
16. City, State & Zip Code: Dubuque, IA 52001
17. Phone: 563-589-4100 Fax: Email: bcavanagh@cityofdubuque.org
18. If IEDA needs to contact the sponsor organization with questions, should we contact the person
listed above?
❑ Yes ® No, please contact the following person:
Name: Jason White/Greater Dubuque Development
Address: 900 Jackson St.
City, State and Zip Code: Dubuque, IA 52003
Phone: 563-557-9049
Title: Vice President of Business Services
Fax: Email: jasonw@greaterdubuque.org
If necessary, please list information on additional sponsors in an attachment.
IEDA— Business Financial Assistance Application 3 v.10.6.2021
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.
The McCoy Group is a private family -owned company started in 1958. Parent company of Foodliner (Food grade
bulk hauler), Quest Liner (Non -Food grade bulk hauler), Truck Country (Freightliner and Western Star Truck
Dealerships) and McCoy Construction & Forestry (John Deere Construction & Forestry Dealerships). Customer base
is nationwide and in Mexico. Our customer base includes, ADM, Ingredion, Cargill, KMG, General Mills, Walmart,
Heartland Express, CRST, Dow, Coca-Cola, Pepsi, United States Air Force to name a few.
2. Business Structure:
❑ Cooperative ❑ Corporation ❑ Limited Liability Company
❑ Partnership ® S-Corporation ❑ Sole Proprietorship
3. State of Incorporation: WI
4. Identify the Business' owners and percent ownership: Greg McCoy 33.3% / Doug McCoy 33.3% / Brian McCoy
33.3%
5. Does a woman, minority, or person with a disability own the Business? ❑ Yes ® No
6. List the Business' Iowa locations and the most current number of employees at each location. Truck Country —
Cedar Rapids 80, Davenport 60, Decorah 35, Dubuque 141, Dyersville 12. Foodliner— Dubuque 158, Eddyville
52. Quest Liner — Blue Grass 42, Dubuque 10, Ottumwa 9, Waterloo 1. McCoy Construction & Forestry —
Dubuque 6. WW Transport — Dubuque 2, Burlington 37. McCoy Group — Dubuque 34.
7. What is the Business' worldwide employment? (Please include employees of parent company, subsidiaries and
other affiliated entities in this figure.) 3,833
Project Information
8. Project Street Address: 2099 Southpark Ct.
Project City and Zip Code: Dubuque 52003 Project County: Dubuque
9. Type of Business Project:
❑ Startup ® Expansion of Iowa Company ❑ 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 project for which assistance is being sought. (Include project timeline with dates,
facility size, infrastructure improvements, proposed products/services, any new markets, etc.)
The company has outgrown its existing corporate headquarters in Dubuque, Iowa. The company is proposing to
construct a new corporate headquarters in Dubuque in the same general location as its existing facility. The company
plans to invest approximately $33,000,000 on this expansion, subject to receiving incentives from the State of Iowa
and the City of Dubuque.
13.
Project Timeline (add additional rows as needed)
Beginning Activity Date
Activity Completion Date
Schematic Design
July 1, 2022
November 4, 2022
Design Development
November 7, 2022
January 6, 2023
Construction Docs
January 9, 2023
Aril 28, 2023
Demo Existing Building Part 1
July 1, 2023
August 1, 2023
Construction
August 14, 2023
October 15, 2024
Occupancy
December 1, 2024
Demo Existing Building Part 2
January 1, 2025
February 1, 2025
IEDA— Business Financial Assistance Application 4 v.10.6.2021
Complete Site Work I April 1, 2025 1 June 30, 2025
14. 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 of a building, execution of a lease, or
installation of equipment to be used in the project.
15. 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. These competitors are all part of our business segments:
Thompson Truck & Trailer, GATR Truck Center, MHC Kenworth, GTG Peterbilt, Altorfer CAT, and Martin
Equipment. None will be impacted since this is a corporate headquarters expansion.
16. Will any of the current Iowa employees lose their jobs if this project does not proceed?
❑ Yes ® No
If yes, please explain why and identify those jobs as "retained jobs" in the Project Jobs Section E.
17. Is the Business actively considering locations outside of Iowa? ® Yes ❑ No
If yes, where and what assistance is being offered? We have locations in major markets throughout the U. S. we
could locate in. Indianapolis, IN, Milwaukee, WI and Madison, WI are examples.
18. Please identify the company project management for the project location and experience.
Jim Kane, VP Procurement, Facilities, and Audit is the project manager for the McCoy Group. The company is
contracting with an experienced construction company.
Gronen, 900 Jackson St. Dubuque, IA. Gronen was founded in the 1990's while they worked to address some of
the vacant and neglected buildings in Dubuque. Through the renovations projects the company grew into
Property Management, Development, and Real Estate. Today the company manages over 1 million square feet
of commercial space, 150 (+) residential apartments, and manages both rehabilitation projects along with new
construction projects.
IEDA— Business Financial Assistance Application 5 v.10.6.2021
SECTION C
Applicant's Proiect Budget
1. Does the Business plan to lease the facility? ❑ Yes ❑ No
If yes, please provide the Annual Base Rent Payment (lease payment minus property taxes, insurance and
operating/maintenance expenses) for three years in the budget below, and only major renovation costs your
company expects to incur. Administrative rules require the lease be in place for a minimum of five years.
2. Please complete the budget below. Include only costs the company plans to incur directly:
Use of Funds
Cost
Source A
Source B
Source C
Source D
Source E
Source F
Base Rent 3 ears
Tenant Improvements
Land Acquisition
Site Preparation
3,000,000
3,000,000
Building Acquisition
Building Construction
28,000,000
28,000,000
Building Remodeling
Mfg. Machinery & Equip.
Other Machinery & Equip.
125,000
125,000
Racking, Shelving, etc.'
Computer Hardware
750,000
750,000
Computer Software
Furniture & Fixtures
1,169,175
1,169,175
Working Capital
Research & Development
Other
TOTAL
$33,044,175
$
$
$33,044,175
$
$
$
' Racking, shelving and conveyor equipment used in distribution center projects only
3. Please complete the chart below with proposed financing for the project (tax benefits should be reflected as
indirect financing under No. 5 below):
PROPOSED FINANCING
Source of Funds
Amount
Form of Funds
Rate and
Term
Commitment
Status
Conditions/Additional
Information
Add additional lines as needed
(Loan, Grant, In-
Kind, Donation, etc.)
Include when funds will be
disbursed; If loan, whether
payments are a level term,
balloon, etc.
Source A: IEDA (see No. 4
below
$
Source B: Local Government
$
Source C: Business
$33,044,175
Loan
TBD
TBD
TBD
Source D: Other Source
$
Source E: Other Source
$
Source F: Other Source
$
TOTAL
$33,044,175
4. Direct financial assistance (loans/forgivable loans) must be secured with acceptable collateral. Please
select the type of collateral your company will pledge to secure the IEDA financing and document its
value in Attachment A5. *
No collateral, funding disbursed at the end of the 5-year contract ❑
Explain:
Irrevocable letter of credit ❑
Dedicated certificate of deposit CD ❑
* The IEDA Board has the final discretion on what collateral will be accepted.
IEDA - Business Financial Assistance Application 6 v.10.6.2021
Please comDlete the chart below with tax credits and other indirect financina exaected for the Droiect:
TAX CREDITS
AND INDIRECT FINANCING
Source of Funds
Amount
Description
Investment Tax Credit
930,000
3% or $930K
Sales, Service and Use Tax Refund
930,000
7% of qualified construction costs
Research Activities Credit 3%/10%
Local Property Tax Exemption
Tax Increment Financing
2,978,213
10 year 100% TIF
260E Job Training Funds
518,851
NICC estimate net for company
In -kind Contribution
Other
TOTAL
$5,357,064
6. There are three justifiable reasons for providing assistance. Check the box next to the reason why
assistance is needed to complete this project.
❑ Financing Gap - A gap exists between the financing required and the financing on -hand, and the provision of
tax incentives or assistance is necessary to fill the gap.
® Rate of Return Gap —The likely returns of the project are inadequate to motivate a company decision maker
to proceed with the project even if sufficient debt or equity can be raised to finance the project, and the
project's risks outweigh its rewards, making the provision of tax incentives or assistance necessary to reduce
the project's risks.
❑ Location Disadvantage (Incentive) —The business is deciding between a site in Iowa ("Iowa site") and a site
in another state ("out-of-state site") for its project, and the cost of completing the project at the out-of-state site
is demonstrably lower, making tax incentives or assistance necessary to equalize the cost differential
between the two sites. Note: The authority will attempt to quantify the cost differential between the sites.
7. Please provide a brief explanation of the need for assistance.
All costs associated with this project have increased dramatically over the past 18-24 months with material and labor
being the two primary drivers. As cost increases, so does risk. McCoy requests assistance to help offset the cost
increases which allows the Company to make this significant investment, continue growing and create new jobs.
Additionally, the State of Iowa is one of many states in which we are located. Attracting and hiring employees in/to
Iowa requires more resources than many of our other locations. Finally, the loss of air service to Dubuque will make it
more difficult to operate our corporate office here rather than many other urban areas in the country.
SECTION D
Employee Benefits
There are three options to meeting the sufficient benefit requirement. These options are detailed in the chart
below. Please complete questions 1-3. If your company meets Option 1 or 2, no additional information is
required. To utilize Option 3, please also com lete questions 4-6.
Option 1
Option 2
Option 3
70% single Coverage
60% Family coverage
Monetary Equivalent
Total Number of
Pay 70% of premium costs
Pay 60% of premium costs for
Provide medical and pay the
Employees in
for a standard medical plan,
a standard medical plan,
monetary equivalent of Option
US
single coverage.
family coverage.
1 or Option 2 in supplemental
employee benefits.
Benefits Counted Toward
Monetary Equivalent: medical
coverage, dental coverage,
201+
$1700 maximum deductible
$3750 maximum deductible
50-200
$2500 maximum deductible
$5250 maximum deductible
0-49
$3000 maximum deductible
$6000 Maximum deductible
* In addition, the IEDA will assess the affordability of plans qualified under
vision insurance, life insurance,
the deductible and premium percentage paid by the employer criteria. Plans
pension, 401(k) (company's
not offered at a reasonable cost to employees will be deemed not qualified,
average contribution, short -
and the business is not eligible for benefits under the High Quality Jobs
/long-term disability insurance,
Program.
child care services, other non -
wage compensation
IEDA— Business Financial Assistance Application 7 v.10.6.2021
1. How many full-time, permanent employees does your company currently employ within the U.S.? 3356
2. What is the total premium cost for a standard medical plan for single employee coverage? $7261.44
a. What portion of this cost is paid by the business? 72%
b. What is the deductible associated with this plan? $ 1,500
3. What is the total premium cost for a standard medical plan for family coverage? $ 22,339.80
a. What portion of this cost is paid by the business? 70%
b. What is the deductible associated with this plan? $ 3,000.00
No additional information required in this section, if the company meets the requirement for Option 1 or
Option 2
4. Does the company provide additional benefits to full-time employees? ❑Yes ❑No
If yes, please provide the annual amount offered by the business, per employee in the chart below:
Benefit
Annual amount paid by the
business(per employee):
Dental Insurance — Single plan
$
Dental Insurance — Family plan
$
Pension Use 3-year average calculated below)
$
Retirement Plan - i.e. 401 k Use 3-year average calculated below)
$
Profit Sharing Plan (Use 3-year average calculated below)
$
Childcare Services
$
Life Insurance coverage
$
Disability Insurance coverage
$
Health Savings Account (HSA) contribution
$
TOTAL
$
Does the Business offer a pension plan, 401(k) plan, and/or retirement -plan? ❑ Yes ❑ No
If yes, please indicate the amount contributed on a per employee basis by the Business to the plan for the last
three years. For 401(k) plans, please provide information on the company match and indicate the average annual
match per employee.
Year Ending
Average Actual Match per
Employee ($)
Three-year Average:
$
6. Does the Business offer a profit-sharing plan? ❑ Yes ❑ No
If yes, please indicate total amount paid out each year for the past three years, and then determine the average
annual bonus or contribution per employee for that three-year period.
Year Ending
Average Actual Share per
Employee $
Three-year Average:
0$
Notes:
1. A qualified plan must be offered to all full-time permanent employees.
2. If you have multiple health insurance plans, please provide information on each plan.
IEDA— Business Financial Assistance Application 8 v.10.6.2021
SECTION E
Proiect Jobs
List the jobs to be created and/or retained as the result of this project. (A retained job is an existing job that would
be eliminated or moved to another state if the project does not proceed in Iowa.) For jobs to be created, include
the starting and final hourly base wage rate. Overtime, bonus or other benefits should not be included in the
proposed wage. For retained jobs, include the current hourly wage rate.
Full -Time CREATED Jobs
Add additional rows as needed
Job Title
Number of
CREATED Jobs
Starting
Hourly Wage
Wage at 36 months
following the award
Fleet Group Specialist
11
75,000
81,750
Desktop Support ITSpecialist
3
50,000
54,500
Legal/insurance Counsel
1
150,000
163,500
Staff Accountant
3
40,000
43,600
Total Full -Time CREATED Jobs
18
Full -Time RETAINED Jobs Add additional rows as needed
Number of Current Hourly
Job Title (AT -RISK jobs only) RETAINED Wage
Jobs
See attached
Total Full -Time RETAINED Jobs
2. Is the hourly wage rate based on a 40-hour work week, 52 weeks per year? ® Yes ❑ No
If no, please explain:
IEDA — Business Financial Assistance Application 9 v.10.6.2021
Business Financial Assistance Application -
McCoy Group, Inc.
Page 10 — original redacted from City Council copy, as it contains confidential
information
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.
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)
• Copies of the Business' Quarterly Iowa Employer's Contribution and Payroll Report for the past
year. This report should include the monthly employment totals.
• 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
o 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 Affidavit stating the Business has not, within the last five years, violated state or federal statutes, rules and
regulations, including environmental, worker safety regulations and antitrust laws, or, if such violations have
occurred, that there were mitigating circumstances or such violations did not seriously affect public health or
safety or the environment. A sample affidavit can be provided by IEDA staff.
A4 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;
• Schedule of aged accounts receivable;
• Schedule of aged accounts payable; and
• Schedule of other debts.
A5 Collateral documentation (If requesting direct financial assistance only)
A6 Brownfield or Grayfield site documentation (if applicable)
IEDA— Business Financial Assistance Application 11 v.10.6.2021
SECTION H
Certification and Release of Information
1. Are there any judgments or court actions completed or pending against the applicant entity, or any current or
prospective officer, principal, director or owner? ❑ Yes ® No
2. Has any current or prospective officer, principal, director or owner been accused or convicted of any wrongdoing
or crime, other than a simple misdemeanor? ❑ Yes ® No
3. Have there been any current or past bankruptcies on the part of the applicant entity (or predecessor entities), or
on the part of any current (or prospective) officer, principal, owner or in any business dealings of current (or
prospective) officers, principals or owners of the applicant entity? ❑ Yes ® No
4. In the last five years 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 current or
prospective officer, principal, director or owner? ® Yes ❑ No
5. In the last five years have there been, or are there currently any violations of antitrust laws by the applicant entity,
or any current or prospective officer, principal, director or owner? ❑ Yes ® No
6. If yes to any of the above, please provide additional explanation:
1. MN OSHA — Inspection Dates of 11-19-2019 to 03-16-2020 — We were cited for violation of 29CFR
1910.146(c)(3): "When employer decided its employees would not enter permit spaces, the employer did not
take effective measures to prevent it's employees from entering confined spaces."
Specifically relating to an incident on 11-19-2021 when a truck driver unknowingly entered a tanker trailer
without authorization or communication to his manager. Since this incident, we have abated the issue
through training and driver acknowledgement within our infinity training module. We have had no other
known issues since this date.
2. OSHA — Inspection Date 1-2-2018 — We were cited for violation of 29CFR 1910.219(i)(2): "Revolving
surfaces of shaft couplings were not covered by a safety sleeve." Specifically relating to a driver who was
unloading his bulk trailer, crawled under the truck for an unknown reason and was injured by the drive shaft
PTO. We have abated the issue by adding video training and quiz for the drivers along with additional
warning stickers on the trucks. We have no other known issues since this date.
I hereby give permission to the Iowa Economic Development Authority (IEDA) to research the Business' history, make credit
checks, contact the Business' financial institutions, insurance carriers and perform other related activities necessary for reasonable
evaluation of this application. I also hereby authorize the Iowa Department of Revenue to provide to IEDA state tax information
pertinent to the Business' state income tax, sales and use tax, and state tax credits claimed.
I understand that all information submitted to IEDA related to this application is subject to Iowa's Open Record Law (Iowa Code,
Chapter 22), unless specifically marked as confidential section.
I understand the IEDA reserves the right to negotiate the financial assistance
I understand this application is subject to final approval by IEDA and the Project may not be initiated until final approval is secured.
Furthermore, I am aware that funds will not be disbursed until a contract has been executed and the appropriate terms met.
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):
IEDA— Business Financial Assistance Application 12 v.10.6.2021
!0-20q�m Q1051da
Signature Date Signature Date
Arad 1' I. CaVA/1o.o,ki moyor
Name and Title (typed or printed) Name and Title (typed or printed) i
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 Financial Assistance Application 13 v.10.6.2021