Close Out of Agreement 07-EZ-021 for Cottingham & Butler Insurance Services, Inc.City of Dubuque
City Council Meeting
Consent Items # 08.
Copyrighted
November 20, 2023
ITEM TITLE:
Close Out of Agreement 07-EZ-021 for Cottingham & Butler Insurance
Services, Inc.
SUMMARY:
City Manager recommending City Council receive and file the documents
from the Iowa Economic Development Authority closing out Agreement
07-EZ-021.
SUGGESTED
Suggested Disposition: Receive and File
DISPOSITION:
ATTACHMENTS:
Description
MVM Memo
Staff Memo
Type
City Manager Memo
Staff Memo
I EDA Closeout Letter Supporting Documentation
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Close Out of Agreement 07-EZ-021 for Cottingham & Butler Insurance
Services, Inc.
DATE: November 13, 2023
Economic Development Director Jill Connors is recommending City Council receive and
file the documents from the Iowa Economic Development Authority closing out
Agreement 07-EZ-021.
The terms of Business Assistance Contract P0606MO1054 (comprised of Agreements
07-CEBAIVFGF-013 and 07-EZ-021) from the Iowa Economic Development Authority
(IEDA) to Cottingham & Butler Insurance Services, Inc. (C&B) have been satisfied, and
the contract has been closed out by the State.
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Mic ael C. Van Milligen
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Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill Connors, Economic Development Director
Dubuque
THE CITY OF
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Masterpiece on the Mississippi 2017*2019
TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
Economic Development
Department
1300 Main Street
Dubuque, Iowa 52001-4763
Office (563) 589-4393
TTY (563) 690-6678
http://www.cityofdubuque.org
SUBJECT: Close Out of Agreement 07-EZ-021 for Cottingham & Butler Insurance
Services, Inc.
DATE: November 7, 2023
INTRODUCTION
The purpose of this memorandum is to inform the Manager and City Council that the
terms of Business Assistance Contract P0606MO1054 (comprised of Agreements 07-
CEBAIVFGF-013 and 07-EZ-021) from the Iowa Economic Development Authority
(IEDA) to Cottingham & Butler Insurance Services, Inc. (C&B) have been satisfied, and
the contract has been closed out by the State.
BACKGROUND
In October 2006, the City approved a Community Economic Betterment Account
(CEBA) Loan and Enterprise Zone (EZ) Funding application to the IEDA on behalf of
Cottingham & Butler that committed the company to hiring 90 new full-time positions
and retaining 311 employees by a project completion date of October 31, 2011.
On May 7, 2007 the City Council approved Resolution 241-07 authorizing the Mayor to
execute a CEBA Loan/Forgivable Loan Agreement, Promissory Notes and Enterprise
Zone Agreement to support the expansion of C&B.
DISCUSSION
The terms of the CEBA loan agreement were met, and that portion of the contract was
closed out March 15, 2015.
Three amendments to the EZ agreement have been executed since the original
agreements. The Third Amendment had extended the Project Completion Date to
December 31, 2012, and the Project Maintenance Date to December 31, 2022.
C&B has met the requirements as stipulated, and the Iowa Economic Development
Authority has informed the City that Agreement 07-EZ-021 has been closed out.
RECOMMENDATION/ ACTION STEP
I recommend the Council receive and file the documents from the Iowa Economic
Development Authority closing out Agreement 07-EZ-021.
2
IOWA ECONOMIC DEVELOPMENT AUTHORITY
1963 Bell Avenue, Ste. 200 1 Des Moines, Iowa 50315 USA I Phone: 515.348.6200
iowaeda.com
November 6, 2023
Mr. Timothy Berns
Cottingham & Butler Insurance Services, Inc.
800 Main Street
Dubuque, IA 52001
Sent via email. tberns(o)-cottinghambutler.com
RE: Project Maintenance Closeout — Cottingham & Butler, Inc.
Contract Number — 07-EZ-021
Dear Mr. Berns:
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economic development
It is my pleasure to congratulate you on the successful completion of the above referenced project.
The Authority's review of this project indicates that all activities required by the Enterprise Zone
Contract have been completed and have met expectations.
In summary:
1. The Project Completion Date was December 31, 2012, with a Project Maintenance
Date of December 31, 2022.
2. The Business was required to maintain 389 full-time equivalent (FTE) jobs of which
319 needed to be qualified FTEs. At the End of Maintenance Date, the Business
had 862 qualified FTEs. The qualified employees were paid at least $12.41 per
hour.
3. Cottingham & Butler, Inc. met the Sufficient Benefits requirement for employees.
Since all project activities have been completed, the Authority has determined that the
maintenance requirement has been satisfied and this project file is closed. Please do not hesitate
to contact me at 515-348-6165 or benton.guade(cD-iowaeda.com should you have any questions.
We would like to express our thanks to you for your assistance in monitoring and closing out this
project.
Sincerely,
Z�_,
Benton Quade
Project Manager
Compliance Team
Cc: Mayor Brad Cavanagh, City of Dubuque
IEDA Compliance File
Governor Kim Reynolds I ILL Governor Adam Gregg I Director Debi V. Durham