Resolution Authorizing the Submission of an Iowa Economic Development Authority Business Financial Assistance Application by Universal Tank & Fabrication Inc.City of Dubuque
City Council
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Copyrighted
November 4, 2024
ITEM TITLE: Resolution Authorizing the Submission of an Iowa Economic
Development Authority Business Financial Assistance
Application by Universal Tank & Fabrication Inc.
SUMMARY: City Manager recommending City Council adopt the attached
resolution approving the Economic Development Assistance
Application on behalf of Universal Tank & Fabrication, Inc. for
the proposed investment of approximately $4,925,000 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 Universal Tank &
Fabrication, Inc.
SUGGUESTED Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
1. MVM Memo
2. Staff Memorandum
3. High Quality Jobs Application
4. Attachment Al Project Plan
5. Resolution
Page 2461 of 2498
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Resolution Authorizing the Submission of an Iowa Economic Development
Authority Business Financial Assistance Application by Universal Tank &
Fabrication Inc.
DATE: October 31, 2024
Economic Development Director Jill Connors is recommending City Council adopt the
attached resolution approving the Economic Development Assistance Application on
behalf of Universal Tank & Fabrication, Inc. for the proposed investment of
approximately $4,925,000 for the expansion of its operations in Dubuque. The
proposed project would create a minimum of 10 new full-time jobs, in keeping with the
City incentive policy, and promote the City's goal of creating a robust local economy
with diverse businesses and jobs and economic prosperity.
Universal Tank Fabrication, Inc. (UTF) is submitting an application to the State of Iowa
for investment tax credits of $154,600, a sales tax refund of $120,000, and job training
funds estimated at $150,000. The City Council has emphasized business growth and
retention as one of its goals and priorities for the future of Dubuque. Supporting the UTF
application will strengthen its ability to obtain financial assistance as UTF continues to
expand and hire within the City of Dubuque and the State of Iowa.
The required local match is anticipated to be tax increment financing from a proposed
development agreement.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
MCVM:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jill Connors, Economic Development Director
Page 2462 of 2498
Dubuque
THE CITY OF
All -Americo City
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2007-2012.2013
Masterpiece on the Mississippi 2017*2019
TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
Economic Development
Department
50 West 13th Street
Dubuque, Iowa 52001-4864
Office (563) 589-4393
TTY (563) 690-6678
http://www.cityofdubuque.org
SUBJECT: Resolution Authorizing the Submission of an Iowa Economic
Development Authority Business Financial Assistance Application
by Universal Tank & Fabrication Inc.
DATE: October 29, 2024
INTRODUCTION
This memorandum presents for City Council review and approval a resolution authorizing
the submission of a Business Financial Assistance Application by Universal Tank &
Fabrication Inc. to the Iowa Economic Development Authority (IEDA).
BACKGROUND
Universal Tank & Fabrication, Inc (UTF), a Delaware corporation with its principal place
of business in Dubuque, manufactures pressure vessels, tanks and related fabrications
for a broad customer base extending across North America. Their products are used in
various markets that include Water (municipal, waste and industrial segments), Air,
Energy (biofuels), Pharmaceutical, and an extensive "Other" category for custom, one-off
projects. Here is a small list of the types of products manufactured:
• autoclaves for retreading tires manufactured for one of the largest tire companies
in the world
• water filtration vessels that clean radium from drinking water
• process skids for mixing the newest types of asphalt for some of the largest energy
companies in the world
• vessels that capture landfill gases and recycle them into usable energy products
• vacuum trucks used for municipal and industrial applications
Most of what they build isn't considered production or repeatable, rather project specific
requiring a dynamic and skilled workforce.
DISCUSSION
Page 2463 of 2498
Subject to State of Iowa and City of Dubuque approval, UTF is looking to increase its
manufacturing throughput by constructing an approximately 28,000 square foot building
specifically designed for blasting/painting and assembling products. Currently, all these
operations are being performed in the same space as fabrication which leads to
inefficiencies and bottlenecks. State of the art equipment will allow for faster turnarounds
with higher quality, and the additional space will increase throughput. Pressure vessels
and tanks will remain the primary focus; however, the increased capacity will allow UTF
to explore new fabrication markets. Currently, the building construction was bid with a
Guaranteed Maximum Price (GMP) of $4,925,000.
UTF is submitting an application to the State of Iowa for investment tax credits of
$154,600, a sales tax refund of $120,000, and job training funds estimated at $150,000.
The City Council has emphasized business growth and retention as one of its goals and
priorities for the future of Dubuque. Supporting the UTF application will strengthen its
ability to obtain financial assistance as UTF continues to expand and hire within the City
of Dubuque and the State of Iowa.
The required local match is anticipated to be tax increment financing from a proposed
development agreement.
RECOMMENDATION/ ACTION STEP
I recommend that the City Council adopt the attached resolution approving the Economic
Development Assistance Application on behalf of Universal Tank & Fabrication, Inc. for
the proposed investment of approximately $4,925,OOOfor the expansion of its operations
in Dubuque. The proposed project would create a minimum of 10 new full-time jobs, in
keeping with the City incentive policy, and promote the City's goal of creating a robust
local economy with diverse businesses and jobs and economic prosperity.
2
Page 2464 of 2498
1()WAO
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(a)iowaeda.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.7.2023
Page 2465 of 2498
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
Page 2466 of 2498
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SECTION A
icant Information
Date Application Submitted:
Name of Business: Universal Tank & Fabrication Inc.
Entity Name(s) for contracting (please include all that are involved in proposed project): Universal
Tank & Fabrication Inc.
Address: 8025 Chavenelle Rd
City, State and Zip Code: Dubuque, IA 52002
Contact Person: Dan Davis Title: President
Phone: Fax: Email:
FEIN:
Please indicate your tax period end date: 12/31/2023
NAICS Code for primary business operations:
US DOT Number:
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:
Address:
City, State and Zip Code:
Contact Person: Title:
Phone: Fax: Email:
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 W 13'h Street
16. City, State & Zip Code: Dubuque, IA 52001
17. Phone: (563) 589-4100 Fax: (563) 589-0890 Email:
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: Jill Connors Title: Economic Development Director
Address: 50 W 13th Street
City, State and Zip Code: Dubuque, IA 52001
Phone: (563) 564-5686 Fax: Email: jilconno@cityofdubuque.org
If necessary, please list information on additional sponsors in an attachment.
IEDA — Business Financial Assistance Application
v.10.6.2021
Page 2467 of 2498
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.
Founded in 2007, UTF manufactures/welds tanks, vessels, and weldments. We also have plasma cutting, shot
blasting, and painting capabilities.
2. Business Structure:
❑ Cooperative ® Corporation ❑ Limited Liability Company
❑ Partnership ❑ S-Corporation ❑ Sole Proprietorship
3. State of Incorporation: Delaware
4. Identify the Business' owners and percent ownership: AAVIN = 94%, Daniel Davis = 6%
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. Dubuque, Iowa —
current number of employees = 41
7. What is the Business' worldwide employment? (Please include employees of parent company, subsidiaries and
other affiliated entities in this figure.) None
Proiect Information
8. Project Street Address: 8025 Chavenelle Rd
Project City and Zip Code: Dubuque, 52002 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.)
UTF is looking to increase its manufacturing throughput by adding a -- 28,000 sq ft building specifically designed
for blasting/painting and assembling products. Currently, all these operations are being performed in the same space
as fabrication which leads to inefficiencies and bottlenecks. State of the Art equipment will allow for faster turnarounds
with higher quality and the additional space will increase throughput. Pressure vessels and tanks will remain the
primary focus; however the increased capacity will allow us to explore new fabrication markets. Our projected timeline
is below. Currently, the building construction was bid with a Guaranteed Maximum Price (GMP) of $4,925,000.
13.
Project Timeline add additional rows as needed
Beginning Activity Date
Activity Completion Date
Grading/Foundation/Floor
3/24/25
6/13/25
Concrete/Asphalt Paving
5/19/25
8/22/25
Install building
6/16/2025
11/28/25
Install Cranes and Booths
10/27/25
12/19/25
Completion
1/14/26
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.
IEDA —Business Financial Assistance Application 4 v.10.6.2021
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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. Manchester Tank (locations in Illinois, Kentucky,
Tennessee), Quick Tanks (located in Indiana), Samuel Pressure Vessel Group (locations in Wisconsin, Virginia,
Arizona).
While most of our competitors are not from within Iowa, having the ability to improve throughput and gain
efficiencies will bring more work into Iowa while creating more job opportunities.
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?
18. Please identify the company project management for the project location and experience.
Dan Davis
Universal Tank & Fabrication Inc.
8025 Chavenelle Rd
Dubuque, IA 52002
24 years' experience building pressure vessels with the different ownerships since 2000
Gronen
Schmid Innovation Center
900 Jackson St, Suite LL2
Dubuque, IA 52001
Local developer that has extensive knowledge in the erection of facilities such as the proposed.
Origin Design
137 Main Street, Suite 100
Dubuque, IA 52001
Local engineering firm that has extensive knowledge in designing facilities such as the proposed.
IEDA — Business Financial Assistance Application 5 v.10.6.2021
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SECTION C
icant's Proiect Budaet
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
1,080,000
1,080,000
Tenant Improvements
Land Acquisition
Site Preparation
Building Acquisition
Building Construction
Building Remodeling
Mfg. Machinery & Equip.
2,775,000
2,775,000
Other Machinery & Equip.
190,000
190,000
Racking, Shelving, etc.'
Computer Hardware
1 0, 0 0 0
10,000
Computer Software
Furniture & Fixtures
1 0, 0 0 0
10,000
Working Capital
Research & Development
Other
TOTAL
$4,065,000
$
$
$4,065,000
$
$
$
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
$4,065,000
Source D: Other Source
$
Source E: Other Source
$
Source F: Other Source
$
TOTAL
$
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: N/A
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
Page 2470 of 2498
5. Please complete the chart below with tax credits and other indirect financing expected for the project:
TAX CREDITS
AND INDIRECT FINANCING
Source of Funds
Amount
Description
Investment Tax Credit
154,600
Sales, Service and Use Tax Refund
120,000
Research Activities Credit 3%/10%
Local Property Tax Exemption
Tax Increment Financing
696,000
260E Job Training Funds*
150,000
Northeast Iowa Community College
In -kind Contribution
Other
TOTAL
$1,120, 600
*260E Job Training Funds — This application does not commit the 260E funds. Training funds require a
separate application and agreement between company and its local community college.
Community College Workforce Training Contacts
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.
Projects such as this one are very expensive and bear a heavy burden on the business. The incentives listed will
allow us to move forward with this project whereas otherwise the business/ownership group may not support the
expansion.
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 complete 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
1 $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
1. How many full-time, permanent employees does your company currently employ within the U.S.? 41
IEDA —Business Financial Assistance Application 7 v.10.6.2021
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2. What is the total premium cost for a standard medical plan for single employee coverage? $8,226.84
a. What portion of this cost is paid by the business? 65%
b. What is the deductible associated with this plan? $1,000.00
3. What is the total premium cost for a standard medical plan for family coverage? $24,268.80
a. What portion of this cost is paid by the business? 65%
b. What is the deductible associated with this plan? $2,000.00
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 Ian
$
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-vear period.
Year Ending
Average Actual Share per
Employee $
Three-year Average:
$
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
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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
Facility Supervisor
1
30.00
34.50
Quality Inspector
1
28.00
32.25
Maintenance
1
30.00
34.50
Shipping/Receiving
1
28.00
32.25
Processing Manager
1
31.00
35.60
Welders
7
25.00
29.00
Blaster
1
24.25
29.00
Painters
2
24.50
29.00
Total Full -Time CREATED Jobs
Full -Time RETAINED Jobs Add additional rows as needed
Number of Current Hourly
Job Title (AT -RISK jobs only) RETAINED Wage
Jobs
N/A
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
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Business Financial Assistance Application -
Universal Tank & Fabrication Inc.
Page 10 — original redacted from City Council copy, as it contains confidential information
Page 2474 of 2498
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)
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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:
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.
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.
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.
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):
Signature
Name and Title (typed or printed)
Date
Name and Title (typed or printed�J
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 1" v.10.6.2 )21
FJUNIVERSAL
TANK & FABRICATION
Business Financial Assistance Application
Section G — Attachment Al — Proiect Plan
Universal Tank & Fabrication, Inc (UTF) is an Iowa borne and based company that
manufactures pressure vessels, tanks and related fabrications for a very broad customer base
extending across North America. Our products are used in various markets that include Water
(municipal, waste and industrial segments), Air, Energy (biofuels), Pharmaceutical, and an
extensive "Other" category for the custom, one off projects. Here is a small list of the types of
products manufactured:
• autoclaves for retreading tires manufactured for one of the larges tire companies in the
world
• water filtration vessels that clean radium from drinking water
• process skids for mixing the newest types of asphalt for some of the largest energy
companies in the world
• vessels that capture landfill gases and recycle them into usable energy products
• vacuum trucks used for municipal and industrial applications
Most of what we build isn't considered production or repeatable, rather project specific which
makes our workforce one of the most dynamic and skilled groups assembled. Our direct labor
team is required to perform a wide range of tasks within their spectrum any given day, including
working on Carbon or Stainless steel, working on thin or thick material, or even welding,
sandblasting or painting inside of vessels.
As you can imagine, having such a broad range of products requires us to maintain enough
space for state-of-the-art equipment (that allows us to remain competitive in the market) as well
as enough area to react to various projects. In order to achieve this, we need to expand our
footprint or be forced to stay the same size of company year after year. The proposed
expansion will allow us to increase our capacity by over 60% in a 5-year period.
Our proposed expansion is specifically designed for finishing projects. Specifically, blasting,
painting, and assembling. We propose to purchase industry leading state of the art blast and
paint booths that will allow for additional throughput by utilizing their unique design features. Not
only will they improve our current product mix efficiencies and throughput, but it also allows us
the opportunity to coat products from other local manufacturers, keeping that work in the state of
Iowa. In addition to the new finish capabilities, we will have more lay down space, allowing us to
work on more projects at once along with much needed warehouse space to increase our
manufacturing capacity. The current facility would also get some much -needed updates allowing
us to add manufacturing spaces and ultimately add more jobs.
Without the help of the IEDA and other programs, we are uncertain if this project will be
possible. Please carefully consider our application for the proposed UTF expansion.
Sincerely,
Dan Davis
CEO — Universal Tank & Fabrication, Inc.
Page 2477 of 2498
Ian C. Hatch, Assistant Economic Development Director, 1300 Main Street Dubuque IA 52001 (563) 589-4105
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 131h St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 362-24
AUTHORIZING THE FILING OF AN APPLICATION WITH THE IOWA ECONOMIC
DEVELOPMENT AUTHORITY FOR BUSINESS FINANCIAL ASSISTANCE ON BEHALF OF
UNIVERSAL TANK & FABIRCATION, INC.
Whereas, Universal Tank & Fabrication, Inc. is a Delaware corporation manufacturing
custom fabricated pressure vessels and tanks at its Facility in Dubuque, Iowa; and
Whereas, Universal Tank & Fabrication, Inc, has proposed making a Seven Million Two
Hundred Fifty Thousand Dollar investment to expand its Facility (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 Council of the City of Dubuque, Iowa has considered the Project and
determined that the proposed Project will contribute to the local economy through the creation
of ten (10) full-time jobs in the City of Dubuque; and
Whereas, the City of Dubuque, Iowa is eligible to apply for funding from the Iowa Economic
Development Authority Business Financial Assistance Program on behalf of Universal Tank &
Fabrication, Inc.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA THAT:
Section 1. The filing of an Application for participation in the Iowa Economic Development
Authority's Business Financial Assistance Program on behalf of Universal Tank & Fabrication,
Inc., a copy of which is attached hereto, is hereby approved.
Section 2. The Mayor is hereby authorized 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 4th day of November, 2024.
.• �; -nagh, Mayor
Attest:
Adrienne N. Breitfelder, City Clerk