Kerper Bl PIAP Loan AgreeMEMORANDUM
September 26, 2001
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Physical Infrastructure Assistance Program (PIAP)
Kerper Boulevard Industrial Park
00-PIAP-01-98
Acting Economic Development Director Pam Myhre is recommending execution of a
PIAP Loan Agreement of $1,184,000 to support the City's Kerper Boulevard Industrial
Park project.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM/jjh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Pamela Myhre, Acting Economic Development Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
September 26, 2001
TO:
FROM:
SUBJECT:
Michael Van Milligen, City Manager
Pamela Myhre, Acting Economic Development Director
Physical Infrastructure Assistance Program (PIAP)
Kerper Boulevard Industrial Park
00-PIAP-01-98
INTRODUCTION
This memorandum presents for City Council review and approval a Resolution relating to an
award of $1,184,000 to assist in the development of the Kerper Boulevard Industrial Park.
The Resolution authorizes the execution of a PIAP Loan Agreement by and between the
Iowa Department of Economic Development and the City of Dubuque. The agreement is
attached to this memorandum.
BACKGROUND
In 1996, the City made application to the State for Physical Infrastructure Assistance
Program funds to develop 49 acres of distressed and underutilized industrial property
located along Kerper Boulevard at a key gateway to the community. The application
reflected the opportunity to relocate Eagle Window & Door to this new industrial site,
thereby assisting them with their expansion plans and goal of hiring at least 168 new
employees. The application was subsequently updated in 1999 to reflect actual purchase
of the former railroad property from CMC Heartland and to alter the development schedule.
DISCUSSION
This PIAP award is a forgivable loan with proceeds to assist in the development costs of the
Kerper Boulevard Industrial Park. The funds can be used by the City to pay for costs
associated with the environmental assessment, remediation, monitoring and fill of the
industrial park.
The agreement also requires the City to provide Eagle Window & Door a forgivable loan of
at least $684,000 to assist its expansion. The City's approved Development Agreement
with Eagle Window & Door specified a number of financial assistance loans to the
company. One of those loans was a $692,000 forgivable loan to the company. Closing on
the loans to the company are awaiting a pending sale of Eagle Window that resulted from
their parent company's Chapter 11 bankruptcy.
RECOMMENDATION
I recommend that the City Council adopt the attached Resolution authorizing the execution
of a PIAP Loan Agreement of $1,184,000 to support the City's Kerper Boulevard Industrial
Park project.
ACTION STEP
The Action Step for the City Council is to adopt the attached Resolution.
attachments
F:\USERS~Pmyhre\WPDOCS\UR~KERPER~piapcon~act,mem.doc
RESOLUTION NO. 439-01
A RESOLUTION AUTHORIZING THE EXECUTION OF A PHYSICAL
INFRASTRUCTURE ASSISTANCE PROGRAM (PIAP) LOAN AGREEMENT FOR
ONE MILLION ONE HUNDRED EIGHTY-FOUR THOUSAND DOLLARS ($1,184,000)
WITH THE IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT.
Whereas, the Physical Infrastructure Assistance Program (PIAP) program has
been created by the Iowa Department of Economic Development to assist in the
economic development efforts of local jurisdictions; and
Whereas, on April 22, 1998, the City of Dubuque, Iowa was awarded a one
million one hundred eighty-four thousand dollar ($1,184,000) forgivable loan from the
PIAP program by the Iowa Department of Economic Development; and
Whereas, the City of Dubuque, Iowa desires to assist Eagle Window & Door
Company in its efforts to expand its operations in Dubuque and create new, permanent
employment opportunities for local citizens; and
Whereas, a PIAP Loan Agreement, hereto attached and by this reference made
a part hereof, is to be executed between the Iowa Department of Economic
Development and the City of Dubuque, Iowa.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. That the Mayor be and he is hereby authorized and directed to
endorse, on behalf of the City Council of the City of Dubuque, Iowa, the attached PIAP
Loan Agreement.
Passed, approved and adopted this 1st day of October, 2001.
Attest:
Jeanne F. Schneider City Clerk
Terrance M. Duggan,
Mayor
F:\USERS~Pmyhre\WPDOCS\UR\KERPER~piapcontract. res.doc
IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT
PIAP LOAN AGREEMENT
PIAP LOAN NUMBER: 00-PIAP-01-98
AWARD DATE: April 22, 1998
KIND OF AWARD: FORGIVABLE LOAN
AWARD AMOUNT: $1,184,000
AGREEMENT EXPIRATION DATE: March 31, 2003
THIS PHYSICAL INFRASTRUCTURE ASSISTANCE PROGRAM ("PIAP")
AGREEMENT is made by and between the IOWA DEPARTMENT OF ECONOMIC
DEVELOPMENT, 200 East Grand Avenue, Des Moines, Iowa 50309 ("Department" or "IDED"),
and the City of Dubuque, 50 West 13~h Street, Dubuque, Iowa 52001(hereafter referred to as
the "City").
The Department desires to make a forgivable loan to the City and the City desires to
accept this forgivable loan, all upon the terms and conditions set forth in this Agreement.
THEREFORE, in consideration of the mutual promises contained in this Agreement and
other good and valuable consideration, it is agreed as follows:
ARTICLE ~
DEFINITIONS
As used in this Agreement, the following terms shall apply:
1.1 AGREEMENT EXPIRATION DATE. "Agreement Expiration Date" means the date
the Agreement ceases to be in force and effect. The Agreement expires upon the occurrence of
one of the following: a) the Loan is repaid in full or required part, including accrued interest,
court costs and any penalties; b) the Agreement is terminated by the Department due to any
default under Article X; c) no disbursement of PIAP funds has occurred within the forty-eight
months immediately following the Award Date; or d) if the Agreement includes only a Forgivable
Loan, at the Project Completion Date:
1.2 AWARD DATE. "Award Date" means April 22, 1998.
1.3 FORGIVABLE LOAN. "Forgivable loan" means an award made by the Department
to the Business for which repayment is eliminated in part or entirely if the Business satisfies the
terms of this Agreement.
Contract Number 00-PIAP-01-98
City of Dubuque/Kerper Industrial Park
Page 2 of 12
1.4 LOAN. "Loan" means funds advanced by the Department to the City of which full
repayment is expected.
1.5 LOAN AGREEMENT or AGREEMENT. "Loan Agreement" or "Agreement" means
this document, the Project budget and all of the notes, leases, assignments, mortgages, and
similar documents referred to in this document and all other instruments or documents
executed by the City or otherwise required in connection with this document, including but not
limited to the following:
a. Exhibit "A", "PIAP Application" dated April 24, 1997, updated April 8, 1999
b. Exhibit "B", "Commitment Letter" dated July 7, 2000
c. Exhibit "C", "Program Description and Budget" dated April, 1999
1.6 PROJECT. "Project" means the detailed description of the work, services, and
other obligations to be performed or accomplished by the City as described in the Agreement,
Exhibit C - Program Description and Budget, and the PIAP application approved by the
Department.
1.7 PROJECT COMPLETION DATE. "Project Completion Date" means
March 31, 2003 and is the date by which the Project tasks shall have been fully accomplished.
ARTICLE II
FUNDING
2.1 FUNDING SOURCE. The source of funding for the Loan is an appropriation
by the State legislature for the PIAP Program established under Iowa Code Section
15E.175.
2.2 RECEIPT OF FUNDS. All payments under this Agreement are subject to receipt by
the Department of sufficient State funds for the PIAP program. Any termination, reduction or
delay of PIAP funds to the Department shall, at the option of the Department, result in the
termination, reduction or delay of PIAP funds to the City.
2.3 PRIOR COSTS. No expenditures made pdor to the Award Date may be included
as Project costs for the purposes of this Agreement.
2.4 DISBURSEMENT OF LESS THAN THE TOTAL AWARD AMOUNT. If substantial
progress toward work activities as specified in the Agreement, Exhibits "A", and "C" of this
Agreement has not been made within the period of this Agreement, then the Department shall
be under no obligation for further disbursement. The City shall be obligated to the extent of
Loan proceeds received.
Contract Number 00-PIAP-01-98
City of Dubuque/Kerper Industrial Park
Page 3 of 12
ARTICLE Ill
TERMS OF LOAN
Not Applicable
ARTICLE IV
TERMS OF FORGIVABLE LOAN
4.1 FORGIVABLE LOAN. The Department agrees to award a Forgivable Loan in the
amount of $1,184,000 (one million one hundred eighty four thousand dollars} to assist in the
financing of the Project.
4.20THERTERMS.
a). Funds will be used by the City for environmental assessment, remediation,
monitoring, and fill on the Kerper Boulevard Industrial Park in preparation of Eagle
Window and Door's 350,000 square foot facility being built on the site.
b). Eagle Window and Door will expend at least $15,500,000 for building, machinery and
equipment in the project.
c). Eagle Window and Door will retain 475 employees and create 168 new positions
within five years.
d). The City of Dubuque will provide, in the form of an forgivable loan, to Eagle Window
and Door at least $684,000 of direct monetary assistance for its expansion.
4.4 FORGIVABLE LOAN AMORTIZATION. If the award includes a Forgivable loan
the Department will, in its sole discretion, determine if the City has satisfied the terms of this
Agreement by the Project'Completion Date. If the Department determines that the City has
satisfied said terms as of the Project Completion Date, then repayment of the Forgivable loan
shall be permanently waived. Should the Department determine that the City has not satisfied
the terms of this Agreement, or has operated in a manner substantially inconsistent with the
Application under which the terms of the award was made, the City may be required to repay all
or part of the Forgivable loan funds.
ARTICLE V
CONDITIONS TO DISBURSEMENT OF FUNDS
Unless and until the following conditions have been satisfied, the Department shall be
under no obligation to disburse to the City any amounts under this Agreement:
Contract Number 00-PIAP-01-98
City of Dubuque/Kerper Industrial Park
Page 4 of 12
5.1 AUTHORITY. The City shall have submitted the following documents to the
Department:
Certificate of Good Standing of the Corporation from Eagle Window and Door
Executed Developer's Agreement between the City of Dubuque and Eagle
Window and Door.
Documentation of the City of Dubuque's direct monetary assistance to Eagle
Window and Door in an amount of not less than a $684,000 forgivable loan.
Vefificafion of a minimum investment in the infrastructure activityin the same
ratio of leveraged funds to PIAP funds as described in this Agreement, Exhibit
"A" and Exhibit "C".
5.2 LOAN AGREEMENT EXECUTED. The Loan Agreement shall have been properly
executed and, where required, acknowledged.
5.3 RECORDING. If required, the City shall have paid the fees necessary to properly
record in the appropriate office of the Recorder of Deeds and/or the Secretary of State any
mortgage, security agreement, financing statement or similar document required by the
Department under the Agreement.
ARTICLE VI
REPRESENTATIONS AND WARRANTIES OF CITY
To induce the Department to make the Loan and/or Forgivable Loan referred to in this
Agreement, the City represents, covenants and warrants that:
6.1 AUTHORITY. The City is a corporation duly organized and validly existing under
the laws of the state of incorporation and is in good standing, and has complied with all
applicable laws of the State of Iowa. The City is duly authorized and empowered to execute and
deliver the Agreement. All action on the City' part, such as appropriate resolution of its Board of
Directors for the execution and delivery of the Agreement, has been effectively taken.
6.2 FINANCIAL INFORMATION. All financial statements and related materials
concerning the City and the Project provided to the Department are true and correct in all
material respects and completely and accurately represent the subject matter thereof as of the
effective date of the statements and related materials, and no matedal adverse change has
occurred since that date.
6.3 APPLICATION. The contents ofthe application/business plan submitted bythe
City to the Department for PIAP funding is a complete and accurate representation of the City
and the Project as of the date of submission and there has been no material adverse change in
the organization, operation, business prospects, fixed properties, key personnel or project plan
of the City since the date the City submitted its PIAP application to the Department.
6.4 CLAIMS AND PROCEEDINGS. There are no actions, lawsuits or proceedings
pending or, to the knowledge of the City, threatened against the City affecting in any manner
Contract Number 00-PIAP-01-98
City of Dubuque/Kerper Industrial Park
Page 5 of '12
whatsoever its right to execute the Agreement or the ability of the City to make the payments
required under the agreement, or to otherwise comply with the obligations of the City contained
under the Agreement. There are no actions, lawsuits or proceedings at law or in equity, or
before any governmental or administrative authority pending or, to the knowledge of the City,
threatened against or affecting the City or any property or collateral pledged as security for the
Loan.
6.5 EFFECTIVE DATE. The covenants, warranties and representations of this Article
are made as of the date of this Agreement and shall be deemed to be renewed and restated by
the City at the time of each advance or request for disbursement of funds.
ARTICLE VII
COVENANTS OF CITY
7.1 AFFIRMATIVE COVENANTS. Until payment in full of the Loan or until the
Forgivable Loan is forgiven, and satisfaction of terms of this Agreement, the City covenants to
IDED that:
(a) PROJECT WORK AND SERVICES. The City shall complete the work and
services detailed in its PIAP application, Section 4.2 of this Agreement, and "Exhibit C" by the
Project Completion Date.
(b) RECORDS AND ACCOUNTS. The City shall maintain books, records,
documents and other evidence pertaining to all costs and expenses incurred and revenues
received under this Agreement concerning the project, in sufficient detail to reflect all costs,
direct and indirect, of labor, materials, equipment, supplies, services and other costs and
expenses of whatever nature, for which payment is claimed under this Agreement. The City
shall retain all records for a pedod of three (3) years from the Agreement Expiration Date.
(c) ACCESS TO RECORDS/INSPECTIONS. The City shall, without prior notice and at
any time (during normal business hours), permit the Department, its representatives or the
State Auditor to examine, audit and/or copy (I) any plans and work details per[aining to the
Project, (ii) all of the City' s books, records and accounts, and (iii) all other documentation or
materials related to this Agreement; the City shall provide proper facilities for making such
examination and/or inspection.
(d) USE OF LOAN FUNDS. The City shall expend funds received under the Loan
and/or Forgivable Loan only for the purposes and activities described in its PIAP Application,
Section 4.2 of this Agreement, Exhibit "C", and approved by the Department.
(e) DOCUMENTATION. The City shall deliver to the IDED, upon request, (I) copies of
all contracts or agreements relating to the Project, (ii) invoices, receipts, statements or
vouchers relating to the Project, (iii) a list of all unpaid bills for labor and materials in connection
with the Project, (iv) budgets and revisions showing estimated Project costs and funds required
at any given time to complete and pay for the Project, and (v) current and year-to-date
operating statements, including but not limited to a Profit and Loss and Balance Sheet.
Contract Number 00-PIAP-01-98
City of Dubuque/Kerper Industrial Park
Page 6 of 12
(f) NOTICE OF PROCEEDINGS. The City shall promptly notify IDED of the initiation of
any claims, lawsuits, bankruptcy proceedings or other proceedings brought against the City
which would adversely impact the project, including, but not limited to, any proceedings to
assert or enforce liens against collateral securing the Loan.
(g) REPORTS. The City shall prepare, sign and submit the following reports to the
Department when required:
1).
Annual financial statements. Year-end statements must be compiled by a
Certified Public Accountant (CPA) and must be received by the Department
within ninety (90) days following the completion of the audit.
(h) NOTICE OF BUSINESS CHANGES. The City shall provide prompt advance notice
to the Department of any proposed change in the ownership, structure or control of Eagle
Window and Door, which would materially affect the Project.
(i) MAINTENANCE OF PROJECT PROPERTY AND INSURANCE. The City shall
maintain the Project property in good repair and condition, ordinary wear and tear excepted;
and shall not suffer or commit waste or damage upon the Project property. At the Department's
request, the City shall pay for and maintain insurance against loss or damage by fire, tornado,
and other hazards, casualties, and contingencies and all risks from time to time included under
"extended coverage" policies. This insurance shall be in an amount not less than the full
insurable value of the Project property. The City shall name the Department as a mortgagee
and/or an additional loss payee as appropriate and submit copies of the policies to the
Depa[tment.
(j) INDEMNIFICATION. The City shall indemnify and hold harmless the Department, its
officers and employees, from and against any and all losses, except those losses incurred by
the Department resulting from willful misconduct or negligence on its or their part.
(k) PROJECT FEES. The City shall promptly pay all appraisal, survey, recording, title,
license, permit and other fees and expenses incurred incident to the Loan/Forgivable Loan.
(I) INTEREST AND SURPLUS PROCEEDS. The City shall return all unexpended
Loan/Forgivable Loan proceeds and interest accrued on Loan/Forgivable Loan proceeds to the
Department within thirty (30) days after the Project Completion Date.
7.2 NEGATIVE COVENANTS. So long as the City is indebted to IDED, the City shall
not, without prior written disclosure to IDED and prior written consent of IDED (unless IDED
prior approval is expressly waived below), directly or indirectly:
(a) CITY'S INTEREST. Assign, waive or transfer any of City's rightsl powers, duties or
obligations under this Agreement.
Contract Number 00-PIAP-01-98
City of Dubuque/Kerper Industrial Park
Page 7 of 12
ARTICLE VIII
SECURITY
8.1 SECURITY INSTRUMENTS. The City shall execute in favor of the Department all
security agreements, financing statements, mortgages, personal and/or corporate guarantees
(hereafter, "Security Instruments") as required by the Department. The following Security
Instruments shall be executed by the City:
This Forgivable Loan is unsecured.
ARTICLE IX
DEFAULT AND REMEDIES
9.1 EVENTS OF DEFAULT. Each of the following shall constitute an Event of Default
under this Agreement:
(a) MATERIAL MISREPRESENTATION. If at any time any representation, warranty or
statement made or furnished to the Department by, or on behalf of, the City in connection with
this Agreement or to induce the Department to make a loan/Forgivable Loan to the City shall be
determined by the Department to be incorrect, false, misleading or erroneous in any material
respect when made or furnished and shall not have been remedied to the Department's
satisfaction within thirty (30) days after written notice by the Department is given to the City.
(b) NON-PAYMENT. If the City fails to make a payment when due under the terms of
this Agreement within thirty (30) days following written notice of such overdue payment is given
to the City by the Department.
(c) NONCOMPLIANCE. If there is a failure by the City to comply with any of the
covenants, terms or conditions contained in this Agreement or Security Instruments executed
pursuant to this Agreement.
(d) CROSS DEFAULT. The Department may elect to terminate this Agreement and
demand repayment of PIAP funds, up to the full amount of this Agreement, and levy
apprepdate penalties if the City should fait to satisfy obligations under any state financial
assistance program(s) identified below: none
(e) PROJECT COMPLETION DATE. If the Project, in the sole judgment of the
Department, is not completed on or before the Project Completion Date.
(f) MISSPENDING. If the City expends Loan/Forgivable Loan proceeds for purposes
not described in the PIAP application or authorized by the Department.
(g) INSURANCE. If loss, theE, damage or destruction of any substantial portion of the
property of the City occurs for which there is either no insurance coverage or for which, in the
opinion of the Department, there is insufficient insurance coverage.
Contract Number 00-PIAP-01-98
City of Dubuque/Kerper Industrial Park
Page 8 of 12
(h) INSECURITY. If the Department shall deem itself insecure in good faith and
reasonably believes, after consideration of all the facts and circumstances then existing, that
the prospect of payment and satisfaction of the obligations under this Agreement, or the
performance of or observance of the covenants in this Agreement, or the value of its collateral
is or will be materially impaired.
9.2 NOTICE OF DEFAULT. The Department shall issue a written notice of default
providing therein a thirty (30) day pedod in which the City shall have an opportunity to cure,
provided that cure is possible and feasible.
9.3 REMEDIES UPON DEFAULT. Upon the happening of any Event of Default, the
Department shall have the right, in addition to any rights and remedies available to it under any
of the Secudty Instruments, to require immediate repayment of the full amount of funds
disbursed to the City under the Agreement plus interest without presentment, demand, protest,
notice of protest, notice of intention to accelerate or other notice of any kind, all of which are
expressly waived by the City.
ARTICLE X
DISBURSEMENT PROCEDURES
10.1 REQUEST FOR REIMBURSEMENT. All disbursements of proceeds shall be
subject to receipt by the Department of requests for disbursement submitted by the City.
Requests for disbursement shall be in form and content acceptable to the Department.
ARTICLE Xl
GENERAL TERMS AND PROVISIONS
11.1 BINDING EFFECT. This Agreement shall be binding upon and shall inure to the
benefit of the Department and City and their respective heirs, successors, legal representatives
and assigns. The obligations, covenants, warranties, acknowledgments, waivers, agreements,
terms, provisions and conditions of this Agreement shall be jointly and severally enforceable
against the parties to this Agreement.
11.2 COMPLIANCE WITH LAWS AND REGULATIONS. The City shall comply with all
applicable State and federal laws, rules, ordinances, regulations and orders.
11.3 TERMINATION FOR CONVENIENCE. In addition to termination due to an Event
of Default or nonappropdation of PIAP funds, this Agreement may be terminated in whole, or in
part, when the Department and the City agree that the continuation of the Project would not
produce beneficial results commensurate with the future disbursement of Loan/Forgivable Loan
funds. The Department and the City shall agree upon the termination conditions. The City shall
not incur new obligations after the effective date of the termination and shall cancel as many
outstanding obligations as is reasonably possible.
Contract Number 00-PIAP-01-98
City of Dubuque/Kerper Industrial Park
Page 9 of 12
11.4 PROCEDURE UPON TERMINATION. If the Agreement is terminated for
convenience, an Event of Default or nonappropriation of PIAP funds, disbursements shall be
allowed for costs up to the date of termination determined by the Department to be in
compliance with this Agreement. The City shall return to the Department all unencumbered
Loan/Forgivable Loan proceeds within one (1) week of receipt of Notice of Termination. Any
costs previously paid by the Department which are subsequently determined to be unallowable
through audit procedures shall be returned to the Department within thirty (30) days of the
disallowance.
11.5 SURVIVAL OF AGREEMENT. If any portion of this Agreement is held to be invalid
or unenforceable, the remainder shall be valid and enforceable. The provisions of this
Agreement shall survive the execution of all instruments herein mentioned and shall continue in
full force until the Loan is paid in full and the terms of the Forgivable Loan have been satisfied.
11.6 GOVERNING LAW. This Agreement and all Security Instruments shall be
interpreted in accordance with the law of the State of Iowa, and any action relating to the
Agreement shall only be commenced in the Iowa Distdct Court for Polka County or the United
States District Court for the Southern Distdct of iowa.
11,7 MODIFICATION. Neither this Agreement nor any provision of the Security
Instruments executed in connection with this Agreement may be changed, waived, discharged
or terminated orally, but only by a written document signed by the party against whom
enforcement of the change, waiver, discharge or termination is sought.
11.8 NOTICES. VVhenever this Agreement requires or permits any notice or written
request by one party to another, it shall be in writing, enclosed in an envelope, addressed to the
party to be notified at the address heretofore stated (or at such other address as may have
been designated by written notice), properly stamped, sealed and deposited in the United
States Mail. Any such notice given hereunder shall be deemed delivered upon the earlier of
actual receipt or two (2) business days after posting. The Department may rely on the address
of the City set forth heretofore, as modified from time to time, as being the address of the City.
11.9 INVESTMENT OF LOAN/FORGIVABLE LOAN FUNDS. Temporarily idle
Loan/Forgivable Loan proceeds held by the City may be invested provided such investments
shall be in accordance with State law, shall be controlled by the City, and any interest accrued
shall be credited to and expended on the Project prior to the expenditure of other
Loan/Forgivable Loan proceeds. Alt proceeds remaining, including accrued interest, after all
allowable Project costs have been paid or obligated shall be returned to the Department within
thirty (30) days after the Project Completion Date.
11.10 RESOLUTION OF DISAGREEMENT. In the event of any disagreement between
the parties to this Agreement retating to the technical competence of the work and services
being performed and its conformity to the requirements of this Agreement, the Department shatl
resolve the disagreement. The decision of the Department shall be binding on the City.
11.11 WAIVERS. No waiver by the Department of any default hereunder shall operate
as a waiver of any other default or of the same default on any future occasion. No delay on the
Contract Number 00-PIAP-01-98
City of Dubuque/Kerper Industrial Park
Page 10 of 12
part of the Department in exercising any right or remedy hereunder shall operate as a waiver
thereof. No single or partial exercise of any right or remedy by the Department shall preclude
future exercise thereof or the exercise of any other right or remedy.
11.12 LIMITATION. It is agreed by the City that the Department shall not, under any
circumstances, be obligated financially under this Agreement except to disburse funds
according to the terms of the Agreement.
11.13 ENFORCEMENT EXPENSES. The City shall pay upon demand any and ail
reasonable fees and expenses relating to this project of the Department, including the fees and
expenses of their attorneys, experts and agents, in connection with the exercise or enforcement
of any of the rights of the Department under the Agreement.
11.14 HEADINGS. The headings in this Agreement are intended solely for convenience
of reference and shall be given no effect in the construction and interpretation of this
Agreement.
11.15 FINAL AUTHORITY. The Department shall have the final authority to assess
whether the City has complied with the terms of this Agreement.
11.16 INTEGRATION. This Agreement contains the entire understanding between the
City and the Department and any representations that may have been made before or after the
signing of this Agreement, which are not contained herein, are nonbinding, void and of no
effect. None of the parties have relied on any such prior representation in entering into this
Agreement.
11.17 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute but one and the same instrument.
IN WITNESS WHEREOF. the parties have executed this Agreement effective as of the
Award Date first stated.
IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT:
BY:
Tom Grau, Division Administrator
Business Development
CITY OF DUBUQUE
BY:
Mayor, City of Dubuque
July 7, 2000
IOWA
ECONOMIC DEVELOPMENT
The Honorable Terry Duggan
Mayor, City of Dubuque
City Hall
1305 Central Avenue
Dubuque, IA 52001
RE: Kerper Boulevard Industrial Park/Eagle Window and Door
00-PIAP-01
Dear Mayor Duggan:
We are pleased to learn of Eagle Window and Door's decision to proceed with its
relocation/expansion at the Kerper Blvd. site. With the finalizing of the development
agreement, the Department as cited in the April 22, 1998 letter signed by David J.
Lyons, has awarded the City of Dubuque an one million one hundred eighty-four
thousand dollar ($1,184,000)'forgivable loan. This award has been made to assist [he
costs associated with the necessary remediation of the site to allow Eagle Window [o
expand.
As a result of the assistance, Eagle Window will invest at least $15.5 million dollars n
equipment purchases and in the construction of a 350,000 square foot facility as cited in
the April, 1999 updated application. This relocation and expansion of the Eagle Window
and Door facilities will allow for the retention of 475 employees and the creation of an
additional 200 positions in the Dubuque operation within 5 years.
The effective date of the contract is April 22, 1998, which will allow the City to draw
funds for eligible costs incurred in the remediation of the Kerper Blvd. site[
Should you have questions regarding this award, please do not hesitate to contact Mike
Fastenau at 515/242-4831
Sincerely,
Director
Cc: Jim Burke, City of Dubuque
Rick Dickinson, Dubuque C.C.
~ File
THOMAS J, VII.SACK. GOVERNOR
SALLY J. PEDER$ON, LT. GOVEI:UqOK
C. J. Nile~, Director · 200 E~t Grand A~nue · Dm Moines. Iowa 503094827 · 515.242.4700 ° Fax: 515.242.4809
PHYSICAL INFRASTRUCTURE ASSISTANCE PROGRAM
Name of Business: Qity 9f Dubuaue/Eaqle Window and Door
Contract #: 00-PIAP-01-98
PROGRAM DESCRIPTION AND BUDGET
ATTACHMENT C
Provide an one million one hundred eighty-four thousand dollar ($1,184,000) forgivable loan to the City of
Dubuque to assist in the environmental assessment, remediation, monitoring and fill of the Kerper Blvd.
Industrial Park.
As a result of this assistance, the City of Dubuque will provide a 49 acre site to Eagle Window and Door for
the construction of a.350,000 square foot manufacturing facility. Eagle Window and Door will retain 475 employees
and create an additional 168 positions at its Dubuque operation.
ACTIVITY PRIVATE CITY OTHER I PIAP
INVESTMENT INVESTMENT FUNDSI FUNDS TOTAL
Site Acquisition $450,000 $450,000
Assessment/Remediation/
Monitiorin~ $822,000 $522,000
Fill $478,000 $582,000 $1,140,000
Utilities $283,000 $283,000
Street $800,000 $180,000 $480,000
Rail Spur Relocation $166,400 $166,400
Construction/Equipment $15,500,000 $16,500,000
ACTIVITY TOTAL ......................... ::iJ?:iiii?:ii~[~e~!:::: ?:~::i[ii=:~ii~ii~!i::i ::iiiiiiiiiiii!i;iiii~[;'~r-;~'-;.r'-;.'"'; .................. i~::::=:~[ ~ i~i
$0
$0
i'OTAL ALL FUNDS $'15,500,000 $'1,677,400 $130,000 $'1,'184,000 $'181491,400
Prepared 4/99