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IBM Development Agreement_Incentives Resolution 2 16 09(This Notice to be posted) NOTICE AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Dubuque, Iowa Date of Meeting: February 16, 2009 Time of Meeting: 6:30 o'clock P.M. Place of Meeting: Historic Federal Building, 350 West 6th Street, Dubuque, Iowa PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: Greater Downtown Urban Renewal District Resolution approving and authorizing execution of a Development Agreement between the City of Dubuque, Iowa and Dubuque Initiatives, and an Incentive Agreement between the City and International Business Machines Corporation Such additional matters as are set forth on the additional 12 page(s) attached hereto. This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of Iowa, and the local rules of said governmental body. City Clerk, Dubuque, Iowa -1- February 17, 2009 The City Council of Dubuque, Iowa, met in regular session, in the Historic Federal Building, 350 West 6th Street, Dubuque, Iowa, at 6:30 o'clock P.M., on the above date. There were present Mayor Roy D. Buol in the chair, and the following named Council Members: Present: Braig, Connors, Jones, Lynch, Resnick, Voetberg Absent: None Council Member Karla Braig introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF THE DEVELOPMENT AGREEMENT BETWEEN THE CITY OF DUBUQUE, IOWA AND DUBUQUE INITIATIVES, AND THE INCENTIVE AGREEMENT BETWEEN THE CITY AND INTERNATIONAL BUSINESS MACHINES CORPORATION", and moved: that the Resolution be adopted. to ADJOURN and defer action on the Resolution and the proposal to the meeting to be held at o'clock _.M. on the day of , 2009, at this place. Council Member Ric Jones seconded the motion. The roll was called and the vote was, AYES: Braig, Buol, Connors, Jones, Lynch, Resnick, Voetberg NAYS: None Whereupon, the Mayor declared the measure duly adopted. -3- RESOLUTION NO. 74-09 RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF THE DEVELOPMENT AGREEMENT BETWEEN THE CITY OF DUBUQUE, IOWA AND DUBUQUE INITIATIVES, AND THE INCENTIVE AGREEMENT BETWEEN THE CITY AND INTERNATIONAL BUSINESS MACHINES CORPORATION WHEREAS, the City Council has approved and adopted an Amended and Restated Urban Renewal Plan (the "Urban Renewal Plan") for an area described therein as the Greater Downtown Urban Renewal District (the "Urban Renewal Area"); and WHEREAS, it is desirable that properties within the Urban Renewal Area be redeveloped as part of the overall redevelopment area covered by said Urban Renewal Plan; and WHEREAS, the City of Dubuque ("City") has received a proposal from Dubuque Initiatives (the "Developer") and International Business Machines Corporation (the "Employer"), in the form of a proposed Development Agreement (the "Development Agreement") between the City and the Developer and a proposed Incentive Agreement (the "Incentive Agreement," and together with the Development Agreement, referred to herein as the "Agreements") between the City and the Employer, pursuant to which, among other things, the Developer would acquire and renovate the Dubuque Building located at 700 Locust Street in the City, and lease portions of the same to the Employer; and WHEREAS, the Employer reasonably expects to create approximately 1,300 new full-time employment positions at the Dubuque Building property prior to January 1, 2011, and reasonably expects to maintain those jobs during the term of the Agreements; and WHEREAS, in consideration of the obligations being assumed by the Developer and the Employer, the Agreements further propose that the City provide certain financial assistance to the Developer and the Employer, including a loan guaranty for the benefit of the Developer and the payment of certain economic development grants to the Developer and the Employer; and WHEREAS, the economic development grants to the Developer and the Employer shall be payable from, and only from, the tax increment revenues collected by the City in respect of the Dubuque Building property and the improvements constructed thereon, under the terms and following satisfaction of the conditions set forth in the Agreements; and -4- WHEREAS, Iowa Code Chapters 15A and 403 (the "Urban Renewal Law") authorize cities to make grants for economic development purposes in furtherance of the objectives of an urban renewal plan and project and to appropriate such funds and make such expenditures as may be necessary to carry out the purposes of said Chapters, and to levy taxes and assessments for such purposes; and WHEREAS, the Council has determined that the Agreements are in the best interests of the City and the residents thereof and that the performance by the City of its obligations thereunder are public undertakings and purposes and in furtherance of the Urban Renewal Plan and the Urban Renewal Law and, further, that the Agreements and the City's performance thereunder are in furtherance of appropriate economic development activities and objectives of the City within the meaning of Chapters 403 and 15A of the Iowa Code, taking into account the factors set forth therein; and WHEREAS, pursuant to notice published as required by Section 403.9, this Council has held a public meeting and hearing upon the proposal to approve and authorize execution of the Agreements and the foregoing economic development grant payments, and has considered the extent of objections received from residents or property owners with respect thereto; and, accordingly the following action is now considered to be in the best interests of the City and residents thereof. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the performance by the City of its obligations under the Agreements, including but not limited to the payment of the economic development grants to the Developer and the Employer under the terms set forth in the Agreements, be and are hereby declared to be public undertakings and purposes and in furtherance of the Urban Renewal Plan and the Urban Renewal Law and, further, that the Agreements and the City's performance thereunder are in furtherance of appropriate economic development activities and objectives of the City within the meaning of Chapters 403 and 15A of the Iowa Code, taking into account the factors set forth therein. Section 2. That the form and content of the Agreements, including the form and content of the Guaranty Agreement between the City and Dubuque Bank and Trust Company attached to the Development Agreement as an exhibit, the provisions of which are incorporated herein by reference, be and the same hereby are in all respects authorized, approved and confirmed, and the Mayor and the City Clerk be and they hereby are authorized, empowered and directed to execute, attest, seal and deliver the same for and on behalf of the City in substantially the form and content now before this meeting, but with such changes, modifications, additions or deletions therein as may be approved by such officers upon the advice of the City Attorney, and that from and after the execution and delivery of the Agreements, the Mayor and the City Clerk are hereby -5- authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Agreement as executed. Section 3. That the economic development grant payments to be made by the City under the Agreements, the provisions of which are incorporated herein by reference, be and the same hereby are in all respects authorized, approved and confirmed, and the City Manager, City Clerk and other City staff be and are hereby authorized, empowered and directed to certify the amount of the economic development grant payments to the Dubuque County Auditor for tax increment reimbursement, and to cause such payments to be made to the Developer and Employer as may be required under the Agreements, at the times set forth therein, and to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of said Agreements. PASSED AND APPROVED this 16t" day of February, 2009. Mayor ATTEST: clerk -6- CIG-3 CERTIFICATE STATE OF IOWA ) SS COUNTY OF DUBUQUE ) I, the undersigned City Clerk of Dubuque, Iowa, do hereby certify that attached is a true and complete copy of the portion of the corporate records of said Municipality showing proceedings of the Council, and the same is a true and complete copy of the action taken by said Council with respect to said matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in said proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. WITNESS my hand and the seal of said Municipality hereto affixed this 17t" day of February, 2009. ity Clerk, Dubuque, Iowa SEAL DCORNELL/ 604937.1 /MSWord\10422.087 -7- THE CITY OF DUBUQUE Masterpiece on the Mississippi Dubuque All-American City 2007 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Development Agreement with Dubuque Initiatives to Rehabilitate Roshek Building (Dubuque Building) and an Incentives Agreement with IBM DATE: February 11, 2009 Over many months the Greater Dubuque Development Corporation, Dubuque Initiatives and the City of Dubuque have had numerous visits from representatives of the IBM Corporation and hours of meetings. These meeting were held at McGraw Hill, the University of Dubuque, the Mississippi River Museum and Aquarium, the Community Foundation of Greater Dubuque, and the Grand River Center. Participants in the meetings included representatives of the following: • City of Dubuque • Clarke College • Community Foundation of Greater Dubuque • Dubuque Initiatives • Dubuque Realtors • Governor Chet Culver was also able to participate in some of the meetings • Greater Dubuque Development Corporation • Gronen Properties • Iowa Department of Economic Development • Iowa Workforce Development • Kirkwood Community College • Loras College • McGraw Hill • Northeast Iowa Community College • Southwest Wisconsin Technical College • University of Dubuque • University of Wisconsin -Platteville IBM was looking for a location for a new Technology Service Delivery Center that would employ 1,300 people. Dubuque was in competition with cities in five other states for this project To implement the project Dubuque Initiatives needed to purchase the 255,000 sq. ft. Roshek Building at 700 Locust Street to provide 130,000 sq. ft. of leasable space to IBM to accommodate their 1,300 employees that they intended to hire by December 31, 2010. The anticipated cost of the base renovation of the building is over $24 Million, with another $14 Million in tenant improvements ($6.5 million estimated for IBM). The $14 million in tenant improvements will be financed by Dubuque Initiatives with the repayment of the cost built into tenant leases, or they will be financed by the individual tenant. Dubuque Initiatives met with a consortium of the banks and credit unions in Dubuque to discuss a 20-year interest only loan for $25 million to support the base building renovation. I offered to recommend to the City Council the City would guarantee the repayment of the loan so that Dubuque Initiatives could borrow the money. The City Council approved at a January 26, 2009 Public Hearing the authority for the City to issue taxable General Obligation Bonds. It is anticipated that these bonds will never need to be issued The City has very little exposure related to the debt because most of it will be repaid through Federal Historic Tax Credits, Federal New Market Tax Credits, Federal Energy Tax Credits, State Historic Tax Credits, Tax Increment Financing revenues from the portion of the Roshek Building not leased by IBM, and building tenant lease revenues. Based on the current financial analysis the entire debt will be retired without any City contributions in advance of the 20-year balloon payment that would have been due in the year 2029. IBM Corporation plans to hire 1,300 employees over the next two years at an average salary of over $46,000 per year (including overtime) investing over $800 million in Dubuque over the next ten years. These are high quality information technology jobs. Should IBM experience great success in Dubuque with this Technology Service Delivery Center there is the possibility of even more jobs in the future. It is also believed services and supplies needed by IBM will allow existing local companies to grow or attract new business to Dubuque. The corporate annual payroll of over $60 million will help existing retail and commercial businesses in Dubuque. The addition of 1,300 people to the Dubuque job market will energize the local real estate market for home sales and apartment rentals. The local colleges will benefit significantly as they attract additional students and provide along-term source of employees for IBM. This project will also accelerate the development of the Historic Millwork (Warehouse) District. I believe that IBM is the John Deere of the 21St Century. This project will make Dubuque a destination for people educated in Information Technology helping all companies in Dubuque. In fact, Greater Dubuque Development Corporation President Mike Blouin reports that over 68,911 visits lasting an average of four and one-half minutes have been made to the AccessDubuqueJobs.com web-site since the IBM announcement on January 15, 2009. Dubuque benefitted from some major points in the process: • The 18,000 college students and the colleges that exist locally, and more within 100 miles like UW Madison, University of Northern Iowa and University of Iowa, that will provide a steady stream of potential employees. • The awards the City has won like All American City from the National Civic League, One of 100 Best Places for Young People from America's Promise Alliance and Most Livable City from the U.S. Conference of Mayors • The City's Sustainability Initiative including: Environmental/Ecological Integrity, Economic Prosperity and Social and Cultural Vibrancy. • The upcoming redevelopment of the Historic Millwork District to provide places for IBM workers to live and play. • A reason cited by IBM was the extraordinary Public/Private cooperation and partnership that exists in Dubuque As Greater Dubuque Development Corporation President Mike Blouin has said, the IBM project will be transformational for the Dubuque Economy. The Iowa Department of Economic Development will be considering an application on behalf of IBM on February 19 for financial assistance in the amount of $12,150,000. The Northeast Iowa Community College is working with IBM to provide over $8.5 in the Iowa New Jobs Training Program. Greater Dubuque Development Corporation, Alliant Energy, and Black Hills Energy have also proposed various incentives totaling $52,500 collectively. Economic Development Director Dave Heiar is recommending approval of a Development Agreement with Dubuque Initiatives that includes: 1. Dubuque Initiatives will rehabilitate approximately 255,000 sq. ft. of the former Roshek Building at an estimated cost of $39 million. 2. The improvements will be completed in phases, with the first phase (floors 8 and 9) being completed by July 1, 2009. The 7~" floor will be completed by September 1, 2009. Floors 5 and 6 will be completed by November 1, 2009. 3. The City will provide Dubuque Initiatives with a 20-year property tax rebate. A portion of the rebate (based on percent of building leased) will go to IBM. The remainder of the rebate will be utilized by Dubuque Initiatives to repay the debt incurred to rehabilitate the building. The portion of the rebate utilized for debt payments will stop either at the end of the 20-year term or when the debt is paid, whichever is first. 4. The City will provide a $10,000 Design Grant, a $10,000 Facade Grant, and a $15,000 Financial Consultant Grant. 5. The City will provide a $25 million loan guarantee for the rehabilitation improvements. 6. Dubuque Initiatives and the City agree to work together to fund the improvements by applying for State and Federal Historic Tax Credits, New Market Tax Credits and Iowa Department of Economic Development funding. 7. Dubuque Initiatives agrees to commit 10% of the net benefit of New Market Tax Credits to an endowed fund called the "IBM Fund for Sustainable Dubuque". Economic Development Director Dave Heiar is further recommending approval of an Incentive Agreement with IBM that includes: 1. The City will provide a 20-year Tax Increment Financing rebate on increased property taxes over the Urban Renewal base year of 1967. IBM will receive a pro-rated share of this rebate based on the percentage of the building that is leased. 2. The City will provide a $300,000 Rehabilitation loan to IBM. A $2,000 credit will be given to offset the principle for every job created/retained during the first 2.5 years. The credit is up to the loan amount of $300,000. 3. The City will commit $125,000 annually for three years to GDDC to work exclusively with IBM on workforce recruitment. 4. Greater Dubuque Development Corporation will provide 5 years of free membership to AccessDubuqueJobs.com. 5. IBM will work with City to apply for various grants and tax credits. 6. The City will provide free shuttle service to the Port of Dubuque parking areas to accommodate the influx of employees in the downtown area. 7. The City will explore additional parking (and funding) for the downtown area. 8. IBM will create 1,300 new positions by December 31, 2010 or lose the TIF incentive. 9. IBM agrees to sign a 10-year lease plus renewal options with Dubuque Initiatives for the Roshek Building. I concur with the recommendation and respectfully request Mayor and City Council approval. ~~~ ~ - ~ ~~~~~~ ~~2 ~ ~` Michael C. Van Milligen ~~~ MCVM/jh Attachment cc: Dianne Diggelmann, IBM VP, Dubuque Site Exec. Velma Grant, IBM Director, EPM, Dubuque Site Bill Callahan, Dubuque Initiatives President Mike Blouin, Greater Dubuque Development Corp. President Rick Dickinson, Greater Dubuque Development Corp. Executive Director & COO Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager David J. Heiar, Economic Development Director Bill Noth, Esq., City of Dubuque Bond Council THE CITY OF DUBUQUE Masterpiece on the Mississippi Dubuque All-American City 2007 TO: Michael C. Van Milligen, City Manger FROM: David J. Heiar, Economic Development Director~- RE: Development Agreement with Dubuque Initiatives to Rehabilitate Roshek Building (Dubuque Building) and an Incentives Agreement with IBM DATE: February 11, 2009 BACKGROUND The State of Iowa, the City of Dubuque, Greater Dubuque Development Corporation, Iowa Workforce Development, the area colleges, and Dubuque Initiatives, have been working with IBM Corporation, a world leader in the information technology industry, to create 1,300 IT positions in the former Roshek Building. IBM has approximately 380,000 employees worldwide and is a globally integrated enterprise that targets the intersection of technology and effective business. The company has exited commodity businesses like personal computers and hard disk drives, and strengthened its position through strategic investments and acquisitions in emerging higher value segments like service oriented architecture (SOA) and Information on Demand. In addition, the company has transformed itself into a globally integrated enterprise which has improved overall productivity and is driving investment and participation in the world's fastest growing markets. Global Technology Services (GTS) is a segment of IBM that primarily reflects IT infrastructure services and business process services, delivering value through the company's global scale, standardization and automation. This is the business segment that will establish a new site in Dubuque. The Roshek Building, located at 700 Locust Street, was originally built in 1928 as the Roshek's Department Store, has 9 full floors, basement, and sub-basement totaling 255,000 square feet. The building lies in the heart of the downtown, right next to the Town Clock Plaza, the center of the downtown business community and is in need of significant rehabilitation estimated at $38 million to accommodate this major development project. Dubuque Initiatives finalized the purchase of this building on January 16, 2009. Renovations began in February, with the company occupying the building in phases starting June 2009. They anticipate 350 employees in the building in June, an additional 350 employees sixty days later, and the remaining 600 employees early in 2010. IBM has signed a ten year lease proposal with two 5 year incremental renewal options conditional upon receipt of State and local incentives. Dubuque Initiatives, with the assistance of GDDC, has met with representatives of the local banks to discuss the need for up to a $25 million construction loan to accommodate this rehabilitation project. Grants and tax credits are critical to making this phenomenal development project a reality. This project would have many beneficial impacts including the restoration of a major historic building in the downtown area, the creation of many tremendous IT positions, and the ability to attract and retain many young professionals in Dubuque and Iowa. This project would provide a rapid jump start to residential development in the Historic Millwork (Warehouse) District. With the creation of 1,300 new positions, this project would also create a ripple, or actually a wave effect on the entire downtown. It is difficult to truly measure the total impact of adding over $60 million to the annual payroll in Downtown Dubuque. DISCUSSION The Iowa Department of Economic Development will be considering an application on behalf of IBM on February 19 for financial assistance in the amount of $12,150,000. The Northeast Iowa Community College is working with IBM to provide over $8.5 in the Iowa New Jobs Training Program. Greater Dubuque Development Corporation, Alliant Energy, and Black Hills Energy have also proposed various incentives totaling $52,500 collectively. Attached is the proposed Development Agreement with Dubuque Initiatives which defines the commitments by both the City and Dubuque Initiatives. The following is a summary of the major provisions of this agreement. 1. Dubuque Initiatives will rehabilitate approximately 255,000 sq. ft. of the former Roshek Building at an estimated cost of $39 million. 2. The improvements will be completed in phases, with the first phase (floors 8 and 9) being completed by July 1, 2009. The 7th floor will be completed by September 1, 2009. Floors 5 and 6 will be completed by November 1, 2009. 3. The City will provide Dubuque Initiatives with a 20 year property tax rebate. A portion of the rebate (based on percent of building leased) will go to IBM. The remainder of the rebate will be utilized by Dubuque Initiatives to repay the debt incurred to rehabilitate the building. The portion of the rebate utilized for debt payments will stop either at the end of the 20 year term or when the debt is paid, whichever is first. 4. The City will provide a $10,000 Design Grant, a $10,000 Facade Grant, and a $15,000 Financial Consultant Grant. 5. The City will provide a $25 million loan guarantee for the rehabilitation improvements. 6. Dubuque Initiatives and the City agree to work together to fund the improvements by applying for State and Federal Historic Tax Credits, New Market Tax Credits and Iowa Department of Economic Development funding. 7. Dubuque Initiatives agrees to commit 10% of the net benefit of New Market Tax Credits to an endowed fund called the "IBM Fund for Sustainable Dubuque". Also attached is the proposed Incentive Agreement with IBM. The major provisions of this agreement are as follows: 1. The City will provide a 20 year TIF rebate on increased property taxes over the Urban Renewal base year of 1967. IBM will receive apro-rated share of this rebate based on the percentage of the building that is leased. 2. The City will provide a $300,000 Rehabilitation loan to IBM. A $2,000 credit will be given to offset the principle for every job created/retained during the first 2.5 years. The credit is up to the loan amount of $300,000. 3. The City will commit $125,000 annually for three years to GDDC to work exclusively with IBM on workforce recruitment. 4. Greater Dubuque Development Corporation will provide 5 years of free membership to Access Dubuque Jobs.com. 5. IBM will work with City to apply for various grants and tax credits. 6. The City will provide free shuttle service to the Port of Dubuque parking areas to accommodate the influx of employees in the downtown area. 7. The City will explore additional parking (and funding) for the downtown area. 8. IBM will create 1,300 new positions by December 31, 2010. 9. IBM agrees to sign a 10 year lease with renewal options for the Roshek Building. Details of both agreements can be found in the attached documents. This proposed project would provide significant help to the distressed census tract in which the Roshek Building is located. Dubuque's Census Tract-1 has 24.9% of its population at or below the federal poverty line and the average income in 58.9% of the area average. The average salary for the 1,300 IT positions is expected to be over $46,000/yr which would create an annual payroll for the Dubuque operation of $60 million. The company also provides a tremendous benefit package. The magnitude of this proposed development is recognized by all who have had the opportunity to work on various aspects of this project. The State of Iowa Department of Economic Development and Governor Culver have assembled aggressive proposals to encourage IBM to locate in Iowa. ACTION STEP The action step for the City Council is to adopt a resolution that approves both the Development Agreement with Dubuque Initiatives and the Incentives Agreement with IBM. F:\USERS\DHeiar\IBM\DA with DI memo.doc 2/11/2009 3:15 PM INCENTIVES PACKAGE: AGGRESSIVE INNOVATION TO MEET THE NEEDS OF IBM $24,500,000 Dubuque Initiatives Incentives $5,594,447 City of Dubuque Incentives' $13,988,600 State of Iowa Incentives $8,500,000 Northeast Iowa Community College New Jobs Training Program $52,500 Additionallncentives $52,635,547 Total Incentives *While not a part of the Development Agreement with IBM the City intends to pursue Federal funding to create a new parking ramp at the intersection of 5~' Street and Bluff Street in downtown Dubuque to add an additional 900 parking spaces one block from the Roshek Building at an estimated cost of $20,133,000. Dubuque Initiatives Incentives $23,827,986* Purchase and renovate the Roshek Building $ 600,000 Estimated New Market Tax Credit allocation to establish the IBM Fund for a Sustainable Dubuque at the Community Foundation of Greater Dubuque $24,427,986 TOTAL *Repayment guaranteed by the City of Dubuque after applying all Federal and State Tax Credits to this 20 year interest only loan from a consortium of local banks and credit unions. The credits and grants include Federal and State Historic Tax Credits, Federal Energy Credits, Federal New Market Tax Credits and an Iowa Department of Economic Development Grant. City of Dubuque Incentives $ 3,584,447 20 year Property Tax Rebate: $1,828,068 to IBM $1,756,379 to Dubuque Initiatives $ 1,300,000 10 years of free shuttle bus service to parking in the Port of Dubuque $ 35,000 Fagade Planning and Design Financing Consultant Grant to Dubuque Initiatives $ 375,000 Greater Dubuque Development Corporation staff person to support IBM employee recruitment efforts $ 300,000 Forgivable loan $ 5,594,447 Total State of Iowa Incentives $11,700,000 Direct Financial Assistance $ 1,848,600 Iowa New Jobs Tax Credit $ 50,000 Iowa Jobs Training Program (260F) TBD Refundable Research &.Development Tax Credit $13,988,600* Total State of Iowa Incentives *Absence of sales tax on Computers and Peripherals saves IBM another $500,000 Northeast Iowa Community College Incentive $8,500,000 New Jobs Training Program Additional Incentives $30,000 AccessDubuqueJobs.com five year access. $15,000 Alliant Energy: maximum reimbursement of $15,000 for Electrical Audit Custom rebates and "Performance Edge" incentives will be formulated based on audit results. $ 7,500 Black Hills Energy: up to $7,500 comprehensive Energy Audit for natural gas usage Will maximize custom and prescriptive rebates. $52,500 Total Additional Incentives