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Prairie Farms Dairy, Inc. - Financial Assistance Application Copyrighted November 5, 2018 City of Dubuque Consent Items # 15. ITEM TITLE: Prairie Farms Dairy, Inc. - Financial Assistance Application SUMMARY: City Manager recommending approval of a State of lowa Business Financial Assistance Application for Prairie Farms Dairy, Inc. RESOLUTION Authorizing the filing of an application for State Business Financial Assistance on behalf of Prairie Farms Dairy, Inc. SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s) ATTACHMENTS: Description Type Prairie Farm Dairy Business Financial Assistance City Manager Memo Application-NNM Memo Staff Memo Staff Memo IEDAApplication Supporting Documentation Resolution of Approval Resolutions THE CITY OF Dubuque � AIFA�erlwGh UB E '�� III► Masterpiece on the Mississippi Z°°'�w'2 7A13 2017 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: State of lowa Business Financial Assistance Application for Prairie Farms Dairy, Inc. DATE: November 1 , 2018 Economic Development Director Maurice Jones is recommending approval of a State of lowa Business Financial Assistance Application for Prairie Farms Dairy, Inc. I concur with the recommendation and respectfully request Mayor and City Council approval. �L;� 1��, ����.� Mic ael C. Van Milligen �� � MCVM:jh Attachment cc: Crenna Brumwell, City Attorney Teri Goodmann, Assistant City Manager Cori Burbach, Assistant City Manager Maurice Jones, Economic Development Director Rick Dickinson, Greater Dubuque Development Corp. President & CEO Dan McDonald, Greater Dubuque Development Corp. Vice President of Existing Business Dubuque Economic Development Department THE CITY OF .� 5o West 13�^Street AIFMersality Dubuque,lowa 52001-4864 D� L E � � ��� � � Office(563)589-4393 TTY(563)690-6678 http://www.cityofd u buq ue.org 2007•2012 Masterpiece on the Mississippi �,3.Zo„ TO: Michael Van Milligen, City Manager FROM: Maurice Jones, Economic Development Director SUBJECT: State of lowa Business Financial Assistance Application for Prairie Farms Dairy, Inc. DATE: November 1 , 2018 INTRODUCTION This memorandum presents for City Council review and approval a resolution authorizing the submission of an lowa Economic Development Assistance Application by Prairie Farms Dairy, Inc. to the lowa Economic Development Authority (IEDA). BACKGROUND Prairie Farms Dairy, Inc. is a multi-state dairy cooperative established in 1938. The co- op has a milk bottling operation in the City of Dubuque. Products in other facilities include cheese, butter, and other dairy products and juices. DISCUSSION Prairie Farms Dairy, Inc. is proposing to expand its City of Dubuque facility to satisfy demand for the necessary growth and development of markets in order to remain competitive. The proposed 18,500 square foot addition and new equipment will cost an estimated $8 million and will create 10 new high-quality jobs in the city's North End. The company is seeking financial assistance from the IEDA in the amount of approximately $60,000 in investment tax credits and a sales, service & use tax refund of $240,000. The local match is anticipated to be 10 years of tax increment financing on increased property values, estimated at this time to be approximately $450,000 over that 10-year period. RECOMMENDATION I recommend that the City Council approve the Economic Development Assistance Application on behalf of Prairie Farms Dairy, Inc. for the proposed investment of approximately $8 million for the expansion of its operations in the City of Dubuque. The proposed project would add 10 jobs and promote the city's goal of retaining and expanding business to add to the economic base. ACTION STEP The action step for the City Council is to adopt the attached resolution. I W,4�� Debi V. Durham, Director lowa Ecorromic Devebpment Authority Business Financial Assistance Application Business Finance - Business Development Division lowa Economic Development Authonty 200 East Grand Avenue Des Moines, lowa 50309-1819 iowaeconomicdevelopment.com Telephone�.515348.6153 Email�. businessfinance(d!iowaeda.com Application Instructions To Complete Electmnic Form: Clickon TEXT BOX to etltl taxt Doubla clickon YES/NO boxes entl select"Checketl". 1. FUI applicants must complete the Business Financial Assistance Application and attach onlv those additional sections for the components to which the applicant is applying. STATE of IOWA— Financial Assistance Proaram High Quality Jobs Program (HQJ) � Tau Credits ❑ Direct Financial Assistance 2. Before flling out this application Porm, please read all applicable sections ofthe lowa Code and lowa Administrative Code (rules). https:/iWww.leqis.iowa.qw4aw/administrativeRules 3. Only Noed or comouter-aenerated applications will be accepted and reviewed. My material change 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 ofthe application fully. Ifquestions are leR unanswered or required attachments are not submitted, an explanation must be induded. 5. Use clear and concise language. Attachments should only be used when requested or as supporting documentation. 6. My inaccurate information of a significant nature may disqualify the application 6om consideration. 7. The following must be submitted to Business Finance at IEDA to initiate the review process: • One original, signed application form and all required attachments • One elec[ronic copy of the application form and all required attachments Facsimile cooies will no[ be acceo[etl. Applications must be submittetl to IEDA Business Finance before 4:00 p.m. on the fourth Montlay ofthe month. Applications will be reviewetl bythe IEDA Boartl on the thirtl Fntlay ofthe following month. Public Records Policies During the application process, the information submitted by you to IEDA is exempt from disclosure under the "industrial prospects" exemption found in Section 22.7(8). However, once you receive an award, the industrial prospects exemption no longer applies and all documents submitted and generated during the application and negotiation process become public records under lowa's Open Records Law (lowa Code, Chapter 221, 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 your 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 lowa Employer's Contribution and Payroll Report prepared for the lowa 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 If you wish 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 — lowa Code Sec. 15.118 • Trade secrets —See lowa Code section 22.7(3), see also lowa Code Ch. 550 • Information on an industrial prospect with which the IEDA is currently negotiating —See lowa 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 public examination — lowa Code section 22.7(18) Non-Confidential Information Information that is 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, your company's employee benefit information, and your project budget. Additional Information Available. Copies of lowa's Open Record law and IEDA's administrative rules relating to public records are available from the IEDA upon request. SECTION A Applicant Information Date Application Submitted: 1. Name of Business: Prairie Farms Dairy 2. Entity Name(s) for contracting (please include all that are involved in proposed project): 3. Address: 3510 Central Avenue 4. City, State & Zip Code: Dubuque, lowa 5. Contact Person: Bob Walker Title: General Manager 6. Phone: 563 564-7227 Fax: 563 582-1228 Email: BWalker@prairiefarms.com 7. FEIN: 37-0811846 8. Please indicate your tax period end date: 9/30/18 9. NAICS Code for primary business operations: 311511 10. US DOT Number: 11. Does the Business file a consolidated tax return under a different tax ID number? ❑ Yes (If yes, please also provide that 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: Greater Dubuque Development Corporation Address: 900 Jackson Street Suite109 City, State & Zip Code: 52001 Contact Person: Dan McDonald Title: Vice President Existing Business Phone: 563 556-7094 Fax: Email: danielm@greaterdubuque.org $pO11SOC �IIfOCCT12t1011 (A sponsor organization is a city or county) 13. Sponsor Organization: City of Dubuque, lowa 14. Official Contact (e.g. Mayor, Chairperson, etc.): Roy Buol Title: Mayor 15. Address: 50 W. 13th Street 16. City, State & Zip Code: Dubuque, lowa 52001 17. Phone: 563 589-4110 Fax: Email: rdbuol@cityofdubuque.org 18. If IEDA needs to contact the sponsor organization with questions, should we contact the person listed above? ❑ Yes � No, please contact the following person: Name: Maurice Jones Title: Economic Development Director Address: 50 W. 13th Street City, State & Zip Code: Dubuque, lowa 52001 Phone: 563 589-4393 Fax: Email: mjones@cityofdubuqe.org If necessary, please list information on additional sponsors in an attachment. 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. Prairie Farms Dairy is a multi-state dairy cooperative established in 1938. The coop has a milk bottling operation in Dubuque. Products in other faciliies include cheese, butter, and other dairy products and juices. 2. Business Structure � Cooperative ❑ Corporation ❑ Limited Liability Company ❑ Partnership ❑ S-Corporation ❑ Sole Proprietorship 3. State of Incorporation: Illinois 4. Identify the Business' owners and percent ownership: Farmer Owned Coop 5. Does a woman, minority, or person with a disability own the Business? ❑ Yes � No 6. List the Business' lowa locations and the most current number of employees at each location. Dubuque 205, and Cedar Rapids 23 7. What is the Business' worldwide employment? (Please include employees of parent company, subsidiaries, and other affiliated entities in this figure.) 5000 Project Information 8. Project Street Address: 3510 Central Avenue Project City&Zip Code: Dubuque, lowa 52001 Project County: Dubuque 9. Type of Business Project: ❑ Startup � Expansion of lowa Company ❑ New Location in lowa 10. Does the project site qualify as a "Brownfield" or"GrayField" site? ❑ Yes � No If yes, please explain and document as Attachment A6. 11. Describe the proposed project for which assistance is being sought. (Include project timeline with dates, facility size, infrastructure improvements, proposed products/services, any new markets, etc.) The company is proposing to expand the Dubuque facility to satisfy demand for the necessary growth and development of markets in order to remain competitive. This proposed 18,500 square foot addition and equipment will cost an estimated $8M 12. Pro'ect Timeline (add additional rows as needed) Beginning Activity Date Activity Completion Date Start Construction of Addition Post 12/1/2018 04/30/2019 Install E ui ment 01/01/2019 04/30/2019 13. 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, the execution of a lease, or the installation of equipment to be used in the project. 14. Identify the Business' competitors. If any of these competitors have lowa 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 lowa competitor. Dean Foods, Kemps, and Anderson/Ericson. No impact on theses competitors. 15. Will any of the current lowa 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.The company has the capacity to meet production demand at other facilities, and other out of state competitors are competing. If this business is not produced in Dubuque, the Dubuque facility may be negatively impacted. 16. Is the Business actively considering locations outside of lowa? � Yes ❑ No If yes, where and what assistance is being offered? Existing facilities in the Midwest are being considered. 17. Please identifythe company project management for the project location and experience. Bob Walker, GM of the Dubuque facility will be the project manager for the expansion. Bob has 30 years experience in the business, and 13 years with the company. Bob is a leader within the dairy industry and expert in Lean Manufacturing Processes. SECTION C Applicant's Project Budget 1. Does the Business plan to lease the facility? ❑ Yes � No If yes, please provide the Annual Base Rent Payment(lease payment minus property taxes, insurance, and operating/maintenance expenses) for three years in the budget below, and only major renovation costs your company expects to incur. Administrative rules require that the lease be in place for a minimum of five years. 2. Please complete the budget below. Include onlv costs the companv plans to incur directiv: Use of Funds Cost Source A Source B Source C Source D Source E Source F Base Rent 3 ears Tenant Im rovements Land Ac uisition Site Pre aration Buildin Ac uisition Buildin Construction 4,000,000 4,000,000 Buildin Remodelin 1,000,000 1,000,000 Mf . Machiner & E ui . 3,000,000 3,000,000 Other Machine & E ui . Rackin , Shelvin , etc.' Com uter Hardware Com uter Software Furniture & Fixtures Workin Ca ital Research & Develo ment Other TOTAL $8,000000 $ $ $8,000,000 $ $ $ ' 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 financin under#5 below : PROPOSED FINANCING Source of Funds Form of Funds Conditions/Additional Information AmOuM (Loan,Grant, In- Rate and Commitment Include when funds will be Add additional lines as needed Kind, Donation,etc.) Term Status disbursed; If loan,whether payments are a level term, balloon,etc Source A: IEDA (see#4 below) $ Source B: Local Government $ Source C: Business $8,000,000 Financin /Cash As necessar Source D: Other Source $ Source E: Other Source $ Source F: Other Source $ TOTAL $8,000,000 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.* Explain: No collateral, fundin disbursed at the end of the 5- ear contrad ❑ Irrevocable letter of credit ❑ Dedicated certificate of de osit CD ❑ *The IEDA Board has the final discretion on what collateral will be accepted. 5. Please com lete the chart below with tax credits and other indirect financin ex ected for the roject: TAX CREDITS AND INDIRECT FINANCING Source of Funds Amount Descri tion Investment Tax Credit $240,000 3% ITC on $8million QI, *.25 for Coo erative Sales, Service& Use Tau Refund $150,000 6% of$4million Research Activities Credit 3%/10% Local Pro ert Tax Exem tion Tax Increment Financin $453,215 Ten ears of rebates 260E Job Trainin Funds In-kind Contribution Other TOTAL $843,215 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 projecYs risks outweigh its rewards, making the provision of tax incentives or assistance necessary to reduce the projecYs risks. � Location Disadvantage(Incentive)—The business is deciding between a site in lowa ("lowa 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. Prairie Farms' customer base has increased orders to the extent that Prarie Farms must increase production, either in Dubuque or at one of its other facilites in the US. 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. If ou would like to utilize O tion 3 lease also com lete uestions 4-6. Option 1 Option 2 O tion 3 80% single Coverage 50% Family coverage Moneta E uivalent Total Number of Pay 80% of premium costs Pay 50% 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 250+ $1250maximum deductible $2500 maximum deductible employee benefits. 50-249 $2250 maximum deductible $4500 maximum deductible Benefits Counted Toward 0-50 $2000 maximum deductible $4000 Maximum deductible MonetarvEpuivalent: Medical coverage, Dental coverage, Vision insurance, Life insurance, Pension, 401(k) (company's Average contribution, Short-/long-term disability insurance, Child care services, Other nonwage com ensation 1. How many full-time, permanent employees does your company currently employ within the U.S.? 5000 2. What is the total premium cost for a standard medical plan for single employee coverage? $638.40 a. What portion of this cost is paid by the business? 93.3% b. What is the deductible associated with this plan? $ 600 3. What is the total premium cost for a standard medical plan for family coverage? $ 1492.68 a. What portion of this cost is paid by the business? 82.3% b. What is the deductible associated with this plan? $ 600 No additional information reauired. in this section. if vour companv meets the reauirement for Option 1 or Option 2 4. Does your company provide additional benefits to full time employees? ❑Yes ❑No If es lease rovide the annual amount offered b the business er em lo ee in the chart below: Benefit Annual amount paid by the business er em lo ee : Dental Insurance—Sin le lan $ Dental Insurance—Famil lan $ Pension Use 3-year average calculated below) $ Retirement Plan - i.e. 401 k Use 3-yearaverage calculated below) $ P�ofit Sha�in Plan Use 3- earavera e calculated below $ Childcare Services $ Life Insurance covera e $ Disabilit Insurance covera e $ Health Savin s Account HSA contribution $ TOTAL $ 5. 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 Em lo ee $ $ $ $ Three- earAvera e: $ 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 er em lo ee for that three ear eriod. Year Ending Average ActualShare per Em lo ee $ $ $ $ Three- earAvera e: $ 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. SECTION E Project Jobs 1. List the jobs that will 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 lowa.) For jobs to be created, include the startinq and final hourly wage rate. For retained jobs, include the current hourly wage rate. Full-Time CREATED Jobs Add additional rows as needed Job Title Number of Starting Wage at 36 months CREATED Jobs Hourl Wa e followin the award Cold Stora e Warehouse 3 22.25 22.85 Case Receivin 3 22.25 22.85 Machine O erators 3 22.25 22.85 Cold Stora e Su ervisor 1 26.44 27.44 Total Full-Time CREATED Jobs 10 Full-Time RETAINED Jobs Add additional rows as needed Number of Current Hourly JobTitle (AT-RISKjobsonly) RETAINED Wage Jobs 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: Business Financial Assistance Application — Prairie Farms Dairy, Inc. Page 10 — original redacted from City Council copy, as it contains confidential information SECTION G Attach ments Please attach the following documents: A1 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 that has 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 lowa Economic Development Authority to evaluate the feasibility of this project. A2 Payroll Information (Confidential) • Copies of the Business' Quarterly lowa 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 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 that states 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) SECTION H Certification & 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 therecurrently 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: I hereby give permission to the Iowa Economic Development Authority (IEDA) to research the Business' history, make credit checks, contact the Business' financial institutions, insurance carriers, and perform other related activities necessary for reasonable evaluation of this application. I also hereby authorize the Iowa Department of Revenue to provide to IEDA state tax information pertinent to the Business' state income tax, sales and use tax, and state tax credits claimed. I understand that all information submitted to IEDA related to this application is subject to Iowa's Open Record Law (Iowa Code, Chapter 22), unless specifically marked as confidential section. I understand that 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 have been met. understand that upon execution sof 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 compliancecost 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 Robert Walker, General Manager Date Signature Roy Buol, Mayor' Name and Title (typed or printed) Date Name and Title (typed or printed) 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 12 v.9.25.17 Prepared by: Jill Connors, Economic Development, 50 W. 13th Street, Dubuque IA 52001, 563 589-4393 Return to: Jill Connors, Economic Development, 50 W. 13th Street, Dubuque IA 52001, 563 589-4393 RESOLUTION NO. 323-18 AUTHORIZING THE FILING OF AN APPLICATION FOR STATE BUSINESS FINANCIAL ASSISTANCE ON BEHALF OF PRAIRIE FARMS DAIRY, INC. Whereas, Prairie Farms Dairy, Inc. has proposed making an Eight Million Dollar ($8,000,000.00) investment for improvements of a production facility in the City of Dubuque, Iowa; and Whereas, the City Council of the City of Dubuque, Iowa has considered the proposal and has determined that the proposed project will contribute to the local economy through the creation of ten (10) full-time jobs in the City which qualify for the Iowa Economic Development Authority Business Financial Assistance Program; 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 Iowa Economic Development Authority has requested execution of an Economic Development Assistance Contract in order to finalize incentives and document associated :terms for Prairie Farms Dairy, Inc.'s proposed improvements at its Central Avenue facility in the City. NOW, THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the filing of .an Application for participation in the Iowa Economic Development Authority's Financial Assistance Program on behalf of Prairie Farms Dairy, Inc., a copy of which is attached hereto, is hereby approved. Section 2. That the Mayor is hereby authorized and directed to execute, and the City Manager is hereby directed to submit, the Application to the Iowa Economic Development Authority together with such other documents as may be required. Passed, approved, and adopted this 5th day of November/2018. Roy D. Bp`I, Mayor Attest: Ke n . Firnstahl, City Clerk Prepared by: Jill Connors, Economic Development, 50 W. 13t°Street, Dubuque IA 52001, 563 589-4393 Return to: Jill Connors, Economic Development, 50 W. 13t° Street, Dubuque IA 52001, 563 589-4393 RESOLUTION NO. -18 AUTHORIZING THE FILING OF AN APPLICATION FOR STATE BUSINESS FINANCIAL ASSISTANCE ON BEHALF OF PRAIRIE FARMS DAIRY, INC. Whereas, Prairie Farms Dairy, Inc. has proposed making an Eight Million Dollar ($8,000,000.00) investment for improvements of a production facility in the City of Dubuque, lowa; and Whereas, the City Council of the City of Dubuque, lowa has considered the proposal and has determined that the proposed project will contribute to the local economy through the creation of ten (10) full-time jobs in the City which qualify for the lowa Economic Development Authority Business Financial Assistance Program; and Whereas, financial assistance from the lowa Economic Development Authority is designed to assist in the economic development efforts of local jurisdictions; and Whereas, the lowa Economic Development Authority has requested execution of an Economic Development Assistance Contract in order to finalize incentives and document associated terms for Prairie Farms Dairy, Inc.'s proposed improvements at its Central Avenue facility in the City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1 . That the filing of an Application for participation in the lowa Economic Development Authority's Financial Assistance Program on behalf of Prairie Farms Dairy, Inc., a copy of which is attached hereto, is hereby approved. Section 2. That the Mayor is hereby authorized and directed to execute and the City Manager is hereby directed to submit the Application to the lowa Economic Development Authority together with such other documents as may be required. Passed, approved, and adopted this 5�h day of November, 2018. Roy D. Buol, Mayor Attest: Kevin S. Firnstahl, City Clerk z