Heartland Financial - Iowa Economic Development Authority Applicaton for Financial Assistance Copyrighted
December 2, 2019
City of Dubuque Consent Items # 12.
ITEM TITLE: Heartland Financial - lowa Economic Development
Authority Application
SUMMARY: City Manager recommending approval of the Economic
Development Assistance Application on behalf of Heartland
Financial USA, Inc., Dubuque Bankand Trust Company,
and Roshek Property, LLC for the proposed investmentfor
the expansion of their operations in Dubuque.
RESOLUTION Authorizing the Filing of an Application for
State Business Financial Assistance on Behalf of Heartland
Financial USA, I nc, Dubuque Bank and Trust Company,
and Roshek Property, LLC
SUGGESTED DISPOSITION: Suggested Disposition: Receiveand File;Adopt
Resolution(s)
ATTACHMENTS:
Description Type
Heartland Financial IEDAApplication-MVM Memo City Manager Memo
Staff Memo Staff Memo
IEDAApplication Supporting Documentation
Resolution of Approval Resolutions
Dubuque
THE CITY OF �
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DuB E � �
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Maste iece on the Mississi i Zoo�•zoiz•zois
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: State of lowa Business Financial Assistance Application for Heartland
Financial USA, Inc., Dubuque Bank and Trust Company, and Roshek
Property, LLC
DATE: November 26, 2019
Economic Development Director Jill Connors is recommending approval of the
Economic Development Assistance Application on behalf of Heartland Financial USA,
Inc., Dubuque Bank and Trust Company, and Roshek Property, LLC for the proposed
investment of approximately $9 Million for the expansion of their operations in Dubuque.
The proposed project would add 16 full-time jobs and promote the City's goal of
retaining and expanding business to add to the economic base.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
v
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Cori Burbach, Assistant City Manager
Jill M. Connors, Economic Development Director
Dubuque Economic Development
Department
THE CITY OF � 130o n�ain street
D� L L Alll;EflCijly Dubuque,lowa 52001-4763
1 I I �I Office(563)589-4393
TTY(563)690-6678
http://www.cityofd u b uq ue.org
2007�2012�2013
Masterpiece on the Mississippi zoi�*zoi9
TO: Michael C. Van Milligen, City Manager
FROM: Jill M. Connors, Economic Development Director
SUBJECT: State of lowa Business Financial Assistance Application for Heartland
Financial USA, Inc., Dubuque Bank and Trust Company, and Roshek
Property, LLC
DATE: November 26, 2019
INTRODUCTION
This memorandum presents for City Council review and approval a resolution
authorizing the submission of an lowa Economic Development Assistance Application
by Heartland Financial USA, Inc., Dubuque Bank and Trust Company, and Roshek
Property, LLC to the lowa Economic Development Authority (IEDA).
BACKGROUND
Heartland Financial USA, Inc. (Heartland) was founded in 1935, and its corporate
headquarters are in Dubuque, lowa. Heartland has over 2,100 employees across 12
states, approximately 600 of which are located in Dubuque. Its Dubuque employees
provide support to all of Heartland's community banks. The company has enjoyed a
12% growth rate over the past 30 years.
As part of an operations expansion in Dubuque in 2012, Heartland leased one floor in
the Roshek Building. In 2017, due to additional growth and acquisitions, the company
leased another floor of the Roshek Building, investing over $1.5 Million in building
improvements and adding 31 jobs.
Heartland currently employs 438 full-time positions in Dubuque.
Dubuque Bank and Trust Company is an lowa bank, also headquartered in Dubuque.
The bank is a subsidiary of Heartland Financial USA, Inc. Dubuque is the location of
back office operations that support banking centers nationwide. Payroll for many
Heartland Financial USA, Inc. positions is provided by Dubuque Bank and Trust
Company.
Roshek Property, LLC is an lowa limited liability company formed by Cottingham &
Butler Insurance Services, Inc. and Heartland Financial USA, Inc. for the purpose of
acquiring and operating the Roshek Building at 700 Locust Street in Dubuque, lowa
DISCUSSION
Subject to State of lowa and City of Dubuque approval, Heartland and Roshek Property,
LLC are proposing to jointly purchase with Cottingham and Butler, Inc. and remodel the
Roshek Building, located at 700 Locust Street. The estimated cost of the project is $9
Million. As part of this project, Heartland would create 16 full-time employee positions, in
the City of Dubuque. Heartland proposes to begin the project in January 2020, and
complete the hiring process by December 2022.
Heartland, Dubuque Bank and Trust, and Roshek Property, LLC are submitting an
application to the State of lowa for investment tax credits of$425,000, a sales tax
refund of$60,000, and job training funds estimated at $146,671 . The City Council has
emphasized business growth and retention as one of its goals and priorities for the
future of Dubuque. Supporting the application will strengthen the company's ability to
obtain financial assistance as the companies continue to expand and hire within
Dubuque and the State of lowa.
The required local match is being met with a loan from East Central Intergovernmental
Association.
RECOMMENDATION
I recommend that the City Council adopt the attach resolution approving the Economic
Development Assistance Application on behalf of Heartland Financial USA, Inc.,
Dubuque Bank and Trust Company, and Roshek Property, LLC for the proposed
investment of approximately $9 Million for the expansion of their operations in Dubuque.
The proposed project would add 16 full-time jobs and promote the City's goal of
retaining and expanding business to add to the economic base.
2
Prepared by: Jill Connors, Economic Development, 1300 Main Street, Dubuque IA 52001, 563-589-4393
Return to: Jill Connors, Economic Development, 1300 Main Street, Dubuque IA 52001, 563-589-4393
RESOLUTION NO. 411-19
AUTHORIZING THE FILING OF AN APPLICATION FOR STATE BUSINESS
FINANCIAL ASSISTANCE ON BEHALF OF HEARTLAND FINANCIAL USA, INC,
DUBUQUE BANK AND TRUST COMPANY, AND ROSHEK PROPERTY, LLC
Whereas, Heartland Financial USA, Inc. operates a financial services company at
1301 Central Avenue in the City of Dubuque, Iowa, which employs 438 full-time
employees; and
Whereas, Dubuque Bank and Trust Company is an Iowa bank and a subsidiary of
Heartland Financial USA, Inc.; and
Whereas, Roshek Property, LLC is an Iowa limited liability company formed by
Cottingham & Butler Insurance Services, Inc. and Heartland Financial USA, Inc. for the
purpose of acquiring and operating the Roshek Building at 700 Locust Street in Dubuque,
Iowa; and
Whereas, Heartland Financial USA, Inc., Dubuque Bank and Trust Company, and
Roshek Property, LLC have proposed making a Nine Million Dollar ($9,000,000.00)
investment in the acquisition and redevelopment of the Roshek Building; and
Whereas, financial assistance from the Iowa Economic Development Authority is
designed to assist in the economic development efforts of local jurisdictions; and
Whereas, the City Council of the City of Dubuque, Iowa has considered the
proposal and has determined that the proposed project will contribute to the local
economy through the creation of sixteen (16) full-time jobs in the City which qualify for the
Iowa Economic Development Authority Business Financial Assistance Program; 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 the expansion of the operations of Heartland Financial
USA, Inc., Dubuque Bank and Trust Company, and Roshek Property, LLC at 700 Locust
Street 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 Heartland Financial
USA, Inc., Dubuque Bank and Trust Company, and Roshek Property, LLC, a copy of
which is attached hereto, is hereby approved.
Section 2. That the Mayor is hereby authorized to execute and the City Manager
is hereby directed to submit the Application to the Iowa Economic Development Authority
together with such other documents as may be required.
Passed, approved, and adopted this 2nd day of I ecember, 2019.
Attest:
Trish L. Gleason, Assistant City Clerk
D,
Roy D. Bugl7Mayor
2
I W,4�.
Debi V. Durham, Director
lowa Economic Development Aufhordy
Business Financial Assistance Application
Business Finance - Business Development Division
lowa Economic DevelopmentAuthority
200 East Grand Avenue
Des Moines, lowa 50309-1819
iowaeconomicdevelooment.com
Telephone�. 515348.6153 Email�. businessfinancel�iowaeda.com
Application Instructions
To Complete Electronic Form: Clickon TEXT BOX to etltl ta;.T Double clickon YES/NO boxes entl select"Checketl".
1. FUI applicants must complete the Business Financial Assistance Flyplication and attach onlv those
additional sections for the components to which the applicant is applying.
STATE of IOWA—Financial Assistance Proqram
High Quality Jobs Program (HQJ)
� Tax Credits
� Direct Financial Assistance
2. Before filling out this application Porm, please read all applicable sections of the lowa Code and lowa
Administrative Code (rules). httos:/iWww.leais.iowa.aov4aw/administrativeRules
3. Only tvped or computer-qenerated applications will be accepted and reviewed. My material change to
the Pormat, questions, orwording ofquestions presented in this application will renderthe application
invalid and it will not be accepted.
4. Complete the applicable sections of the application fully. If questions are leR unanswered or required
attachments are not submitted, an explanation must be induded.
5. Use clear and concise language. Altachments 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 copies will no[ be accep[etl.
Applications must be submittetl to IEDA Business Finance before 4:00 p.m. on the fourth Montlay ofthe
month.
Applications will be reviewetl by the 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 22), unless
1) The information belongs to one of the classes of records automatically treated as confidential; or
2) You have applied for and received written notice that 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 general 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: Heartland Financial USA/Dubuque and Trust Company
2. Entity Name(s) for contracting (please include all that are involved in proposed project): Heartland
Financial USA, Inc; Dubuque Bank and Trust Company; Roshek Property LLC
3. Address: 1398 Central
4. City, State &Zip Code: Dubuque, lowa 52001
5. Contact Person: Lynn H. "TuY' Fuller Title: Executive
V.P. Heartland Financial
6. Phone: 563 589-2100 Fax: Email:
7. FEIN: 42-1405748 FEIN: 42-0223620
8. Please indicate your tax period end date: 12/31
9. NAICS Code for primary business operations: 551111
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, Suite 109
City, State & Zip Code: Dubuque, lowa 52001
Contact Person: Daniel McDonald Title: Vice President of Existing Business
Phone: 563 557-9049 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 D. Buol Title: Mayor
15. Address: 50 West 13th Street
16. City, State &Zip Code: Dubuque, lowa 52001
17. Phone: 563 589-4100 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: Jill Connors Title: Economic Development Director
Address: 1300 Main Street
City, State & Zip Code: Dubuque, lowa 52001
Phone: 563 589-4393 Fax: Email:
jilconno@cityofdubuque.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.
Heartland Financial USA, Inc. is a diversified financial services company based in Dubuque, lowa. Our family of 11
community banks are in the Midwest and Western United States. We have 115 banking centers and each bank serves
customers with local decisions. Dubuque Bank and Trust Company is an lowa bank, headquartered in Dubuque. The
bank is a subsidiary of Heartland Financial USA, Inc. Dubuque and is the location of back office operations, employing
461 persons that support the banking centers nationwide. Payroll for many of these Heartland Financial positions is
provided by Dubuque Bank and Trust.
2. Business Structure:
❑ Cooperative � Corporation ❑ Limited Liability Company
❑ Partnership ❑ S-Corporation ❑ Sole Proprietorship
3. State of Incorporation: Delaware for Heartland Financial; lowa for Dubuque Bank and Trust Company
4. Identify the Business' owners and percent ownership: Publicly traded company (HTLF)
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: 461
7. What is the Business' worldwide employment? (Please include employees of parent company, subsidiaries, and
other affiliated entities in this figure.) 1932
Project Information
8. Project Street Address: 700 Locust
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 jointly (with Cottingham Butler) purchase the Roshek building, complete renovations,
purchase furniture and fixtures, and expand empoyment by hiring an additional 16 persons.
12.
Project Timeline (add additional rows as needed) Beginning Activity Date Activity Completion Date
Purchase Buildin /Remodel S ace 12/19 12/2020
Furniture fixtures, hardware, software 1/2020 12/2022
Add em lo ees 1/2020 12/2022
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. Other Financial Services Centers such as Wells Fargo, US
Bank, Bank of America, CitiBank. This project will have no impact on these businesses.
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.
16. Is the Business actively considering locations outside of lowa? � Yes ❑ No
If yes, where and what assistance is being offered?The company continuously reviews back office operations at
our other locations nationawide. The company has not activiely pursued offers from other states.
17. Please identify the company project management for the project location and experience. Lynn H "TuY'
Fuller, the company's Execitive Vice President, also the CEO and President of Dubuque Bank and Trust, will be the
corporate person responsible for implementation of this expansion,
SECTION C
Applicant's Project Budget
1. Does the Business plan to lease the facility? ❑ Yes � No X
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 6,000,0000 6,000,000
Buildin Construction
Buildin Remodelin 2,000,000 2,000,000
Mf . Machiner & E ui .
Other Machiner & E ui .
Rackin , Shelvin , etc.'
Com uterHardware 500, 000 485,000 150,000
Com uter Software
Furniture & Fixtures 500, 000 500,000
Workin Ca ital
Research & Develo ment
Other
TOTAL $9,000,000 $ $8,850,000 $150,000 $ $
' 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
I nfo rm ation
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) See Below(Allocated after
ro ect
Source B: Local Government $
Source C: Business $8,850,000 Yes
Source D: Other Source $ 150,000 ECIA Revolving 4% (5- Pending
Loan Year
Source E: Other Source $
Source F: Other Source $
TOTAL $9,000,000
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 deposit(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 425,000 5% of$8,500,000 in ualified investments
Sales, Service&Use Tax Refund 60,000 Refund of materials used in remodelin
Research Activities Credit 3%/10%
Local Pro ert Tax Exem tion
Tax Increment Financin
260E Job Trainin Funds 146,671 Estimate from NICC
In-kind Contribution
Other 28,800 New�obs tax credit $1,800 er�ob
TOTAL $660,471
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.
The State of lowa is one of many states in which we are located. Attracting and hiring employees into lowa
requires more resources than some of our other locations in more populous areas. Air services options also provide a
costftime disadvantage.
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
70% single Coverage 60% Family coverage Moneta E uivalent
Total Number of Pay 70% of premium costs Pay 60% of premium costs for Provide medical and pay the
Employees in for a standard medical plan, a standard medical plan, monetary equivalent of Option
US single coverage. family coverage. 1 or Option 2 in supplemental
201+ $1700 maximum deductible $3750 maximum deductible employee benefits.
50-200 $2500 maximum deductible $5250 maximum deductible Benefits Counted Toward
0-49 $3000 maximum deductible $6000 Maximum deductible Monetary Equivalent:Medical
coverage, Dental coverage,
'In addition, the IEDA will assess the affordabilitv of plans that are pualified under Vision insurance, Life
the deductible and premium percentape paid bv the emplover criteria. Plans that �nsurance, Pension, 401(k)
are not offered at a reasonab/e cast to emplovees will be deemed not qualified (company's Average
and the business is not eliqible for benefits under the Hiqh Qualitv Jobs Proqram. contribution, Short-/long-term
disability insurance, Child care
services, Other nonwage
compensation
1. How many full-time, permanent employees does your company currently employ within the U.S.? 1932
2. What is the total premium cost for a standard medical plan for single employee coverage? $721.69 monthlv
a. What portion of this cost is paid by the business? 68%
b. What is the deductible associated with this plan? $ 750
3. What is the total premium cost for a standard medical plan for family coverage? $2,165.06 monthlv
a. What portion of this cost is paid by the business? 64%
b. What is the deductible associated with this plan? $ 2.250
No additional information required, in this section, if vour companv meets the
requirement 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 :
Dentallnsurance—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-year average 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- ear Avera 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 Actual Share per
Em lo ee $
$
$
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
Su ort/Service 16 $19.49 $23.39
Total Full-Time CREATED Jobs 16
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 —
Heartland Financial USA/Dubuque and Trust
Com pany
Page 9 — original redacted from City Council copy, as it contained confidential
information
SECTION G
Attachments
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? 0 Yes ® No
3. Have there been any current or past bankruptcies on the part of the applicant entity (or predecessor entities), or on
the part of any current (or prospective) officer, principal, owner or in any business dealings of current (or
prospective) officers, principals, or owners of the applicant entity? ❑ Yes ® No
4. In the last five years have there been, or are there currently any investigations of potential violations of public
health, safety (including workplace safety) or environmental laws by the applicant entity, or any current or
prospective officer, principal, director, or owner? ❑ Yes ® No
5. In the last five years have there been, or are there currently any violations of antitrust laws by the applicant entity,
or any, current or prospective officer, principal, director, or owner? ❑ Yes ® No
6. if yes to any of the above, please provide additional explanation:
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 forreasonable
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.
I understand that upon execution of the contract and prior to the issuance of a tax credit number or the disbursement of Award
Funds, a recipient shall pay IEDA a one-time compliance cost fee in the amount of $500. In addition, if tax benefits are greater than
$100,000, the Recipient shall remit to IEDA a compliance cost fee 0.5% of the value of the Tax Incentives claimed pursuant to the
contract. The fee will be due and payable upon filing the Recipient's annual tax return for each tax year in which tax credits are
claimed under the contract.
hereby certify that all representations, warranties, or statements made or furnished to IEDA in connection with this application are
true and correct in all material respect. I understand that it is a criminal violation under lowa 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 S• on ors:
ee:A7).-e . a -.?_57?
Signature ' Date Signature"
iM t c -h ��t . CvCe—
Name ana Title (typed or printed) J
Roy D. Buol, Mayor
12/2/19
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, tEDA may initiate legal action
to recover incentives and assistance awarded to the Business.
laDA - Business F=inancial Assistance Application
11 v.1,28,19