State of Iowa Financial Assistance_Flexsteel IndustriesMasterpiece on the Mississippi
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David J. Heiar, Economic Development Director
Dubuque
kittgl
All- Amer$caCity
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: State of Iowa Financial Assistance Application for Flexsteel Industries, Inc.
DATE: April 13, 2011
Economic Development Director Dave Heiar recommends City Council authorization to
submit a Financial Assistance application to the Iowa Department of Economic
Development on behalf of Flexsteel Industries, Inc. with a commitment of local matching
funds, which are included in the Development Agreement that is a separate agenda
item.
Flexsteel Industries, Inc. plans to invest over $9 million to construct a multi -story
corporate office building. The proposed project would relocate approximately 101
current corporate positions from the existing facility at 3400 Jackson Street to the new
Flexsteel Corporate office in the Port of Dubuque. The company has also committed to
the creation of 10 new corporate positions.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Masterpiece on the Mississippi
TO: Michael Van Milligen, City Manager
FROM: David J. Heiar, Economic Development Director
DATE: April 11, 2011
Dubuque
111- acaaty
11111,
2007
SUBJECT: State of Iowa Financial Assistance Application for Flexsteel Industries, Inc.
INTRODUCTION
This memorandum presents for City Council review and approval of a resolution
authorizing the submission of a Financial Assistance application to the Iowa Department
of Economic Development on behalf of Flexsteel Industries, Inc. The application is
attached.
BACKGROUND
Flexsteel Industries, Inc. plans to invest over $9 million to construct a multi -story
corporate office building. The proposed project would relocate approximately 101
current corporate positions from the existing facility at 3400 Jackson Street to the new
Flexsteel Corporate offices in the Port of Dubuque. The company has also committed
to the creation of 10 new corporate positions.
Following both Flexsteel's and the City of Dubuque's commitment to environmental
sustainability, the building will be designed to be energy- efficient and environmentally
friendly, including a design that utilizes large windows to make use of natural Tight. The
new corporate office will feature Flexsteel's world -class products throughout, including
our DMI commercial office, Flexsteel hospitality and home furnishings lines. The
building will allow for expansion to take advantage of future growth opportunities.
DISCUSSION
The application on behalf of the company will provide financial assistance to enable the
company's proposed development in Dubuque. As required by the State program, the
application requires a commitment of City funds to the project.
The local match for this application is in the form of Tax Increment Financing and a land
discount (acquisition grant).
An Acquisition Grant reduces the sale price of the land from $12.00 sq. ft. to $6.00 sq.
ft. and the easement price from $6.00 sq. ft. to $3.00 sq. ft.
A 10 -year property tax rebate on the building has been offered to the company to assist
in their expansion. The rebate is a form of tax increment financing without issuing a tax
increment finance bond to loan monies to the company upfront. As the company pays
its future tax obligation on the new facility, the City will rebate 100% (minus debt service
and the School District Physical Plant and Equipment Levy) of the new TIF increment
for 10 years.
The Company will also be applying for Enterprise Zone Benefits for the project. The
Company is requesting a 10% investment tax credit on their lease payments for three
years, and a sales tax rebate on buildout materials and equipment purchases. The
Enterprise Zone Commission has already approved this portion of the application.
Should the State approve the application, a contract will be forthcoming for City Council
approval.
RECOMMENDATION
I recommend that the City Council authorize the submission of an application for state
assistance on behalf of Flexsteel Industries, Inc. with a commitment of local matching
funds, which are included in the Development Agreement that is a separate agenda
item for the April 18 meeting.
This project is consistent with the City's goals to help businesses expand in the area,
increase the number of good paying jobs and further diversify the economic base of the
area.
ACTION STEP
The action step for the City Council is to adopt the attached resolution.
attachments
F: \USERS\Econ Dev \Flexsteel \IDED Assistance\20110411 Flexsteel IDED applicationCouncil memo.doc
RESOLUTION NO. 130 -11
A RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION FOR STATE
FINANCIAL ASSISTANCE ON BEHALF OF FLEXSTEEL INDUSTRIES, INC.
Whereas, Flexsteel Industies, Inc. has proposed the relocation and expansion of
its corporate offices in Dubuque, Iowa; and
Whereas, the City Council of Dubuque, Iowa has considered said proposal and
has determined that the proposed project will contribute to the local economy through
the retention of 101 jobs and the creation of 10 additional jobs; and
Whereas, the Iowa Department of Economic Development's Financial
Assistance Program was designed to assist in the economic development efforts of
local jurisdictions; and
Whereas, the City of Dubuque, Iowa is eligible to apply for funding from the Iowa
Department of Economic Development Department's Financial Assistance Program.
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
Department of Economic Development's Financial Assistance Program on behalf of
Flexsteel Industries, Inc. is hereby approved.
Section 2. That the local match identified in the application estimated at $1,705,831
consisting of TIF funding and a land discount was approved in the Development
Agreement to develop the property in the Port of Dubuque.
Section 3. That the Mayor is hereby authorized to execute and the City Manager is
hereby directed to submit said application to the Iowa Department of Economic
Development together with such documents as may be required.
Passed, approved, and adopted this 18 day of Apr , 2011
Att fit:
eanne Schneider, City Clerk
F: \USERS \Eton Dev\Flexsteel \IDED Assistance\20110412 Resolution Flexsteel app approval.doc
Roy D. Buol, Mayor
IOWA
1 changing'
Business Financial Assistance
Application
Flexsteel Industries, Inc.
Expansion of Iowa Corporate Office
Business Finance
Business Development Division
Iowa Department of Economic Development
200 East Grand Avenue
Des Moines, Iowa 50309 -1819
www.iowalifechanging.com
Telephone: 515.725.3133
business finance @iowalifechanging.com
Deborah V. Durham Director
Iowa Department of Economic Development
v.1.14.2011
Application Instructions
To Complete Electronic Form: Click on I.EXT BOX to add text. Double click on YES /NO boxes and select "Checked ".
1. All applicants must complete the Business Financial Assistance Application and attach only those additional sections
for the components to which the applicant is applying.
Direct Financial Assistance — STATE of IOWA
❑ 130% Component
(no supplement)
100% Component
(no supplement)
❑ Entrepreneurial Component (and Supplement)
Supplemental information required
Tax Credits — STATE of IOWA
® Enterprise Zone Program (EZ)
Supplemental information required
Direct Financial Assistance — FEDERAL
❑ Economic Development Set -Aside Program (EDSA)
Supplemental information required
❑ Infrastructure Component
(no supplement)
❑ Value -Added Agriculture Component
Supplemental information required
❑ Disaster Relief Component
Supplemental information required
❑ High Quality Jobs Program (HQ)
(no supplement)
❑ Public Faclities Set -Aside Program (PFSA)
Supplemental information required
2. Please visit the IDED Web site at www.iowalifechanging.com or contact IDED at 515.725.3133 to confirm that this is
the most current application version.
3. Before filling out this application form, please read all applicable sections of the 2009 Iowa Code and Iowa
Administrative Code (rules). www .legis.state.ia.us /IowaLaw.html
4. Only typed or computer - generated applications will be accepted and reviewed. Any 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.
5. Complete the applicable sections of the application fully. If questions are left unanswered or required attachments are
not submitted, an explanation must be included.
6. Use clear and concise language. Attachments should only be used when requested or as supporting documentation.
7. Any inaccurate information of a significant nature may disqualify the application from consideration.
8. The following must be submitted to Business Finance at IDED in order to initiate the review process:
• One original, signed application form and all required attachments
• One electronic copy of the application form and all required attachments
Facsimile copies will not be accepted.
Business Finance
Iowa Department of Economic Development
200 East Grand Avenue
Des Moines, IA 50309 -1819
Telephone: 515.725.3133
businessfinance@iowalifechanging.com
Applications are must be submitted to IDED Business Finance before 4:OOpm on the fourth Monday of
the month.
Applications will be reviewed by the IDED Board on the third Thursday of the following month.
IDED — Business Financial Assistance Application
2 v. 01.14.2011
Public Records Policies
Information Submitted to IDED. The Iowa Department of Economic Development (IDED) is subject to the Open
Records law (Iowa Code, Chapter 22). Treatment of information submitted to IDED in this application is governed by the
provisions of the Open Records law. All public records are available for public inspection. Some public records are
considered confidential and will not be disclosed to the public unless ordered by a court, the lawful custodian of the record,
or by another person duly authorized to release the information.
Confidential Records. IDED automatically treats the following records as confidential and they are withheld from public
disclosure:
• Tax Records
• Quarterly Iowa Employer's Contribution and Payroll Report prepared for the Iowa Workforce Development Department
• Payroll Registers
• Business Financial Statements and Projections
• Personal Financial Statements
Other information supplied to IDED as part of this application may be treated as confidential under Iowa Code section
22.7. Following are the classifications of records which are recognized as confidential under Iowa law and which are most
frequently applicable to business information submitted to IDED:
• Trade secrets [Iowa Code §22.7(3)]
• Reports to governmental agencies which, if released, would give advantage to competitors and serve no public purpose.
[Iowa Code §22.7(6)]
• Information on an industrial prospect with which the IDED is currently negotiating. [Iowa Code §22.7(8)]
• Communications not required by law, rule or regulation made to IDED by persons outside the government to the
extent that IDED could reasonably believe that those persons would be discouraged from making them to the
Department if they were made available for general public examination. [Iowa Code §22.7(18)]
Information supplied to IDED as part of this application that is material to the application and /or the state
program to which the applicant is applying including, but not limited to the number and type of jobs to be
created or retained, wages for those jobs, employee benefit information, and project budget, are considered open
records and will not be treated as confidential.
Additional Information Available. Copies of Iowa's Open Record law and IDED's administrative rules relating to public
records are available from the IDED upon request.
IDED — Business Financial Assistance Application
3 v. 01.14.2011
Applicant Information
Name of Business: Flexsteel Industries, Inc.
Address: 3400 Jackson Street
City, State & Zip Code: Dubuque, IA 52001
Contact Person: Timothy E. Hall Title: Chief Financial Officer
Phone: 563 - 585 -8392 Fax: 563 - 556 -3205 Email: thall @flexsteel.com
Federal ID Number: 42- 0442319
NAICS Code for primary business operations: 336360
US DOT Number: 45141
Does the Business file a consolidated tax return under a different tax ID number?
❑ Yes ® No
If yes, please also provide that tax ID number:
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:
If the application was prepared by someone other than the contact person listed above, please complete the following:
Name of Business:
Address:
City, State & Zip Code:
Contact Person: Title:
Phone: Fax: Email:
Sponsor Information
Sponsor Organization: City of Dubuque
Official Contact (e.g. Mayor, Chairperson, etc.): Roy D. Buol
Address: 50 W. 13th Street
City, State & Zip Code: Dubuque, IA 52001
Phone: 563 - 589 -4110 Fax: 563 - 589 -4149
If necessary, please list information on additional sponsors in an attachment.
IDED — Business Financial Assistance Application
Title: Mayor
Email: rdbuol @cityofdubuque.org
If IDED needs to contact the sponsor organization with questions, should we contact the person listed above?
Yes ❑ No, please contact the following person:
Name: David Heiar Title: Economic Development Director
Address: 50 W. 13th Street
City, State & Zip Code: Dubuque, IA 52001
Phone: 563 - 589 -4393 Fax: 563 - 589 -1733 Email. dheiar @cityofdubuque.org
4 v. 01.14.2011
Certification & Release of Information
I hereby give permission to the Iowa Department of Economic Development (IDED) 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 IDED 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 IDED related to this application is subject to Iowa's Open Record Law
(Iowa Code, Chapter 22).
I understand this application is subject to final approval by IDED and the Project may not be initiated until final approval is
secured.
I understand that IDED reserves the right to negotiate the financial assistance. Furthermore, I am aware that financial
assistance is not available until an agreement is executed within a reasonable time period following approval.
I hereby certify that all representations, warranties, or statements made or furnished to IDED 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:
Timothy E. Hall, Chief Financial Officer
Name and Title (typed or printed)
For the S n r (s):
e,
Signature
Roy D. Buol, Mayor
Name and Title (typed or printed)
Please use the following if more than one sponsor is required. (For example, use this if a signature from the local Enterprise Zone Commission is
required in'ation to the signature fro the Mayor of the sponsoring czty.)
Date
Signature
Richard Stein
Name and Title (typed or printed)
IDED — Business Financial Assistance Application
Date
April 18, 2011
IDED 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, IDED may initiate legal action
to recover incentives and assistance awarded to the Business.
5 v. 01.14.2011
Business Information
Provide a brief description and history of the Business. Include information about the Business' products or services and its markets
and /or customers.
Flexsteel Industries, Inc. and Subsidiaries was incorporated in 1929 and is one of the oldest and largest
manufacturers, importers and marketers of residential and commercial upholstered and wooden furniture
products in the country. Product offerings include a wide variety of upholstered and wood furniture such as
sofas, loveseats, chairs, reclining and rocker - reclining chairs, swivel rockers, sofa beds, convertible bedding
units, occasional tables, desks, dining tables and chairs and bedroom furniture. The Company's products are
intended for use in home, office, hotel and other commercial applications. Featured as a basic component in
most of the upholstered furniture is a unique steel drop -in seat spring from which our name "Flexsteel" is
derived. The Company distributes its products throughout the United States through the Company's sales
force and various independent representatives. The Company's products are also sold to several national and
regional chains, some of which sell on a private label basis. Our industry peer group consists of the following
public competitors: Bassett Furniture Ind., Chromcraft Revington Inc., Ethan Allen Interiors, Furniture Brands
Intl., Hooker Furniture Corp., Kimball International, La -Z -Boy Inc., Natuzzi S.P.S., and Stanley Furniture Inc.
None of our public competitors have Iowa locations. There are perhaps non - public competitors in Iowa.
Business Structure:
❑ Cooperative ® Corporation
❑ Partnership ❑ S- Corporation
State of Incorporation: Minnesota
Identify the Business' owners and percent ownership:
Does a woman, minority, or person with a disability own the Business?
If yes, is the Business certified as a Targeted Small Business?
❑ Limited Liability Company ❑ Not for Profit
❑ Sole Proprietorship
❑ Yes
❑ Yes
® No
❑ No
List the Business' Iowa locations and the current number of employees at each location.
The company has four discreet operations in Dubuque, Iowa. As of 12/31/10, employment levels were as follows:
Corporate Office: 101*
Warehouse Operations: 47
Manufacturing Operations: 162
Printing & Sampling (sales support): 7
*This project relates to the corporate office functions only.
What is the Business' worldwide employment? Please include employees of parent company, subsidiaries, and other affiliated entities in
this figure. 1,250
Project Information
Project Street Address: 5th' & Bell Avenue
Project City: Dubuque
Type of Business Project:
❑ Startup
❑ New Location in Iowa
Project County: Dubuque
® Expansion of Iowa Company
❑ Relocation from another State
Briefly 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.)
Project Timeline (add additional rows as needed)
Expansion of Iowa corporate office
Activity Completion Date
2012
IDED — Business Financial Assistance Application
6
v. 01.14.2011
Please identify the project management for the project location and experience. Timothy E. Hall
Has any part of the project started? . ❑ Yes ® No
If yes, please explain.
Identify the Business' competitors. If any of these competitors have Iowa locations, please explain the nature of the competition (e.g.
competitive business segment, estimated market share, etc.) and explain what impact the proposed project may have on the Iowa
competitor. Our industry peer group consists of the following public competitors: Bassett Furniture Ind., Chromcraft
Revington Inc., Ethan Allen Interiors, Furniture Brands Intl., Hooker Furniture Corp., Kimball International, La -Z -Boy
Inc., Natuzzi S.P.S., and Stanley Furniture Inc. None of our public competitors have Iowa locations. There are
perhaps non - public competitors in Iowa
Will any of the current Iowa employees lose their jobs if this project does not proceed in Iowa?
❑ Yes ® No
If yes, please explain why and identify those jobs as "retained jobs" in the Project Jobs section.
IDED — Business Financial Assistance Application 7 v. 01.14.2011
AMOUNT BUDGETED
Use of Funds
Cost
Source A
Source B
Source C
Source D
Source E
Source F
Source G
Land Acquisition
330,000
Forgivable loan
N/A
165,000
165,000
Source B: Other State
(Community College,
IDOT, etc.)
$
Site Preparation
140,000
10 year TIF Rebate
Source C: Local Government
$165,000
140,000
In -kind Contribution
Funded at property dosing
Building Acquisition
0
Cash & debt financing
TOTAL
$3,040,000
�, ,,,.
Source E: Other Private Sources
$
Building Construction
10,530,000:
40,00 0
Source F:
•
10,490,000
Building Remodeling
0
TOTAL
$12,000,000
Mfg. Machinery & Equip.
0,
Other Machinery & Equip.
500,000,
500,000
Racking, Shelving, etc.
0,
Computer Hardware
0.
Computer Software
0'
Furniture & Fixtures
500,000
500,000
Working Capital
: 0
Research & Development
0; ,
Job Training
0
TOTAL
$12,000,000
$40,000
$'
$165,000.
$11,795,000.
$
$
$
PROPOSED FINANCING
Source of Funds
Amount
Form of Funds
Rate and
Term
Commitm
ent Status
Conditions /Additional
Information
(List tax benefits separately below, not as a
source of direct financing)
(Loan, Grant, In -Kind,
Donation, etc.)
Include when funds will be disbursed;
If loan, whether payments are a level
term, balloon, etc
Source A: IDED*
$40,000
Forgivable loan
N/A
N/A
•
Source B: Other State
(Community College,
IDOT, etc.)
$
Tax Increment Financing
1,540,000
10 year TIF Rebate
Source C: Local Government
$165,000
Land acquisition grant
In -kind Contribution
Funded at property dosing
Source D: Business
$11,795,000
Cash & debt financing
TOTAL
$3,040,000
�, ,,,.
Source E: Other Private Sources
$
Source F:
$
Source G: 1
$
TOTAL
$12,000,000
. TAX CREDITS AND INDIRECT FINANCING
Source of Funds
Amount
Description
Investment Tax Credit
1,200,000
10% Iowa Investment Tax Credit
Sales, Service & Use Tax Refund
300,000
Enterprise Zone Sales Tax Rebate
Doubled Research Activities Credit
Supplemental Withholding
Local Property Tax Exemption
Tax Increment Financing
1,540,000
10 year TIF Rebate
260E Job Training Funds
In -kind Contribution
Other
TOTAL
$3,040,000
�, ,,,.
Project Budget
1 Racking, shelving and conveyor equipment used in distribution center projects only
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) and the length of the lease agreement.
*Identify the collateral used to secure IDED funds:
What measures were analyzed to determine the amount and form of assistance needed? Detailed cost analysis and due diligence
conducted on multiple sites throughout the Dubuque area.
Is the Business actively considering locations outside of Iowa?
If yes, where and what assistance is being offered?
IDED — Business Financial Assistance Application 8
❑ Yes ® No
v. 01.14.2011
There are three general justifiable reasons for assistance. Check the box next to the reason why assistance is needed to complete this
project.
❑ Financing Gap - The Business can only raise a portion of the debt and equity necessary to complete the project. A
gap between sources and uses exists and state and /or federal funds are needed to fill the gap.
® Rate of Return Gap — The Business can raise sufficient debt and equity to complete the project, but the returns are
inadequate to motivate an "economic person" to proceed with the project. Project risks outweigh the rewards.
❑ Location Disadvantage (Incentive) — The Business is deciding between a site in Iowa (site A) and a site in another
state (site B) for its project. The Business argues that the project will cost less at site B and will require a subsidy to equalize
costs in order to locate at site A. The objective here is to quantify the cost differential between site A and site B.
IDED — Business Financial Assistance Application
9 v. 01.14.2011
Project Jobs
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 Iowa.) For jobs to be created, include the starting and final hourly wage
rate. For retained jobs, include the current hourly wage rate.
Is the hourly wage rate based on a 40 hour work week, 52 weeks per year? ® Yes ❑ No
If no please explain:
Full-Time CREATED Jobs
Job Title
Various corporate headquarter
positions over three years.
Total CREATED Jobs
(Add additional rows as needed)
Number of
CREATED
Jobs
10
10
Starting Wage
$15.46/hr
$15.46
Wage at End of
Year Three
$16.89/hr
$16.89
Full -Time RETAINED Jobs
Job Title
101
Existing corporate jobs
Total RETAINED Jobs
(Add additional roses as needed)
Number of
RETAINED Jobs
101
Current Wage
IDED — Business Financial Assistance Application 10
v. 01.14.2011
Employee
Benefits Provided
by Business
Total Annual Cost
(show on a per
employee basis)
Portion of Total
Annual Cost Paid
by the Business
Plan Provisions
Employee
Family
Employee
Family
Deductible
(Include coinsurance %, office visit co-
payments, annual out -of- pocket
maximums, face amounts, etc.)
Medical Insurance
$8,490
N/A
84%
N/A
Employee
$400
20 %; $25 co- payment; sngl max
$2000, family max $4,250; lifetime
max $1,000,000.
Family
$850
Dental Insurance
Included in
medical
above
Included in
medical
above
Included
in medical
above
Included in
medical
above
Employee
$25
20 — 50 %; $0 co - pay; $1,000 max
benefit per year.
Family
$75 max
Vision Insurance
Included in
medical
above
Included in
medical
above
Included
in medical
above
Included in
medical
above
Employee
Included
in medical
Included in medical.
Family
Life Insurance
$75
N/A
100%
N/A
N/A
N/A
$25,000 non - exempt employees;
$50,000 exempt employees.
Short - term
Disability
$197
N/A
100%
N/A
N/A
N/A
After being off 5 working days, pay
is 60 -70% of wages based on
years of service. 26 weeks of
benefits max.
Long -term
Disability
576
N/A
100%
N/A
N/A
N/A
5 years of service required, pay is
50 — 60% of wages based on
years of service. Pays until age
65.
Health Savings
Account
N/A .
N/A
N/A
N/A
N/A
N/A
Year Endin g
Average Actual Match
per Employee ( %)
12/31/08
4.6%
12/31/09
4.9%
12/31/10
4.4%
Three -year Average:
4.6%
Employee Benefits
Please identify all employee benefits provided by and paid for in full or in part) by the Business.
NOTE: Flexsteel is self insured for health insurance benefits for its employees.
Does the Business offer a pension plan, 401(k) plan, and /or retirement -plan? ® Yes ❑ No
If yes, please indicate the amount contributed on a per employee basis by the Business to the plan for the last three years. For
401(k) plans, please provide information on the company match and indicate the average annual match per employee (show
average as a nercentaee of salary).
NOTE: After one year of service, Flexsteel contributes 4% of employee compensation to the 401(k) plan,
regardless if the employee contributes to the 401(k) plan or not. Additionally, Flexsteel matches 25% of the
first 4% contributed by the employee to their 401(k) plan for an additional 1% maximum. All contributions are
subject to annual IRS guidelines.
Does the Business offer a profit - sharing plan? ❑ Yes ® No
If yes, please indicate total amount paid out each year for the past three years and then, determine the average annual bonus or
contribution per employee for that three year period.
Year Ending
Three -year Average:
Average Actual Share
per Employee ($)
IDED — Business Financial Assistance Application
11 v. 01.14.2011
IDED — Business Financial Assistance Application
12 v. 01.14.2011
Attachments
Please attach the following documents:
Al Business Plan
At a minimum, include:
• Marketing study
• Feasibility study
• Projected profit and loss statements for three years into the future
• Project budget
• Production operations
• Management structure
• Personnel needs
• Descriptions of product or process
• Status of product /process development
• Patent status (if applicable)
(Any information outlined above not included in the business plan should be submitted as supplemental information via a
separate attachment.)
A2 Copies of the Business' Quarterly Iowa Employer's Contribution and Payroll Report Summary Page (Page 1) for the
past year and 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:
• Company name, date of payroll and source of payroll information
• Employee name and /or employee identification number
• Current hourly wage - do not include bonuses or other benefit values
• Indicate if the employee is full time (40 hours per week, 52 weeks per year) or part time.
A sample Excel spreadsheet can be found at http : / /www.iowalifechanging.com/ applications /bus_dev /payroll_template.xls
A3 Affidavit that states the Business has not, within the last five years, violated state or federal statutes, rules, and regulations,
including environmental and worker safety regulations, 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
found at http : / /www.iowalifechanging.com/ applications /bus_dev /sampleaffidavit.doc.
A4 Financial Information (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.
IDED — Business Financial Assistance Application
IOWA
life 1 changing
13 v. 01.14.2011
Flexsteel
EZ -1 - Enterprise Zone Boundary
Attachment A3
State of Iowa
County of Dubuque]
I, Timothy E. Hall , depose and say that I have examined the following statement and have
found it to the best of my knowledge to be accurate and true.
Flexsteel Industries, Inc. has not, within the last five years, violated state or federal statutes, rules,
and regulations, including environmental and worker safety regulations, 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.
I further depose that the signature below is my own proper signature.
Dated: 3 /3//zvi/
Subscribed and sworn to before me on
th':
3, y, . of . rch 20 I I
7llfli.f�aif,. otary Public)
.L,uhikgµe _ County
My commissibh expires on
Affidavit
j
Timothy E. H .F.O.
DAWN M. RINEHART
Commission Number 766092
My Comm. Exp. JAN 3, 2014