Eagle Point Software CEBA Amendment
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RESOLUTION NO. 175-00
RESOLUTION APPROVING AMENDMENT NO.2 TO THE
COMMUNITY ECONOMIC BETTERMENT ACCOUNT (CEBA) LOAN
AGREEMENT AMONG THE CITY OF DUBUQUE, IOWA, THE IOWA
DEPARTMENT OF ECONOMIC DEVELOPMENT AND EAGLE POINT
ENGINEERING.
Whereas, on July 15, 1993, the City of Dubuque (City) was awarded a $200,000
Community Economic Betterment Account (CEBA) program loan by the Iowa Department of
Economic Development (IDED) designated as Loan Number 93-CEBA-066; and
Whereas, on May 16, 1994, the City approved the Loan Agreement with Eagle Point
Corporation (Business) by Resolution No. 176-94; and
Whereas, IDED has now proposed to amend the Loan Agreement to extend the project
completion date from August 31, 1995 to August 31, 1996; and
Whereas, the Business has approved the amendment as hereto proposed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the Mayor and City Clerk be and they are hereby authorized and directed
to endorse the acceptance of the City of Dubuque, Iowa upon the attached Agreement
Amendment Number (2) for Loan Number 93-CEBA-066.
Section 2. That the Mayor be and he is hereby authorized to sign the attached amendment
and to forward it to the State of Iowa, Department of Economic Development.
Passed, approved and adopted this 1 s t
day of May , 2000.
Terrance M. Duggan, Mayor
Attest:
Jeanne F. Schneider, City Clerk
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. CEBA #93-CEBA-66
Amendment #2
Page 1
Agreement Amendment Number: (2)
Agreement Number:
93-CEBA-66
Issuing Agency:
Department of Economic Development
Agreement Title:
Community Economic Betterment Account
Community:
City of Dubuque
Business:
Eagle Point Engineering
Amendment Effective Date:
August 31, 1995
Project Completion/Job Attainment Date:
August 31, 1996
Final loan Repayment Date:
December 31,2001
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WHEREAS, the Department of Economic Development (hereafter referred to as the
Department), approved Agreement Number 93-CEBA-66 with the City of Dubuque (hereafter
referred to as the Community) and Eagle Point Engineering (hereafter referred to as the
Business) on July 15, 1993 for the expenditure of Community Economic Betterment funds, and
WHEREAS, the Community and Business are now desirous of amending said
agreement and have requested a twelve month extension of the Project Completion Date from
August 31, 1995 to August 31, 1996.
THEREFORE, said Agreement by and between the Department, the Community and the
Business is hereby amended as follows:
Amend Article 1.3 Communitv Base Jobs to read:
1.3 COMMUNITY BASE JOBS. "Community Base Jobs" means the number of Full-
time Equivalent (FTE) Jobs the Department determines are in place in the Community at the time
of application for CEBA funds and which will remain in the Community whether or not CEBA funds
are awarded. Said jobs must be maintained for a minimum of thirteen (13) weeks beyond the
Project Completion Date. If the Agreement includes a Forgivable Loan, said jobs must again be
in place at the second (2nd) year anniversary of the Project Completion Date.
"
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Amend Article 1.4 Created Jobs to read:
1.4 CREATED JOBS. "Created Jobs" means the number of new Full-time Equivalent
(FTE) Jobs the Business will add to the Community which meet the Project Wage Obligation over
and above the number of Community Base Jobs and/or Retained Jobs. Said jobs must be
maintained for a minimum of thirteen (13) weeks beyond the Project Completion Date. If the
. CEBA #93-CEBA-66
Amendment #2
Page 2
Agreement includes a Forgivable Loan, said jobs must again be in place at the second (2nd) year
anniversary of the Project Completion Date.
Amend Article 1.11 Proiect Comoletion Date to read:
1.11 PROJECT COMPLETION DATE. "Project Completion Date" means Auaust 31.
1996 and is the date by which the Project tasks shall have been fully accomplished
including fulfillment of the Job Attainment Obligation.
Amend Article 1.12 Retained Jobs to read:
1.12 RETAINED JOBS. "Retained Jobs" means the number of Full-Time Equivalent
(FTE ) jobs the Department determines are in place in the Community at the time of
application for CEBA assistance and which the Business and Community agree will be
retained due to the receipt of the CEBA funds. Said jobs must be maintained for a
minimum of thirteen (13) weeks beyond the Project Completion Date. If the Agreement
includes a Forgivable Loan, said jobs must again be in place at the second (2nd) year
anniversary of the Project Completion Date.
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Amend Article 10.3(a)ii to read:
ii. If the Business achieves fifty percent (50%) or more if its Job Creation Obligation as
of the Project Completion Date and maintains or exceeds that greater than fifty
percent (50%) achievement level for thirteen (13) weeks past the Project Completion
Date, the Department will require repayment of a percentage of the Loan proceeds.
The Loan amount will be prorated between the percentage of FTE Jobs created and
the percentage of shortfall as of the Project Completion Date. The Department will
amend the Job Creation Obligation to require that said pro rata percentage of FTE
Jobs created will be the Job Creation Obligation on second (2nd) year anniversary of
the Project Completion Date. The pro rata amount of the Loan associated with the
percentage shortfall will be amortized over the remaining term of the Forgivable
Loan, or in the case of an interest buydown or interest subsidy, over twenty-four
(24) months beginning at the Project Completion Date at an annual interest rate as
determined periodically by the IDED Board. And, if the Business has fewer Created
Jobs on the second (2nd) year anniversary of the Project Completion Date than it
had at the Project Completion Date and for the thirteen weeks thereafter, all as
measured by the Department, then the Department will require immediate
repayment of the pro rata amount, on the per job basis as calculated at the Project
Completion Date, associated with that increment of new shortfall.
.
Amend Article 10.3(a)iii to read:
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CEBA #93-CEBA-66
Amendment #2
Page 3
iii. If the Business achieves its Job Creation Obligation as of the Project Completion
Date and maintains that achievement level for thirteen (13) weeks past the Project
Completion Date but fails to fulfill its Job Creation Obligation on second (2nd) year
anniversary of the Project Completion Date. the Department will require repayment
of a percentage of the Loan proceeds. The Loan amount will be prorated between
the percentage of FTE Jobs created and the percentage of shortfall as of second
(2nd) year anniversary of the Project Completion Date. The pro rata amount of the
Loan associated with the percentage of shortfall will be amortized over two (2) years
beginning on second (2nd) year anniversary of the Project Completion Date at an
annual interest rate as determined periodically by the IDEO Board.
IN WITNESS THEREOF. the parties hereto have executed this Amendment on the day and year
last specified below:
Community:
Issuing Agency:
Department of Economic Development
By:
Date:
By:
Kenneth H. Boyd. Program Manager
Date:
Business:
By:
Date: Lf - / '2.--00
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IOWA
DEPARTMENT OF
ECONOMIC DEVELOPMENT
March 14, 2000
The Honorable Terrance Duggan
Mayor, City of Dubuque
City Hall, 50 W. 13th Street
Dubuque, IA 52001
RE: Community Economic Betterment Account (CEBA)
Application Number: CEBA-93-66: Eagle Point Engineering
Dear Mayor Duggan:
Enclosed is the original of Amendment #2 to Dubuqu's Community Economic Betterment
Account Agreement. Both the community and the business should execute the document, then
the community should return it to this office. We will return copies of the fully executed
amendment to the community for both the community's and the business' records. If you wish
to retain a copy in the interim, please make an additional copy.
If you have any questions concerning the amendment feel free to call this office at 515/242-
4819.
Sincerely,
y-/A~
Kenneth H. Boyd
Program Manager
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Enclosure
cc: Dennis George, Eagle Point Engineering (letter only)
James D. Burke, City of Dubuque (letter only)
CEBA-93-66
THOMAS J. VILSACK, GOVERNOR SALLY 1. PEDERSON, LT. GOVERNOR
200 East Grand Avenue. Des Moines, Iowa 50309-1834 . 515.242.4700 . Fax: 515.242.4809
info@ided.state.ia.us . TTY; 1.800.735.2942 . www.state.ia.us/ided
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CEBA #93-CEBA-66
Amendment #2
Page 1
Agreement Amendment Number: (2)
Agreement Number:
93-CEBA-66
Issuing Agency:
Department of Economic Development
Agreement Title:
Community Economic Betterment Account
Community:
City of Dubuque
Business:
Eagle Point Engineering
Amendment Effective Date:
August 31, 1995
Project Completion/Job Attainment Date:
August 31,1996
Final loan Repayment Date:
December 31, 2001
WHEREAS, the Department of Economic Development (hereafter referred to as the
Department), approved Agreement Number 93-CEBA-66 with the City of Dubuque (hereafter
referred to as the Community) and Eagle Point Engineering (hereafter referred to as the
Business) on July 15, 1993 for the expenditure of Community Economic Betterment funds, and
WHEREAS, the Community and Business are now desirous of amending said
agreement and have requested a twelve month extension of the Project Completion Date from
August 31, 1995 to August 31, 1996.
THEREFORE, said Agreement by and between the Department, the Community and the
Business is hereby amended as follows:
Amend Article 1.3 Communitv Base Jobs to read:
1.3 COMMUNITY BASE JOBS. "Community Base Jobs" means the number of Full-
time Equivalent (FTE) Jobs the Department determines are in place in the Community at the time
of application for CEBA funds and which will remain in the Community whether or not CEBA funds
are awarded. Said jobs must be maintained for a minimum of thirteen (13) weeks beyond the
Project Completion Date. If the Agreement includes a Forgivable Loan, said jobs must again be
in place at the second (2nd) year anniversary of the Project Completion Date.
Amend Article 1.4 Created Jobs to read:
1.4 CREATED JOBS. "Created Jobs" means the number of new Full-time Equivalent
(FTE) Jobs the Business will add to the Community which meet the Project Wage Obligation over
and above the number of Community Base Jobs and/or Retained Jobs. Said jobs must be
maintained for a minimum of thirteen (13) weeks beyond the Project Completion Date. If the
.
, .
.
CEBA #93-CEBA-66
Amendment #2
Page 2
Agreement includes a Forgivable Loan, said jobs must again be in place at the second (2nd) year
anniversary of the Project Completion Date.
Amend Article 1.11 Proiect Comoletion Date to read:
1.11 PROJECT COMPLETION DATE. "Project Completion Date" means Auaust 31.
1996 and is the date by which the Project tasks shall have been fully accomplished
including fulfillment of the Job Attainment Obligation.
Amend Article 1.12 Retained Jobs to read:
1.12 RETAINED JOBS. "Retained Jobs" means the number of Full-Time Equivalent
(FTE ) jobs the Department determines are in place in the Community at the time of
application for CEBA assistance and which the Business and Community agree will be
retained due to the receipt of the CEBA funds. Said jobs must be maintained for a
minimum of thirteen (13) weeks beyond the Project Completion Date. If the Agreement
includes a Forgivable Loan, said jobs must again be in place at the second (2nd) year
anniversary of the Project Completion Date.
. Amend Article 10.3Ia)ii to read:
ii. If the Business achieves fifty percent (50%) or more if its Job Creation Obligation as
of the Project Completion Date and maintains or exceeds that greater than fifty
percent (50%) achievement level for thirteen (13) weeks past the Project Completion
Date, the Department will require repayment of a percentage of the Loan proceeds.
The Loan amount will be prorated between the percentage of FTE Jobs created and
the percentage of shortfall as of the Project Completion Date. The Department will
amend the Job Creation Obligation to require that said pro rata percentage of FTE
Jobs created will be the Job Creation Obligation on second (2nd) year anniversary of
the Project Completion Date. The pro rata amount of the Loan associated with the
percentage shortfall will be amortized over the remaining term of the Forgivable
Loan, or in the case of an interest buydown or interest subsidy, over twenty-four
(24) months beginning at the Project Completion Date at an annual interest rate as
determined periodically by the IDED Board. And, if the Business has fewer Created
Jobs on the second (2nd) year anniversary of the Project Completion Date than it
had at the Project Completion Date and for the thirteen weeks thereafter, all as
measured by the Department, then the Department will require immediate
repayment of the pro rata amount, on the per job basis as calculated at the Project
Completion Date, associated with that increment of new shortfall.
. Amend Article 10.3Ia)iii to read:
.
.
.
-.
CEBA #93-CEBA-66
Amendment #2
Page 3
iii. If the Business achieves its Job Creation Obligation as of the Project Completion
Date and maintains that achievement level for thirteen (13) weeks past the Project
Completion Date but fails to fulfill its Job Creation Obligation on second (2nd) year
anniversary of the Project Completion Date, the Department will require repayment
of a percentage of the Loan proceeds. The Loan amount will be prorated between
the percentage of FTE Jobs created and the percentage of shortfall as of second
(2nd) year anniversary of the Project Completion Date. The pro rata amount of the
Loan associated with the percentage of shortfall will be amortized over two (2) years
beginning on second (2nd) year anniversary of the Project Completion Date at an
annual interest rate as determined periodically by the IDEO Board.
IN WITNESS THEREOF, the parties hereto have executed this Amendment on the day and year
last specified below:
Community:
Issuing Agency:
Department of Economic Development
By:
By:
Terrence Duggan, Mayor
Kenneth H. Boyd, Program Manager
Date:
Date:
Business:
By:
Dennis George, Vice President & CFO
Date:
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03A13838