Heartland Financial USA, Inc.Masterpiece on the Mississippi
Dubuque
bierd
All-America City
1
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: State of Iowa Financial Assistance Application for Heartland Financial
USA, Inc.
DATE: May 25, 2012
Economic Development Director Dave Heiar recommends City Council approval of a
resolution authorizing the submission of a Financial Assistance application to the Iowa
Economic Development Authority on behalf of Heartland Financial USA, Inc.
Heartland Financial USA, Inc. plans to invest over $2.3 million to construct 26,322
square feet of office space on the 3rd floor of the Roshek Building. Heartland will house
100 employees in the Roshek Building with room to grow to 150 employees. Heartland
plans to have 50 new positions within three years located in this office space.
The application requires a local match, which is being provided by Dubuque Initiatives in
the form of rent reduction.
In addition to the new jobs being created by this project, the leasing of the third floor of
the Roshek Building provides an extra benefit to the City of Dubuque. The City
guaranteed up to $25 million of the loan for the rehabilitation of the Roshek Building.
This new lease revenue will help reduce the risk of the City ever needing to fund a
shortfall for this loan.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David J. Heiar, Economic Development Director
2
Masterpiece on the Mississippi
Dubuque
kigtd
All- America City
'1111'
2007
TO: Michael Van Milligen, City Manager
FROM: David J. Heiar, Economic Development Director
SUBJECT: State of Iowa Financial Assistance Application for Heartland Financial,
USA, Inc.
DATE: May 24, 2012
INTRODUCTION
This memorandum presents for City Council review and approval of a resolution
authorizing the submission of a Financial Assistance application to the Iowa Economic
Development Authority on behalf of Heartland Financial USA, Inc. The application is
attached.
BACKGROUND
Heartland Financial is a mulit -bank holding company originally formed in Iowa in 1981.
It has nine bank subsidiaries in the States of Iowa, Illinois, Wisconsin, New Mexico,
Arizona, Montana, Colorado and Minnesota, operating a total of 61 banking locations.
Heartland has two non -bank subsidiaries Citizens Finance and Heartland Development
Corp. The principal business of the Bank subsidiaries consists of making loans to and
accepting deposits from businesses and individuals.
Heartland Financial USA, Inc. plans to invest over $2.3 million to construct 26,322 sq. ft.
of office space on the 3rd floor of the Roshek Building. Heartland will house 100
employees in the Roshek Building with room to grow to 150 employees. Heartland
plans to have 50 new positions within three years located in this office space.
DISCUSSION
The application on behalf of the company will provide State financial assistance to
enable the company's proposed expansion in Dubuque. The application requires local
match, which is being provided by Dubuque Initiatives in the form of rent reduction.
The Company will also be applying for Enterprise Zone Benefits for the project. The
Company is requesting 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.
In addition to the new jobs being created by this project, the leasing of the third floor of
the Roshek Building provides an extra benefit to the City of Dubuque. The City
guaranteed up to $25 million of the loan for the rehabilitation of the Roshek Building.
This new lease revenue will help reduce the risk of the City ever needing to fund a
shortfall for this loan.
RECOMMENDATION
I recommend that the City Council authorize the submission of a State of Iowa financial
assistance package on behalf of Heartland Financial USA, Inc. for creating 50 new
positions within the community.
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 \Heartland \IEDA\20120501 Heartland IDED applicationCouncil memo doc
RESOLUTION NO. 150 -12
A RESOLUTION AUTHORIZING THE FILING OF A STATE OF IOWA
FINANCIAL ASSISTANCE APPLICATION ON BEHALF OF
HEARTLAND FINANCIAL USA, INC.
Whereas, Heartland Financial USA, Inc. has proposed expanding their business
to the Roshek Building 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 creation of 50 new jobs for area residents; and
Whereas, the Iowa Economic Development Authority has created a financial
assistance package for Heartland Financial USA, Inc. to expand their business in
Dubuque; and
Whereas, the City of Dubuque, Iowa is eligible to apply for this funding on behalf of
the Company.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the filing of an application for State of Iowa financial assistance
on behalf of Heartland Financial USA, Inc. is hereby approved.
Section 2. That the local match identified in the application is provided by Dubuque
Initiatives, subject to application approval by the Iowa Economic Development Authority.
Section 3. That the Mayor is hereby authorized to execute and the City Manager is
hereby directed to submit said application to the Iowa Economic Development Authority
together with such documents as may be required.
Passed, approved, and adopted this 4th day of June, 201
Attest:
Kevin irnstahl, ity
Roy D. ol, Mayor
F: \USERS \Econ Dev \Heartland \IEDA\20120522 _Resolution approving Heartland Business application.doc
economic DEVELOPMENT
Business F inancialA. ssistance A ppfration
Business Fazce
Business D evebpm aitD izisbn
Iow a D epartm ait o f E conom c D evebpm ait
200 E astG rid Avenue
D es M owes, Iowa 50309-1819
www pow ali .hazgg r.m
T e. phone: 515.725 3133
busnazcc@ low agov
Debi V. Durham, Director
Iow a D epartm ait o f E conom c D evebpm ait
v.7 .112011
Application Instructions
To Complete Electronic Form: C ]rk on TEXT BOX to add text.D oubh ckk on YE S/N O boxes and .t
"Checked." .
1. A ]lappkantsm ustocm phte the Business F inaneia1 A sEdstaace App]ratnn and attach onlf those additional
sertnns fnrthe com pone is to whth the appltantr applying.
D irectF hancial A since -STATE of ID W A
130% C om ponent InfeastruCture C om ponent
(m1 (m1a-1Q
® 100% C om poncnt LJ V ahe-Added A griultire C om poncnt
(no analmet S phn81tal]Cl slat a rewind
E ntrepreneurialC om ponent and Supphn eat) D kaster R el f C om ponent
anohneilalintEraaidailswiral. Sunohnentalinbmatmi rpirel
TaxC/edits- STATE ofIDW A
® Enterprise Z one P1ogran (E Z )
S phnetali>f rnatin rewiral.
D irevtFhancialAnce - FED ERAL
❑ E conom r D evebpm e tSet-A Ede Progran (ED SA) ❑ Pulpit Faclb Set -A side Pmgran (PFSA )
Sunohnetalitafrnatim re airI1 S phneltali>frnatilrewired
❑ H i z Q ualityJbbs Program (i Q)
(no analmet
2. Phavisdt.the ID ED Web site atwww jowalifechardncroom ormntactID ED at515 .725 3133 ID ocnt m
that this is the m ostcarr itapplratbn vercn.
3 . Before Ling g out th.t qoplratbn than , phase red1 alLapplrabh sins of the 2009 Iowa C ode and Iow a
Adm r at C ode . hs) . www 3eois jaus /low aLar htrn 1
4. 0 n' t or c m putl?r-crener 1 appTadons w Elbe as pte3 and rya e1.A nym ai=ialchange to the
fnnn at, querns, orw ording of querns presentd. in this applrat on w illrender the appaat on invaId. and
itw iJ notbe accepted..
5. C om phte the app]rabh sections of the app ati±n fiaJ r If questions are fr unazsa ere . orrequired.
at1 hm ents are notsabm itte3, an explmation m ustbe inc3lded.
6. U o c, rand mnri bnguaje A tlachm ents shouli onlybeliFed. when requestBl oras sapportng
doaarn entation
7 . Any haccLaate hthrm atbn of a signif±aitnature m ay disqualify the applraifon team ocnsderation
8. The thaw izg m ustbe sabm its ID Business Finalce at ID ED in order inmate the review prod-
• 0 ne original , signed applration form and allrsquired. attachm ents
• 0 ne electronic copy of the appliation trm and alLrequired. att hm ents
Facsimile copies will not be accepted.
Buse France Tehone:515.725 3133
Iow aD epartm entof E oanom >~ D evebpm ent busnzesstinanc e@ now acrov
200 E astG rand Avenue
Des M of es, IA 50309-1819
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.
ID ED - BusinessFjnanci5 A zceApplimton 2 v.7112011
Public Records Policies
Information Submitted to IDED. The IowaD goartm €ntofEconom i~ D evebpm art (D ED ) i sJbjectto the
O pen Records 1 aC ode, Chapter22) .Tram ontof iafrnn atbn aabm ittsd. to ID ED ii thisapp]ratnn i
governed by the provions of the 0 pen Records ha .A ]lpubli =ads are avarhabe thrpubib inn . Som e
pulpit =ads are considered. confi entialand w illnotbe disalosed to the publb un3ses order by a court, the
ha f lcusmdiaa of the record, orby anotherpemon duly authorized to re tie the infratm atibn
Confidential Records. ID ED ail= ati a r treats the blow ing re<ards as cnnfileztialand they are w ithhell
from pubic discbsare:
• TanRea Ords
• Q uartsflyloga Emp}:LerisC cntolait i and PayraReii tprepared fpr the low a W orkkrce D evebpm ent
D goartm ant
• PayroILRegistas
• Business Financii1 Staten ents and Prothns
• PemonalF ilanrial Staten ents
O thernfD1m atbn a pli 1 iD ID ED aspaitof this appli-at on may be treated as �nftlrnthlunderlow aC ode
sin 22.7 . Folbw hg are the clasEdfications of records wfr h are recognized. as conffrlentialunderlow a lag and
whsharem ost frequently appli=abb bushesint=ati±n aibm ittB3 irD ID ED :
• Trade meets 7.ow aC ode §22:7(3)]
• Reports ID governor € ztalagezc, es w hrh, if relaased,wouh give dva t ge com petiors and save no
pulpitpurpo. aCode §22.7 (6)]
• Int= atbn on an inc in.dustcprogoectw ith whrh the ID ED is aanenttynegotiatiig. Vow aCode §22.7 (8)]
• C om m uni<ati±ns notrequieed. by law , rum orreuu]atihn m ade ID ID ED bypemons outaide the governm alt
ID the extaatthatID ED could reasonablybeI re thatthopelsons w ouli be diecouraged from m aking
than 133 the D epartm ant if they w ere m ade avaTbh fprgeneralpublic ex m hatbn . Vow aC ode §22.7 0_8)]
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 O] .RecordJaa andID ED 'sa in riles
rehtiig publii =iris are avr iabb from the ID ED upon request
ID ED - BusinessF anc A istanceApplicadri 3 v.7112011
Applicant Information
N an e ofBusness: H esrt3=nd FinazcdlU SA Inc
Address: 1398 C mtralAve
C ', State & Z t Code: Dubuque Ia 52001
C ontactPemon : N eb= P K larvklaer T irp: Sai±rV i-e Prestlezt0 peratbns
Phone: 563 589 2158 Fax: 563 584 2573 Em ail: nl r l@ htlf.com
Federal ID N umber: 42-1405748
N A IC S C ode fprprin arybushess operatnns• 522110
US DOT Number:
D oes theBusheEs fib aonsDli1ater3 tax return under adif tt ID =bar?
El Yes XNo
Ifyes, plate also provide that tax ID num ban
Is the ontactpein lid above authorized ID ob]igatP the B urine ?
XX Yes FIN o
Ifno, phase prwi_le the nane aid the o fa oom paiyofEceraithaized obliate the Bush :
If the qDpli atihn was pared by san acne other than the ontactperssn lit l above, phase com pate the fpTow hg:
N an e ofBusness:
Address:
C',State& Z t Code:
C ontactPen : T itl?:
Phone: Fax: Em ail:
Sponsor Information
SponsDrO rgaia bn : C hr of D ubuque
O ffbia1Contact {eg.M ayDr,Chaipemon,etc.): RoyD .Buol Titp: M ayvr
Add .=: 50 W e t.13t1 Stmt
C $ , State & Z Code: D ubuque, lA 52001
Phone: 563 -589 -4110 Fax: 563 -589 -4149 Em af:Rdbuo crtyofflubuquenig
If ID ED nos trr contact the qoonsoromgalizatbn w querns, toull. we oontact the perm lid above?
Yes ❑ N o , please contact the blowingperm:
Name: D avid HPiar
Add=: 50 W est13t1 Stmt
C $ , State & Z Code: D ubuque, lA 52001
Phone: 563 -589 -4393 Fax:
Tarp: Econom bD evebpm cntD irectrpr
Em aJ1 dheai crtyofaubuqueoig
If nay, ppAFP ]ice it form athn on addlit bnalponscis in an atiarhm ant
ID ED - Business Finacc h1A zceApp]ica±n 4 v7 112011
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:
Signature
Nelson P Klavitter , Senior Vice President Operations
Name and Title (typed or printed)
Date
For the S nsor(s):
June 4, 2012
Signature Date
Roy D. Buol, Mayor
Name and Tide (typed or printed)
Please use the following if more than one sponsor is required. (For example, use this f a signature from the local Enterprise Zone
Commis Z required in addition the signature from the Mayor of the sponsoring city.)
Signature
Rick Stein, Chair, Enterprise Zone Commission
Name and Title (typed or printed)
Date
1DED — Business Financial Assistance Application 6 v.7.11.2011
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
Heartland Financial is a multi -bank holding company originally formed in Iowa in 1981 It has nine bank subsidiaries in
the States of Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado and Minnesota, operating a total of 61
banking locations Heartland has two non bank subsidiaries, Citizans Finance and Heartland Development Corp The
principal business of our Bank Subsidiaries consists of making loans to and accepting deposits from businesses and
individuals
Business Structure
❑ Cooperative X Corporation ❑ Limited Liability Company ❑ Not for Profit
❑ Partnership ❑ S- Corporation ❑ Sole Proprietorship
State of Incorporation Delaware
Identify the Business' owners and percent ownership Public Company Traded on NASDAQ "HTLF"
Does a woman, minority, or person with a disability own the Business? ❑ Yes ® No
If yes, is the Business certified as a Targeted Small Business? ❑ Yes ❑ No
List the Business' Iowa locations and the current number of employees at each location Heartland Financial's Iowa
employment is 205, all located in Dubuque County
What is the Business' worldwide employment? Please include employees of parent company, subsidiaries, and other
affiliated entities in this figure 12/31/2011 1195 Full time Equivalent
Project Information
Project Street Address 700 Locust Street, Suite 300
Project City Dubuque
Type of Business Project
❑ Startup ® Expansion of Iowa Company
❑ New Location in Iowa ❑ Relocation from another State
Project County Dubuque
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 )
Design space, construct offices in 26,322 sq ft of entire 3`d floor to accommodate 100 people now, with room to grow to
150 50 new positions will be employed within three years by the company and located in this space as a result of this
expansion
Project Timeline (add additional rows as needed)
Activity Completion Date
July — October Construction Phase
10/01/2012
Furniture & Equipment setup phase
11/01/2012
Employment of new positions Begin June 25m, 2012
06/01/2015
Please identify the proiect management for the proiect location and experience
The building is owned and operated by Dubuque Initiatives, a private non profit organization partnering with the City of
Dubuque to revitalize the downtown and Port of Dubuque Dubuque Initiatives currently leases to IBM, McKesson, and
other businesses in this building The project manager for the company is Nelson Klavitter, Senior VP of Operations for
Heartland Financial Nelson managed a multi -year, multi - million dollar expansion of the company retrofitting the former
Walsh building on Central Avenue in Dubuque
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 c competitive business segment, estimated market share, etc) and explain what impact the proposed
project may have on the Iowa competitor Other Financial Service Companies ie, Wells Fargo, US Bank, B of A,
CitiBank This project will have no impact on these businesses
Will any of the current Iowa employees lose their lobs 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
ID E D- Business F±i ici5 A nceAppliaton 6 v.7 ,112011
Project Budget
AMOUNT
BUDGETED
Use of Funds
Cost
Source A
Source B
Source C
Source D
Source E
Source F
Source G
Land Acquisition
0
$160,000
'/z ban / % Forgi ebb
ban
5 year
0%
N /A
Sour B 0 therState
Communes
CoIIsge,ID 0T,
etr.)
Site Preparation
0
Sours- C Loca1G ovemm ezt
$
Building Acquisition
0
$2,017,991
C ad.]. & D datFinancing
so-Lace E 0 therPi late
Sources
$184,254
Building Construction
0
1st yEarof hese paid by
D ubuque Initiatives
Soui ce F
$
Building Remodeling
1,300,000
160,000
1,140,000
TOTAL
$2,362,245
Mfg Machinery & Equip
Other Machinery & Equip
Racking, Shelving, etc 1
Computer Hardware
60,000
6 0, 0 0 0
Computer Software
10 , 0 0 0
10,000
Furniture & Fixtures
400,000
400,000
Workmg Capital
Lease Payments Year 1
184,254
184,254
Lease Payments Year 2
197,415
197,415
Lease Payments Year 3
210,576
210,576
TOTAL
$2362,246
$160,000
$
$2,017,991
$184,264
$
$
1 Racking, d eiriag and conveyorequicra entused. in distcbutbn centPrimotcrts only
D oes the Busnessp "Vas.. the facillp ® Yes? N o Ifyes, phase pmvt1e theAnnui1 aFP RentPaym ent
paym entm ilusprperty taxes, insane, and operating /m aintinance expenses) a-id the bzgth of the hase
mean ent6 year term; Base Rent @ $7.50 x 26,322 / year with rents increasing .50 each year, plus $4.25
per year for Common Area Maintenance, taxes, etc. See proposed lease agreement for details. The lease
amount is being decreased by the tax increment financing resulting from the build out of this space.
PROPOSED FINANCING
Source of Funds
Amount
Form of Funds
Rate
and
Term
Comm
fitment
Status
Conditions /Additional
Information
(L 1st tax banerils sepmeiRly
bebw,notesa spume ofdirect
financing)
(Laan,G mint, Tn -Lind,
Donatihn,etr.)
Inclidewhat fundsw311be
d u3 1; If ban, whether
pn ffits are ahvelteml ,
baIbon, etc
Sours A ID ED *
$160,000
'/z ban / % Forgi ebb
ban
5 year
0%
N /A
Sour B 0 therState
Communes
CoIIsge,ID 0T,
etr.)
Sours- C Loca1G ovemm ezt
$
SoU D Busiiess
$2,017,991
C ad.]. & D datFinancing
so-Lace E 0 therPi late
Sources
$184,254
1st yEarof hese paid by
D ubuque Initiatives
Soui ce F
$
Soul= 0 I
$
TOTAL
$2,362,245
* Identify the collateral used to secure IDED funds: Irtevocabh Let erof C /edit.
ID E D- Business Fina7c i A zceApp]ica±n 7 v.7 .112011
TAX CREDITS AND INDIRECT FINANCING
Source of Funds
Amount
Description
Investn entTax C /edit
Sabs, Sei it & U sa Tax
Refund
$39,000
6% of $650,000
Research A cdrilfies C it
(30/10 )
W ithhollig
Local PrapertyTax Exam ptbn
Tax Incean entF±ancing
40,000
Payn ents to ]andbid fprIentieduction
260E Job Training Funds
208,300
50 pbs@ $4,166
N es Jabs TaxCBaca
75,900
In d C ont Ebution
O then Dubuque Inifatives
195,000
FirstyearBaseRentno charge
TOTAL
$558200
W hatm easureswere ana l to determ ine the an ountand fDmi of a nteneeded?
Is the Business .ly oang bcatihns outsrle of Iowa? ❑ Yes ® N o
Always a consideration in m aprm etro m abets thatw e have a bcatisn (Phoenix ;D aver, M inn poll)
If yes, where and whatace is being ofd?
The are three gerieealbb reasons forance. Check the box next tQ the reason why sE6stricn i
new tr> com pbte thispro}ect.
❑ Financing Gap -The Business can only raise aport n of the debtand equiynecaseary to
mm pbte the proms t. A gap be e n sources and uses exists and state and / or federal funds are needed
fiTtheg .
® Rate of Return Gap - The Business can rake aifEcientdebtaid equitylp com pbte the project,
but the returns are inadequate m otivate an "econom b peeson" to pros w ith the project.Project
rbks outw eigh the rew aids.
❑ Location Disadvantage (Incentive) - The Business is dig between a site in Iowa A )
and a site in another state B) fir itsproje^t. The Business argues that the projectw acnst hss at site
B and w 1rsguie a sabsirly equalze costs in order to bcate ats>teA .The objective here b ig) quantify
the costdiffgarentialloetgeen site A and site B .
ID ED - BusitnessFilacc A zceApp]ica±n 8 v7 112011
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
(Add additional rows as needed)
Job Title
Number of
CREATED
Jobs
Starting
Hourly
Wage
Hourly Wage
at End of
Year Three
Virtual Call Center Mgr
1
21 85
23 87
Customer Service Rep
3
13 80
15 08
Credit Admin VP
1
15 05
16 45
Compliance Mgr
1
25 55
27 92
Credit Analysis
7
16 55
18 08
Credit Admin SVP
1
25 55
27 92
Appraisal Review
1
25 55
27 92
Accounts Payable
1
12 75
13 93
IFRS Senior Account
1
19 00
20 76
Investment Officer
1
19 00
20 76
Employee Relations Mgr
1
21 85
23 87
Employment Coordinator
1
16 55
18 08
Recruiting Asst
1
15 05
16 45
Data Analyst
1
19 00
20 76
Business Analyst
1
19 00
20 76
Associate Legal Counsel
1
21 85
23 87
Quality control Mgr
2
19 00
20 76
Quality Control Post Closer
1
16 55
18 08
Loan Doc Prep Specialist
4
15 05
16 45
Sales System Admin
1
16 55
18 08
Web Administer
2
16 55
18 08
Direct Marketing Admin
1
15 05
16 45
Administrative Support
1
13 80
15 08
Mortgage Servicing Support
5
15 05
16 45
Operations Mgr
1
21 85
23 87
Retail Loan Collector
2
16 55
18 08
Portfolio Mgr
1
19 00
20 76
Underwriter
1
16 55
18 08
Credit Analyst
1
16 55
18 08
Assistant
1
13 80
15 08
Chief Deputy Credit Officer
1
25 55
27 92
Facilities Mgr
1
16 55
18 08
Total CREATED Jobs
50
Full -Time RETAINED Jobs
(Add additional rows as needed)
Job Title
Number of
RETAINED Jobs
Current Hourly
Wage
Total RETAINED Jobs
ID E D- Business F±i ici A nceAppliaton 9 v.7 ,112011
Employee Benefits
PlaaFe identify alien pbyee benefits pmvided by an pail thr (in fi '11 or in part) by the Bushes.
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
Em pbyee
Fan By
Em pbyee
Fan Sy
ID e IuCUDb
((Inandeconyr hoe
% ,offrevisico-
paym arts, anrn aal out
of-pocketm axia um s,
fae an aunts, etc.)
M eosa1Tha me
5481.00
1400 6 A
3417.00
9356 AO
bye
Fan
10500
D antallnausnn
441.00
120960
25500
777 60
Em pbyee
25.00
Fan 3117
7500
V tam Inaaran�
Em pbyee
Fan By
LifrInauma
100%
V` issby
an pbyee
Short-team
D rab
Varissby
an pbyee
100%
Long im
Varissby
an pbyee
100%
Drab
H ealth Sayings
Account
DoestheBushessofferapansbn pal, 401(c)pan,and /orxetiranazt -pal? ® Yes ❑ No
Ifyes,p1a3se hdrap the anountcnntrbut lonaperanpbyee basisbytheBusinesstothepanforthehctthree
yams. For401 (c) ID3n.s,p1saprDvicie infoun atbn on the corn panym atch aid indrata the average annualm atch
per an pbyee (dzow avaage as a percEntge of air).
YsarEnding
AvageActual
Matchper
Em pbyee (°s )
2011
3%
2010
3%
2009
3%
Three -year
Average:
DoestheBushessofferaprafit-tharingpal? ® Yes ❑ No
Ifyes,p1a3se hdrap btalan ountparl outeach year br the past three yeas and then , darn he the average
ainualbonus or tont:Luton per an pbyee for that three ya-rcpertcl.
YsarEnding
AvageActual
Sham perEmpbyee
($)
2011
5% Saaay
2010
425% Say
2009
425% Say
Three -year
Average:
ILEL' - Business Fineniiell, ssisr_- rii -_.;h lintsn 111 -711.''11
Business Taxes
ID ED is iequied cal ulate the ietum on sates azd bcal govemm aitinvesan ents in thjspiojsct.D ata from
otherparts of the applrntion w Elbe com bind w ith the estin at guested balm to (-AI- 1314-e the =piled
Yetum on investor entinfoim ation.P1=AFP read the folbw ing directions caief lV:
• ID ED is asking fora best estin ate on the iacza in tomes assariited with this pmjact.
• E stir at tourl only inclide the c1 incza n tax lability g from thipmjact.
• A t m ire t or n , ID ED n e e d s e s t i n at thr the first dame yeais of the pio t.
• Show data as if no tax abatan c tc or tax cells as aided for this prolsctw ere taken.
• Forpa i lei for s of owne4 {e g. bn ited partnerdlips, sfo]poiatbns, LLC , dr.), pl?a
estin ate thepaitneiz' inceaa` in Iowa tax liability. due ID thispm t.
• Sam and u. taxes refmr to the taxes paid on m aterials, etc. thatthe Businepuichases, nottaxes
you collsctfrom salss to yourcustom erg.
• App]tantc w flnotbe he to these num hers w ith fit iD any as aid from orcontractw ith
ID ED .
• Thispage of the appliation w Elautrom at±alybe tad as confidential .
Increase in Tax Collections Associated with this Project
State Business Taxes
Year 1
2013
Year 3
Year 4
Year 5
LocalRealE stato Proper
Tax
Year 1
Year 2
Year 3
Year 4
Year 5
State C oipoiato Imam e Tax*
0
75000
75000
75000
75000
State Busness Saps azd U sa T,(
70000
3000
3000
3000
3000
* I/1==e C om panic: Pmvkle State Tn4 u nc P Pin inn Tax
Local Business Taxes
Year 1
Year 2
Year 3
Year 4
Year 5
LocalRealE stato Proper
Tax
0
20000
20000
20000
20000
Local O ption Sales Tax
39000
0
0
0
0
CONFIDENTIAL
ID E D - Business Fjnanci5dA islance App]xathn 11 v.7 11 2011
Attachments
Phu attach the th bw irg docum ents:
Al Business Plan
A tam in in um , izc3zde:
• M arkethg study
• Feasibility study
• Pibjected.profitand bss Staten ants for three yeas intro the fut.=
• Proms tbudget
• Production operations
• M anagern entstructire
• Peesonneln s
• D options ofprodictorprocess
• Stat- sofproduct/processdevebpm ent
• Pat itstatus (ifpp]tabb)
(ni ny inthim ati>n outlined above not iacuded ia the busazess p bn shoull be subm itted. as supphn enta1
iz btm ation va a separate attachm ent.)
A2 Copies of the Bushessi Quarterly Iowa Employer@ Contribution and Payroll Report Summary
Page (Page 1) thr the pastyearand a copy of the m ostr itpaymlL ortfnronepayper_±.Thecopy
of the m ostreoantpaym ]1riort throne payperbdmustbe in Exoelfrhnn atand include the frhlbw lag
lath= ati>n:
• C om pany nan e, date o f paymIlaad source o f pay o]Unbrm atihn
• Em pbyee nan e and /oren pbyee identifratnn rnun ber
• Cunenthour rw age -do not include bonuses orotherbe effrtvalies
• Ind Late if the an pbyee is fi ill tin e (40 hours perw eek, 52 weeksperyear 3 orpart, tin e.
A San ph Excelspre sheetcan be Lund at
http ;/ /www ±w alitrhamgizg sum /app]aatnns /bus dev /payroll tern plate xb
A3 Affidavit that stag the Business has no w ithin the bst five years, violated slate or f .eralstatrutPs, ruhs,
and reguItnns, iicfldng envieonm entaland w offer safety reguiatbns, or, if such violations have
occu ed., that there w ere m itigating circun stances or such violations di-1 not seriously affectpublh health
orsafetyorthe anvironm ent A sun ph aff iavitcan be found at
http :/ /www sew la if l,ar rrir,gcom /qoplr-atbns /bus dev/ sun phafridavitdoc.
A4 Financial Information gBusiaeso O nly)
• Profitand b statern ents and balance sheets thrpastthree year -ends;
• CurrentYTD profitand bss statern entand bake te?t;
• Scheiub of aged counts rib;
• Scheldt of aged =punts payabb; and
• Schedub of otherdebts.
ID ED - Busile&s F±1a7c A nceApp]ica±n 12 v.7112011
Attachment A3
Affidavit
State of Iowa
County of Dubuque
1, Nelson P. KIavitter, 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.
Heartland Financial USA 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 o n • oper signature.
Dated: May 4, 2012
Signature
Subscribed and sworn to before me on
this - -74' day of ilA 2012
.beann,i . ,yr 4J (Notary Public)
1.(0L % _ County
My commission expires on H /! 0/13
o " s DEANN M BERGFELD
Commission Number 199300
yaw M 1 C ommissjon Expires
r
1 !,