Housing Enterprize Zone Program Agreement_Wilmac Property, Betty Building
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Housing Enterprise Zone Program Agreement Number 12-HEZ-078 for
Wilmac Property Company (Betty Building)
DATE: September 12, 2012
On June 21, 2012, the City Enterprise Zone Commission approved an application to the
Iowa Economic Development Authority on behalf of Wilmac Property Company for
Housing Enterprise Zone benefits related to the redevelopment of the former Betty
Building located at 151 East 9th Street. The Iowa Economic Development Authority
approved the application on July 9, 2012.
Economic Development Director Dave Heiar recommends City Council approval of a
Housing Enterprise Zone Program Agreement by and among the Iowa Economic
Development Authority, the City of Dubuque and Wilmac Property Company. The
agreement outlines the State benefits that will accrue to the housing business based on
their role as developer of the housing project. Wilmac Property Company is eligible to
receive a refund of 100% of the sales, service and use taxes paid for eligible costs
during the construction phase of the project (local option sales taxes are not included)
and an investment tax credit equal to 10% of the new investment directly related to the
housing project. There is no commitment within the agreement of any further City
assistance.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
/ AAh kt1&1
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
David J. Heiar, Economic Development Director
Masterpiece on the Mississippi
Dubuque
btrid
All-America City
1
2007
TO: Michael Van Milligen, City Manager
FROM: David J. Heiar, Economic Development Director
SUBJECT: Housing Enterprise Zone Program Agreement Number 12 -HEZ -078 for
Wilmac Property Company (Betty Building).
DATE: September 5, 2012
INTRODUCTION
This memorandum presents for City Council approval a Housing Enterprise Zone Program
Agreement by and among the Iowa Economic Development Authority (IEDA), the City and
Wilmac Property Company. The City Council is requested to adopt a resolution approving the
agreement.
BACKGROUND
On June 21, 2012, the City Enterprise Zone Commission approved an application to IEDA on
behalf of Wilmac Property Company for Housing Enterprise Zone benefits related to the
redevelopment of the former Betty Building located at 151 East 9th Street. I EDA approved the
application on July 9, 2012.
DISCUSSION
Attached to this memorandum is a resolution that provides for the approval of the agreement for
Housing Enterprise Zone benefits for Wilmac Property Company. The resolution authorizes and
directs the Mayor to execute the agreement on behalf of the City. The agreement outlines the
State benefits that will accrue to the housing business based on their role as developer of the
housing project. Wilmac Property Company is eligible to receive a refund of 100% of the sales,
service and use taxes paid for eligible costs during the construction phase of the project (local
option sales taxes are not included) and an investment tax credit equal to 10% of the new
investment directly related to the housing project. The project will provide 10 multi - family
housing units in the downtown area.
Wilmac Property Company has estimated a capital investment of $3,955,000 within the
Enterprise Zone. A copy of the agreement is attached to the resolution.
RECOMMENDATION
I recommend that the City Council approve the proposed Housing Enterprise Zone Program
Agreement for Wilmac Property Company by adopting the attached resolution. This agreement
will provide State of Iowa financial benefits to a local housing developer making a substantial
investment in our downtown. There is no commitment within the agreement of any further City
assistance.
ACTION STEP
The action step for the Council is to adopt the attached resolution.
Attachments
F: \USERS \Econ Dev \Betty Building \HEZ\20120904 Betty Building EZ Agreement Council Memo.doc
Prepared by: David Heiar, ED Director, 50 West 13th Street, Dubuque IA 52001 563 589 -4393
Return to: Kevin S. Firnstahl, City Clerk, 50 West 13th Street, Dubuque IA 52001 563 589 -4121
RESOLUTION NO. 242 -12
RESOLUTION APPROVING A HOUSING ENTERPRISE ZONE PROGRAM
AGREEMENT BY AND AMONG THE IOWA ECONOMIC DEVELOPMENT AUTHORITY,
THE CITY OF DUBUQUE AND WILMAC PROPERTY COMPANY
Whereas, the City of Dubuque has established two Enterprise Zones and an
Enterprise Zone Commission; and
Whereas, the Enterprise Zone Commission on June 21, 2012 approved the
application of Wilmac Property Company for Housing Enterprise Zone benefits; and
Whereas, Wilmac Property Company's application was approved by the Iowa
Economic Development Authority on July 9, 2012; and
Whereas, the Iowa Economic Development Authority has prepared and submitted
for City Council approval an agreement relating to Housing Enterprise Zone benefits for
Wilmac Property Company, a copy of which is attached hereto and by this reference made
a part hereof; and
Whereas, the City Council finds that the proposed agreement is acceptable and
necessary to the growth and development of the city.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the Iowa Economic Development Authority Housing Enterprise
Zone Program Agreement, Number 12 -HEZ -078, is hereby approved.
Section 2. That the Mayor is hereby authorized and directed to execute the
Agreement on behalf of the City of Dubuque and forward the
executed copy to the Iowa Economic Development Authority for their
approval.
Passed, approved and adopted this 17th day of September, 012.
Attest:
F: \USERS \Econ Dev \Betty Building \HEZ\20120904 Wilmac Property EZ Resolution Agreement.doc
Roy D. Buol, Mayor
IOWA ECONOMIC DEVELOPMENT AUTHORITY
200 East Grand Avenue Des Moines, Iowa 50309 USA 1 Phone: 515.725.3000
iowaeconomicdevelopment.com
September 26, 2012
Tim McNamara
801 Jackson Street
Dubuque, IA 52001
ft)WA
economic d\/ Iopment
RE: Enterprise Zone Program, Housing Component Agreement # 12 -HEZ -078
Dear Mr. McNamara.
Enclosed is a copy of the signed agreement authorizing the housing business, Wilmac
Property Company, to receive Enterprise Zone benefits. A copy has been sent to the
City of Dubuque and to the local enterprise commission. 1 he original document will be
on file with the Iowa Economic Development Authority.
Sales Tax Refund
The first benefit the housing business will most likely utilize is the refund of sales,
service and use taxes paid during construction. I have enclosed information to assist in
filing claims for this refund. Please note the following:
The housing business needs to file for any refunds within 12 months of the
"project completion" date.
"Project completion" means the date construction /rehabilitation of the Enterprise
Zone project is completed.
• Keep in mind that Iowa's Enterprise Zone program only allows for the refunds of
state sales and use taxes, not local option taxes.
If your housing business has any questions about filing for sales and use tax refunds,
please contact the Iowa Department of Revenue Help Line Telephone: (515) 281 -3114
or (800) 367 -3388 or E -mail: idriowa.gov. IA 843 Claim for Refund form may be
found at www.state.ia.us /tax.
Investment Tax Credit
The housing business may claim an investment tax credit equal to 10% of the new
investment directly related to the construction /rehabilitation of the housing project. To
claim the tax credit a copy of the enclosed Tax Credit Certificate, copy of the certificate
of occupancy (or equivalent documentation), completed forms IA 148 Tax Credits
Schedule and 3468 Investment Tax Credit will need to be attached to the Iowa Income
Tax Return. These forms may also be found at the Department of Revenue's website
www state.ia.us/tax.
Gover nor Terry E. Branstad 1 Lt. Governor Kim Reyno'ds 1 Director Debi \/. Durham
Please note the following:
• The new investment that may be used to compute the tax credit shall not exceed
the new investment used for the first $140,000 of value for each unit.
• In determining the tax credit, new investment financed through federal, state, and
local government tax credits, grants, and forgivable loans cannot be included.
• This tax credit may be carried forward for up to seven years or until depleted.
Please contact the Iowa Department of Revenue if you have questions about claiming
the investment tax credit.
Reporting Requirement
As a participant in Iowa's Enterprise Zone program, the housing business will be
required to complete an Annual Compliance Report for every year that the housing
business is under contract with IEDA. This report will be due 30 days after the end of
the calendar year.
Project Completion / Certificate of Occupancy
The housing business will remain under contract until IEDA receives written verification
that all of the proposed units have been certified for occupancy. If a city or county does
not have a formal process of issuing a certificate of occupancy then a signed and dated
statement from the enterprise zone commission stating that to the best of their
knowledge that the project is completed and ready for occupancy. It is left up to the
enterprise zone board members how they want to determine when a project is
completed and ready for occupancy. Please note the project must be completed within
two years of the start of construction /rehabilitation.
Thank you for investing in Iowa!
Project Manager
Enclosures
Cc: David Heiar, City of Dubuquep
File
IOWA ECONOMIC DEVELOPMENT AUTHORITY
HOUSING ENTERPRISE ZONE PROGRAM AGREEMENT
EZ AGREEMENT NUMBER:
APPLICATION APPROVAL DATE:
AGREEMENT EFFECTIVE DATE:
12 -HEZ -078
July 9, 2012
July 9, 2012
ENTERPRISE ZONE NAME: Dubuque EZ -1A located in Dubuque County
ZONE EXPIRATION DATE: November 15, 2017
THIS ENTERPRISE ZONE AGREEMENT is made by and among the Iowa Economic Development Authority,
200 East Grand Avenue, Des Moines, Iowa 50309 ( "Authority" or "IEDA "), City of Dubuque, 50 W. 13th Street,
Dubuque, IA 52001, ( "Community ") and Wilmac Property Company, 801 Jackson Street, Dubuque, IA 52001,
( "Housing Business ").
WHEREAS, the purpose of the Enterprise Zone Program is to promote new economic development in
economically distressed areas; and
WHEREAS, the Community has designated and the Authority has certified the Enterprise Zone identified
above; and
WHEREAS, eligible housing businesses with projects located in a certified Enterprise Zone are authorized
under this program to receive certain tax incentives and assistance; and
WHEREAS, the Enterprise Zone Commission responsible for the above - identified Zone has recommended
approval and the Authority has found the Housing Business' application to be consistent with the Act's eligibility
requirements, and
NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other good
and valuable consideration, it is agreed as follows:
ARTICLE I
DEFINITIONS
As used in this Agreement, the following terms shall apply:
1.1 "Act" means 2005 Iowa Code sections 15E.191 through 15E.196 as amended by 2005 Iowa Acts,
House File 857 and House File 882.
1.2 "Administrative Rules" means 261 Iowa Administrative Code, chapter 59.
1.3 "Agreement Effective Date" means the date this Agreement becomes effective and the Housing
Business is authorized to receive program benefits.
1.4 "Agreement Expiration Date" means the date this Agreement ceases to be in force and effect This
Agreement shall remain in effect until IEDA receives written verification that all 10 units have been certified for
occupancy.
1.5 "Application Approval Date" means the date, as identified above, on which the Director or Director's
designee of the IEDA approved the Housing Business' Enterprise Zone application.
1.6 "Board" means the IEDA Board.
1.7 "Commission" or "Enterprise Zone Commission" means the Enterprise Zone commission
established by the Community responsible for the certified Enterprise Zone.
HEZ Format revised 3/2008
EZ Agreement # 12 -HEZ -078
Page 2
1.8 "IDR" means the Iowa Authority of Revenue.
1.9 "Enterprise Zone" means the site within the Community certified by the Board for the purpose of
attracting private investment.
1.10 "Pro /ect" means the activity, or set of activities, described in this Agreement and the Enterprise
Zone application approved by IEDA.
1.11 "Project Completion" means the date of completion of construction or if this Project involves
rehabilitation, the date all improvements included in the Project are completed.
ARTICLE II
ENTERPRISE ZONE BENEFITS
2.1 Benefits. The following Enterprise Zone benefits authorized by the Act and IEDA administrative
rules are available to the Housing Business under this Agreement:
(a) Investment Tax Credit. The Housing Business may claim an investment tax credit up to a
maximum of 10 percent of the new investment which is directly related to the building or rehabilitating of the units
stated in Article IV, Section 4.1 of this Agreement.
New investment which is directly related to the building or rehabilitating units includes the following costs:
land, surveying, architectural services, building permits, inspections, interest on the construction loan, building
materials, roofing, plumbing materials, electrical materials, amounts paid to subcontractors for labor and materials
provided, concrete, labor, landscaping, appliances normally provided with a new home, heating and cooling
equipment, millwork, drywall and drywall materials, nails, bolts, screws, and floor coverings. New investment does
not include the machinery, equipment, hand or power tools necessary to build or rehabilitate homes.
The new investment that may be used to compute the tax credit shall not exceed the new investment used
for the first one hundred forty thousand dollars of value for each unit. In determining the tax credit, new investment
financed through federal, state, and local government tax credits, grants, and forgivable loans shall not be included.
The tax credit may be used to reduce tax liabilities imposed under Iowa Code chapter 422, Division II,
Division III or Division V or under Iowa Code chapter 432. Any credit in excess of the tax liability for the tax year
may be credited to the tax liability for the following seven years or until depleted, whichever occurs earlier. If the
business is a partnership, subchapter S corporation, limited liability company, or estate or trust electing to have the
income taxed directly to the individual, an individual may claim the tax credit allowed. The amount claimed by the
individual shall be based upon the pro -rata share of the individual's earnings of the partnership, subchapter S
corporation, limited liability company, or estate or trust.
Transferable replacement tax credit certificates may be issued by the Authority to projects as described in
Iowa Administrative Code 59.8(2)a.(8) and Iowa Administrative Code 59.8(2)a.(9):
(1) Approved housing development projects using low- income housing tax credits authorized under
Section 42 of the Internal Revenue Code and as described in Iowa Administrative Code
59.8(2)a.(8).
(ii) Approved housing development projects located in a brownfield site as defined in section 15.291 or
housing development projects located in a blighted area as defined in section 403.17 and as
described in Iowa Administrative Code 59.8(2)a.(9). The Authority shall not issue more than three
million dollars worth of transferable tax credits for housing developments that are located in a
brownfield site as defined in section 15.291 or housing developments located in a blighted area as
defined in section 403.17 in a calendar year. The Authority shall not issue more than one million
five hundred thousand dollars in tax credit certificates for transfer to any one eligible housing
Format revised 10/2005
EZ Agreement # 12 -HEZ -078
Page 3
business assisted in a brownfield site as defined in section 291 or in a blighted area as defined in
section 403.17.
(b) Refund Of Sales, Service And Use Taxes Paid To Contractors Or Subcontractors. The Housing
Business is eligible for a refund of sales, service and use taxes paid by an eligible business, including an eligible
business acting as a contractor or subcontractor as authorized in Iowa Code section 15.331A.
(i) The Housing Business may apply for a refund of the sales and use taxes paid under Iowa Code
chapters 422 and 423 for gas, electricity, water or sewer utility services, goods, wares, or
merchandise, or on services rendered, furnished, or performed to or for a contractor or
subcontractor and used in the fulfillment of a written contract relating to the construction or
rehabilitation of the units within the Enterprise Zone.
(ii) Taxes attributable to intangible property and furniture and furnishings shall not be refunded.
To receive a refund of the sales, service and use taxes paid to contractors or subcontractors, the Housing
Business must, within one year after Project Completion, make an application to the IDR.
2.2 Duration Of Benefits. The Enterprise Zone designation shall remain in effect for ten years following
the date of certification. Any state incentives or assistance that may be conferred must be conferred before the
designation expires. However, the benefits of the incentive or assistance may continue beyond the expiration of
the Enterprise Zone designation.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF BUSINESS
To induce the Authority and the Community to authorize Enterprise Zone benefits referred to in this
Agreement, the Housing Business represents, covenants and warrants that:
3.1 Authority. The Housing Business is a corporation duly organized and validly existing under the
laws of its state of incorporation and is in good standing, and has complied with all applicable laws of the State of
Iowa. The Housing Business is duly authorized and empowered to execute and deliver this Agreement. All action
on the Housing Business' part (e.g. where required, appropriate resolution of its Board of Directors) for the
execution and delivery of this Agreement, has been effectively taken.
3.2 Business Information. All written financial statements and related materials concerning the
Housing Business and the Project provided to the Authority and the Community are true and correct in all material
respects and completely and accurately represent the subject matter thereof as of the effective date of the
statements and related materials, and no material adverse change has occurred since that date.
3.3 Application. The contents of the application the Housing Business submitted to the Authority for
Enterprise Zone program benefits (Attachment A) is a complete and accurate representation of the Housing
Business and the Project as of the date of submission and there has been no material adverse change in the
organization, operation, business prospects, fixed properties or key personnel of the Housing Business since the
date the Housing Business submitted its application to the Authority. The application and any requested changes
must be approved in writing by the local enterprise zone commission prior to acceptance by the Authority.
3.4 Claims And Proceedings. There are no actions, lawsuits or proceedings pending or, to the
knowledge of the Housing Business, threatened against the Housing Business affecting in any manner whatsoever
its rights to execute this Agreement or to otherwise comply with the obligations of the Housing Business contained
under this Agreement. There are no actions, lawsuits or proceedings at law or in equity, or before any
governmental or administrative authority pending or, to the knowledge of the Housing Business, threatened against
the Housing Business or affecting the Housing Business' ability to proceed with the Project.
3.5 Permits. All necessary permits have been issued or will be applied for in a timely manner with
reasonable expectation that they will be issued.
Format revised 10/2005
EZ Agreement # 12 -HEZ -078
Page 4
ARTICLE IV
CONDITIONS TO RECEIPT OF ENTERPRISE ZONE BENEFITS
The Enterprise Zone Benefits authorized under Article II of this Agreement are available to the Housing
Business provided the Housing Business, (and where applicable, the Community) satisfies each of the following
conditions:
4.1 Build or Rehabilitate. The Housing Business must rehabilitate (rehab) 10 multi - family units in the
Dubuque EZ -1A Enterprise Zone.
4.2 Modest Homes. The single - family homes and dwelling units which are rehabilitated or constructed
by the Housing Business shall be modest homes or units, but shall include the necessary amenities. When
completed and made available for occupancy, the single - family homes and dwelling units shall meet the United
Sates Authority of Housing and Urban Development's housing quality standards and local safety standards.
4.3 Completed within Two Years. The Housing Business shall complete its building or rehabilitation
within two years from the time the Housing Business begins construction or rehabilitation of the units described in
Section 4.1.
4.4 Records And Accounts. The Housing Business shall maintain information, books, records,
documents and other evidence concerning the Project, in sufficient detail to permit the Authority and the
Community to assess compliance with the terms of this Agreement. The Housing Business shall retain the
aforementioned records for a period of three (3) years from the Agreement Expiration Date.
4.5 Access To Records /Inspections. The Housing Business shall, upon prior reasonable notice and at
any time (during normal business hours), permit the Community and its representatives and the Authority, its
representatives or the State Auditor to examine, audit and /or copy:
(i) any plans and work details pertaining to the Project,
(ii) all of the Housing Business' books, records and accounts relating to the Project, and
(iii) all other documentation or materials related to this Agreement.
The Housing Business shall provide proper facilities for making such examination and /or inspection.
Records of the Housing Business furnished to the Authority in connection with this Project are subject to the
provisions of Iowa Code chapter 22 and administrative rules adopted by the Authority concerning public records
and requests for confidential treatment of records.
4.6 Notice Of Proceedings. The Housing Business shall promptly notify the Community and IEDA of
the initiation of any claims, lawsuits, bankruptcy proceedings or other proceedings brought against the Housing
Business which would adversely impact the Project.
4.7 Reports; Community Monitoring /Reporting.
(a) The Housing Business shall prepare, sign and submit the following reports:
Report Due Date
Annual Certification January 30
The Housing Business shall, for the length of its designation as an Enterprise Zone business, certify
annually to the Community and the Authority its compliance with the requirements of the Act. The Housing
Business shall use the form provided by the Authority for its annual certification. Documentation of compliance with
the conditions detailed in Article IV shall be included with the annual certification.
Format revised 10/2005
EZ Agreement # 12 -HEZ -078
Page 5
4.8 Notice Of Business Changes. The Housing Business shall provide prompt advance notice to the
Community and the Authority of any proposed change n the Housing Business ownership, structure or control
which would materially and directly affect the Project.
ARTICLE V
DEFAULT AND REPAYMENT
5.1 Events Of Default. Enterprise Zone benefits described in Article II are only available to the Housing
Business to the extent the Housing Business satisfies the conditions described in Article IV. Any of the following
shall constitute an Event of Default under this Agreement:
(a) Material Misrepresentation. If at any time any representation, warranty or statement made or
furnished to the Authority or the Community by, or on behalf of, the Housing Business in connection with this
Agreement shall be determined by the Authority to be incorrect, false, misleading or erroneous in any material
respect when made or furnished.
(b) Breach Of Agreement. If there is a failure of the Housing Business to comply with any of the
covenants, terms or conditions contained in this Agreement.
(c) Relocation Or Abandonment. If there is an abandonment of the Project and the Housing Business
fails to renew the Project within the Enterprise Zone within 30 days. If the relocation or abandonment is due to a
natural disaster (e.g. flood, tornado), the Housing Business shall have 120 days to renew the Project within the
Enterprise Zone.
(d) Insolvency Or Bankruptcy. If the Housing Business becomes insolvent or bankrupt, or admits in
writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors, or the
Housing Business applies for or consents to the appointment of a trustee or receiver for the Housing Business or
for the major part of its property; or if a trustee or receiver is appointed for the Housing Business or for all or a
substantial part of the assets of the Housing Business and the order of such appointment is not discharged,
vacated or stayed within sixty (60) days after such appointment; or if bankruptcy, reorganization, arrangement,
insolvency, or liquidation proceedings or other proceedings for relief under any bankruptcy or similar law or laws for
the relief of debtors, are instituted by or against the Housing Business and, if instituted against the Housing
Business, is consented to, or, if contested by the Housing Business is not dismissed by the adverse parties or by
an order, decree or judgment within sixty (60) days after such institution.
5,2 Notice Of Default.
(a) From Authority. If, through the annual certification report or other means, the Authority has reason
to believe the Housing Business is in default of the terms of this Agreement, the Authority will issue a written notice
of default to the Housing Business, setting forth the nature of the default in reasonable specificity, and providing
therein a reasonable period of time, which shall not be less than 30 days from the date of the notice of default, in
which the Housing Business shall have an opportunity to cure, provided that cure is possible and feasible. A copy
of any Notice of Default will also be provided to the Community and IDR.
(b) From Community. If, through monitoring, auditing or other means, the Community has reason to
believe the Housing Business is in default of the terms of this Agreement, the Community will issue a written notice
of default to the Housing Business, setting forth the nature of the default in reasonable specificity, and providing
therein a reasonable period of time, =which shall not be less than 30 days from the date of the notice of default, in
which the Housing Business shall have an opportunity to cure, provided that cure is possible and feasible. A copy
of any Notice of Default will also be provided to the Authority and IDR.
Format revised 10/2005
EZ Agreement # 12 -HEZ -078
Page 6
5.3 Repayment: Loss of Benefits.
(a) Failure to meet/maintain requirements. If the Housing Business fails in any year to meet or
maintain any one of the requirements of the Act, the Housing Business shall repay the value of the incentives
received for each year during which it was not in compliance.
(b) 1DR recovery. Once it has been established, through the Housing Business' annual certification,
monitoring, audit or otherwise, that the Housing Business is required to repay all or a portion of the incentives
received, the IDR shall collect the amount owed. IDR has the authority, pursuant to the Act, to recover the value of
state taxes or incentives provided under the Act. The value of state incentives provided under the Act includes
applicable interest and penalties.
ARTICLE VI
,l TERMS AND PROVISIONS
6.1 Compliance With Laws And Re. ,ulations. The Housing Business shall comply with all applicable
State and federal laws, rules (including the administrative rules adopted by the Authority for the Enterprise Zone
Program - 261 Iowa Administrative Code, chapter 59), ordinances, regulations and orders.
6.2 Termination. This Agreement may be terminated by the Authority or the Community: (a) in the
event of an unremedied material Event of Default by the Housing Business under Article V of this Agreement; or (b)
by mutual agreement of all parties.
6 3 Survival Of Agreement. If any portion of this Agreement is held to be invalid or unenforceable, the
remainder shall be valid and enforceable.
6.4 Governing Law. This Agreement shall be interpreted in accordance with the law of the State of
Iowa, and any action relating to this Agreement shall only be commenced in the Iowa District Court for Polk County
or the United States District Court for the Southern District of Iowa.
6.5 Modification. This Agreement may only be modified by a written document signed by all Parties.
6.6 Notices. Whenever this Agreement requires or permits any notice or written request by one party
to another, it shall be in writing, enclosed in an envelope, addressed to the party to be notified at the address
heretofore stated (or at such other address as may have been designated by written notice), properly stamped,
sealed and deposited in the United States Mail. Any such notice given hereunder shall be deemed delivered upon
the earlier of actual receipt or three (3) business days after posting. The Authority may rely on the addresses of the
Housing Business and Community set forth heretofore, as modified from time to time, as being the addresses of the
Community and Housing Business.
6.7 Waivers. No waiver by a party of any Event of Default hereunder shall operate as a waiver of any
other Event of Default or of the same Event of Default on any future occasion. No delay on the part of a party in
exercising any right or remedy hereunder shall operate as a waiver thereof. No single or partial exercise of any
right or remedy by a party shall preclude future exercise thereof or the exercise of any other right or remedy.
6.8 Headings. The headings in this Agreement are intended solely for convenience of reference and
shall be given no effect in the construction and interpretation of this Agreement.
6.9 Integration. This Agreement contains the entire understanding between the Community, Housing
Business and the Authority and any representations that may have been made before or after the signing of this
Agreement, which are not contained herein, are nonbinding, void and of no effect. None of the parties have relied
on any such prior representation in entering into this Agreement.
6.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute but one and the same instrument.
Format revised 10/2005
EZ Agreement # 12 -HEZ -078
Page 7
6.11
reference:
Document Incorporated By Reference. The following document is hereby incorporated by
(a) Attachment A, "Housing Business' Enterprise Zone Application." Due to its size, Attachment A will
not be attached to this Agreement, but will be kept on file at the Iowa Economic Development
Authority. It shall, nevertheless, be considered an incorporated element of this Agreement.
6.12 Order Of Priority. In the event of a conflict between documents of this Agreement, the following
order of priority shall govern:
(a) Articles 1 through 6 herein.
(b) Attachment A, "Housing Business' Enterprise Zone Application."
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective Date
first stated:
FOR THE COMMUNITY:
City of D,buque
Signatur
Roy D. Buoi, Mayor
Type or Print Name, Title
FOR THE HOUSING BUSINESS:
Wilmac Property Company
Tim McNamara, President
Type or Print Name, Title
Format revised 10/2005
ATTACHMENT A
Housing Business' Enterprise Zone Application
Due to its size, Attachment A will not be attached to this Agreement, but will be kept on file at the Iowa Economic
Development Authority. It shall, nevertheless, be considered an incorporated element of this Agreement.
HEZ Format revised 3/2008