IEDA Loan Close Out of Medline CEBA Loane6`re rO NOM mLEVELnPMFNT A U .: O e@3i"
200 East Grand Avenue I Des Moines, Iowa 50309 USA I Phone: 515.725.3000
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October 10, 2013
Ms. Liz Johnson, HR Representative
Medline Industries, Inc.
7900 Chavenelle Road
Dubuque, IA 52002
RE: Project Maintenance Close -out
Master Contract #P0711 M01538
Funding Agreement #08- CEBAIVFGF -025
Dear Ms. Johnson:
RECEIVED
18 OCT 28 AM10 :48
City Clerk's Office
Dubuque, IA
It was a pleasure meeting with you, and I would like to congratulate you on successfully
maintaining your job obligations through the maintenance period in regard to the above
referenced project. The Authority's review of payroll documents at your facility indicates that the
jobs required to be maintained by the Community Economic Betterment Account (CEBA)
Program has met expectations.
In summary:
1. The Project Completion Date was November 30, 2010 with a Project Maintenance
Date of November 30, 2012.
2. The Agreement called for the creation of 75 new full -time equivalent (FTE) jobs above
a base employment of 232 which must be maintained through the Job
Maintenance period. The Business met its maintenance obligation with a total
employment of 359 full -time employees.
4. The Agreement required that at least 160 jobs paid an hourly wage of $14.46 per
hour or higher. Payroll records verified 218 jobs met the wage obligation.
Because the contract obligations have been met through the Job Maintenance Period, this
contract is now closed and there will be no further reporting requirements. All criteria has been
met for forgiveness of the forgivable loan, therefore the Authority has now closed the project and
hereby forgives the $240,000 forgivable loan portion of this award. Please accept this letter
as authorization to terminate IEDA's security interest in the form of CD #2694816 -24777 issued
by The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60675. I have also
enclosed the original canceled promissory note, and will return the city's original note to them, as
well.
We would like to express our thanks for your assistance in monitoring and closing out this project,
and we look forward to working with you on future-economic development projects. Please do
not hesitate to contact me at 515 - 725 -3041 or Kristi.steil(a iowa.gov should you have any
questions.
Sincerely,
AAA S1;r
Kristi Steil
Project Assistant
Compliance Team
/ks
Cc: John Lascody, The Northern Trust Company
Mayor Roy Buol, City of Dubuque
IEDA Compliance file
IEDA Accounting
Governor Terry E. Branstad I Lt. Governor Kini Reynolds I Director Debi V. Durham
CEBA Funding Agreement Exhibit Al- Community's Promissory Note (Forgivable Loan
PROMISSORY NOTE
DATE f C� .. q is
FOR VALUE RECEIVED, the undersigned promises, in the event
this Forgivable Loan is not forgiven, to pay to the order of the IOWA DEPARTMENT
OF ECONOMIC DEVELOPMENT, at its office at 200 East Grand, Des Moines, Iowa
50309, the sum of Two Hundred Forty Thousand DOLLARS ($240,000) with interest
at a rate of 0 % unless an Event of Default occurs, in which case interest shall be at the
default rate set forth in Contract number P0711M01538 ( "Contract "). The terms and
conditions by which forgiveness of this Loan may occur are as specified in the Contract.
Interest shall first be deducted from the payment and any balance shall be applied on
principal. Upon default in payment of any interest, or any installment of principal, the
whole amount then unpaid shall become immediately due and payable at the option of the
holder.
The undersigned, in case of suit on this note, agrees to pay on demand all costs of
collection, maintenance of collateral, legal expenses, and attorneys' fees incurred or paid
by the holder in collecting and /or enforcing this Note on default.
This note shall be secured by the Security specified in the Contract.
Makers, endorsers and sureties waive demand of payment, notice of non - payment, protest
and notice. Sureties, endorsers and guarantors agree to all of the provisions of this note,
and consent that the time or times of payment of all or any part hereof may be extended
after maturity, from time to time, without notice.
ADDRESS:
City Hall
50 West 13th Street
Dubuque, IA 52001
City of Dubuque
BY:
Date