Southwest Iowa Renewable Energy
Amendment Xx. 00
Xxxxxxxx Xx. X0000X00000
Funding Agreement 07-HQJC-005
AMENDMENT
PROGRAM: HQJC
FUNDING AGREEMENT NUMBER: 07-HQJC-005
AMENDMENT NUMBER: 01
THIS AMENDMENT is made by and between the IOWA DEPARTMENT OF ECONOMIC
DEVELOPMENT, (hereafter "Department" or "IDED"), 000 Xxxx Xxxxx Xxxxxx, Xxx
Xxxxxx, Xxxx 00000, an agency of the State of Iowa and Southwest Iowa Renewable
Energy (hereafter "Contractor"), 0000 Xxxxx 00xx Xxx., Xxxxxxx Xxxxxx, Xxxx
00000-0000.
Contractor, by correspondence dated January 23, 2007 requested that the
contract be amended. Funding Agreement Number 07-HQJC-005, along with Master
Contract Exhibits C and D, are hereby modified as follows:
1. REVISION OF ARTICLE 2.7, "HIGH QUALITY JOBS." Article 2.7, "High Quality
Jobs," is amended by increasing the starting wage from $17.72 to $21.81.
Article 2,.7 shall read:
"2.7 High Quality Jobs. "High Quality Jobs" means created jobs that,
at a minimum, have a starting wage including benefits equal to or
greater than $21.81 as shown in,Master Contract Exhibit D, Job
Obligations."
2. REVISION OF EXHIBIT C -- DESCRIPTION OF THE PROJECT AND AWARD BUDGET;
REVISION OF EXHIBIT D -- JOB OBLIGATIONS Exhibits C and D are amended to
increase jobs created from 45 to 54 with 34 (not 27) qualifying for VAAPFAP
and 29 (not 27) qualifying for HQJC at 160% of the threshold. The average
wage for VAAPFAP will increase from $21.72 per hour to $23.99 per hour and
the average wage for HQJC will increase from $21.72 to 25.45 per hour.
Revised Exhibit C and Exhibit D are attached and hereby incorporated by
reference in Amendment Number 01.
Except as otherwise revised above, the terms, provisions, and conditions of
Funding Agreement Number 07-HQJC-005 remain unchanged and are in full force and
effective as of the latest date stated below:
FOR CONTRACTOR: FOR IDED:
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DESCRIPTION OF THE PROJECT AND AWARD BUDGET
(EXHIBIT C)
(Amendment 01)
Name of Business: Southwest Iowa Renewable Energy, LLC
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Contract Number: P0607M01032
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Amendment 01
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PROJECT DESCRIPTION
Southwest Iowa Renewable Energy, LLC will construct a 110 million gallon
ethanol plant in Pottawattamie County The project involves land acquisition,
site preparation, building construction, acquisition of machinery and
equipment, watertsewer, rail, electric/steam, job training and working capital
The Business will create 54 full time equivalent positions as a result of this
project.
VAP HQJC
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Project Completlon Date: July 31, 2009 July 31, 2011
Job Maintenance Period: July 31, 2011 July 31, 2013
AWARD BUDGET
SOURCE OF FUNDS USE OF FUNDS
Amount Cost
------ ----
IDED Programs * Land Acquisition $3,523,250
VAP $200,000 loan/forgivable loan * Site Preparation $5,245,000
HQJC Program Benefits (1) See Note * Building Construction $46,251,206
* Mfg Machinery and Equipment $75,351,704
Community College $235,000 260E Working Capital $20,650,000
Business/Investors $74,004,000 equity Job Training $235,000
Bank $93,546,000 loan Rail $8,000,000
MidAmerican $2,150,000 utility extension Water/Sewer $2,960,000
IDOT, RISE, Rail $500,000 rail loan Electric/Steam $4,650,000
Development Contingency $3,768,840
(1) $8,078.588 (estimated benefit value)
SUB TOTAL $170,635,000 SUBTOTAL $170,635,000
* included as capital investment if awarded
tax credit program
SUB TOTAL $0 SUB TOTAL $0
TOTAL ALL FUNDS $170,635,000 $170,635,000
