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: 02
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 00"x Xxx., Xxxxxxx Xxxxxx, Xxxx
00000-0000.
Contractor, by correspondence dateci February 22, 2008 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 3.1 (a) (i) (ii), "HIGH QUALITY JOBS Program Benefit"
Article 3.1 (a) (i), "High Quality Jobs," is amended as follows:
The Business may claim an investment tax credit as provided in
Iowa Code section 15.333. An investment tax credit may be claimed
of the qualifying expenditures, not to exceed $10,000,000 as
defined below in subparagraph (iv), directly related to new jobs
created by the start-up, location, expansion, or modernization of
the approved business under the program. The credit is to be
taken in the year the qualifying asset is placed in service. 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 first.
3.1 (a) (ii) Amortization Schedule is amended as follows:
Amortization Schedule
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July 1, 2006 -- June 30, 2007 $2,000,000
July 1, 2007 -- June 30, 2008 $2 000 000
July 1, 2008 -- June 30, 2009 $2,000,000
July 1, 2009 -- June 30, 2010 $2,000,000
July 1, 2010 -- June 30, 2011 $2,000 000
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2. REVISION OF EXHIBIT C -- DESCRIPTION OF THE PROJECT AND AWARD BUDGET
Exhibit C is amended to show the source of funds changes as the following:
1
Southwest Iowa Renewable Energy
Amendment Xx. 00
Xxxxxxxx Xx. X0000X00000
Funding Agreement 07-HQJC-005
Business/Investors amount changed to $113,07.5,389, Bank amount changed to
$111,000,000 and IDOT, RISE, Rail changed to $360,000. The land acquisition
amount changed to $2,064,090, site preparation changed to $9,438,098,
building construction changed to $197,618,201, Mfg machinery and equipment
changed to $2,250,000, other machinery changed to $80,000, computer
hardware changed to $200,000, computer software changed to $100,000,
working capital changed to $12,650,000 and job training changed to
$235,000. The total Award Budget changed from $170,635,000 to $224,635,389.
Revised Exhibit C is attached and hereby incorporated by reference in
Amendment Number 02.
3. REVISION OF EXHIBIT 4.2 QUALIFYING INVESTMENT Article 4.2, "Qualifying
Investment," is amended as follows:
4.2 Within five (5) years of the Effective Date (as defined in the
Master Agreement), the Business shall make a qualifying investment of
$211,570,389.
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:
 |
/s/ Xxxx Xxxxx, President & CEO
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Signature, Title
Date May 27, 2008
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DESCRIPTION OF THE PROJECT AND AWARD BUDGET
(EXHIBIT C)
AMENDED 4-15-08
Name of Business: Southwest Iowa Renewable Energy, LLC
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Contract Number: P0607M01032
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Amendment # 2
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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
--- ----
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 $2,064,090
VAP $200,000 loan/forgivable loan * Site Preparation $9,438,098
HQJC Program Benefits (1) See Note * Building Construction $197,618,201
* Mfg Machinery and Equipment $2,250,000
Other Machinery $80,000
Computer Hardware $200,000
Working Capital $12,650,000
Business/Investors $113,075,389 equity Job Training $235,000
Bank $111,000,000 loan
IDOT, RISE, Rail $360,000 rail loan
(1) $15,176,407 (estimated benefit value)
SUB TOTAL $224,635,389 SUBTOTAL $224,635,389
* included as capital investment if awarded
tax credit program
SUB TOTAL $0 SUB TOTAL $0
TOTAL ALL FUNDS $224,635,389 $224,635,389
