Southwest Iowa Renewable Energy
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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"), ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, an agency of the State of Iowa and Southwest Iowa Renewable
Energy (hereafter "Contractor"), ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇., ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇
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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
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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