PROJECT REPORT

Applicant:

Cottingham & Butler Insurance Services, Inc. Project Sponsor: Dubuque

16-HQJP-46

Award Date:

April 22, 2016 Version:

4/21/2016, 9:11 AM

Executive Summary

Cottingham & Butler Insurance Services, Inc. was established in 1887 and is the 37th largest insurance broker in the U.S. The company is headquartered in Dubuque and employs over 700 employees across the U.S. Cottingham & Butler provides a full suite of risk management and employee benefits services. The company continues to increase its national footprint with satellite offices in Iowa, Florida, Illinois, Ohio, Wisconsin, Tennessee, Minnesota, Pennsylvania, Texas, and California.

The company is proposing to enter into a lease agreement for approximately 25,000 square feet of space, complete tenant improvements, and purchase furniture, fixtures, software, hardware and phones to accommodate the increase in employment. The company proposes to start the project in May 2016 and complete the hiring process by March of 2018.

Award Summary Direct Financial Assistance

Forgivable Loan $ 300,000

5-year 0% Loan $

Total $ 300,000

Secured by: Surety Bond

Tax Credits

Investment Tax Credit $ -

Sales, Service, Use Tax Refund $ -

Research Activities Credit $ Targeted Jobs Withholding Credit $

Other (Describe) $ -

Total $ -

Project Jobs I ncented Other Total Jobs

Created 75 0 75

Retained 0 0 0

Total 75 0 75

Contract Conditions

• Application sponsorship approval by the City of Dubuque

ARS v. 7/1/2014 Page 1 of 4

Use of Funds Cost Capital Lease costs $ 1,100,000 Building Construction $ 100,000 Computer Hardware $ 275,000 Other M&E (phones) $ 65,000 Computer Software $ 700,000 Furniture & Fixtures $ 125,000 TOTAL $ 2,365,000

*- Local match for the project

Source of Funds Amount Form IEDA - HQJ (120%) $ 300,000 Forgivable loan ECIA Loan * $ 150,000 4% 10-year Business $ 1,915,000 Internal financing

$ - $ - $ -

TOTAL $ 2,365,000

Notes on Project Budget The Company is seeking benefits through:

• High Quality Jobs Program — direct financial assistance of $300,000

The East Central Intergovernmental Association plans to provide a 10-year 4% loan to meet the local match requirement.

Project Jobs

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PROJECT REPORT

Applicant:

Cottingham & Butler Insurance Services, Inc. Project Sponsor: Dubuque

16-HQJP-46

Award Date:

April 22, 2016 Version:

4/21/2016, 9:11 AM

Project Budget

Job & Wage Information Business' Base Employment: 506 *(currently employed at this location) Verification Source: March 31, 2016

* Contracted Base employment will take into account jobs pledged in 2015 HQJP award.

Proposed: Incented Jobs Other Jobs Total Project Jobs Created 75 0 75 Retained 0 n/a 0 Total Project 75 75 Jobs

Laborshed Area

Distressed County?

Brownfield /Grayfield

Laborshed Wage 100%

Laborshed Wage 120%

Dubuque No No $17.11 /hr $20.53 /hr

ARS

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Page 2 of 4

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PROJECT REPORT

Applicant:

Cottingham & Butler Insurance Services, Inc. Project Sponsor: Dubuque

16-HQJP-46

Award Date:

April 22, 2016 Version:

4/21/2016, 9:11 AM

Prior Awards Contract # Company

Name Location Approved Type of

Incentive Award Jobs created Qual. wage

Capital Investment

Status / Amendment

15-HQJP-36 Cottingham &

Butler Dubuque 2/20/15

Loan Forgivable loan

$300,000 $300,000 75 $20.06 $590,000

Funds have not been

disbursed; performance completion in

2018

07-CEBA-13

Cottingham & Butler

Dubuque 10/19/06

Loan Forgivable loan

$150,000 $150,000

56 $20.36 $6,580,000

Loan has been repaid

07-EZ-21 Tax Credits $623,000 In

maintenance until 2022

02-EZ-01 Cottingham &

Butler Dubuque 1/16/02 Tax Credits $397,324 60 $11.01 $2,337,326

In maintenance

01-CEBA-25 Cottingham &

Butler Dubuque Loan $120,000 40 $15.42 $2,638,317

Created 21 jobs — repaid loan; closed

99-CEBA-25 Cottingham &

Butler Dubuque 3/18/99

Loan Forgivable Loan

$45,000 $45,000

24 $13.84 $2,113,500 Closed; 31

jobs created

99-EZ-07 Cottingham &

Butler Dubuque 8/5/99 Tax Credits $114,350 30 $14.05 1 036,000 $ , Closed

Cornpetition

Cottingham & Butler competes with other insurance brokers in the U.S. The company estimates that 85% of revenue is derived from clients located outside of Iowa. With the majority of clients located outside of Iowa, the company does not expect the expansion to have an impact on competitors in Iowa.

Additional Project Information and Timeline

Activity Activity Completion Date Sign lease May 2016 Tenant Improvements June 2016 Job Creation April 2019

ARS

V. 7/1/2014

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PROJECT REPORT

Applicant:

Cottingham & Butler Insurance Services, Inc. Project Sponsor: Dubuque

16-HQJP-46

Award Date:

April 22, 2016 Version:

4/21/2016, 9:11 AM

High Quality Jobs Program Tax Credits

Capital Investment

$565,000

Qualifying Investment

$1,600,000

Investment Qualifying for Tax Credits

$1,475,000

Employee Benefits

Company provides sufficient benefits: El Pays at least 80% of single coverage medical premiums & meets deductible level of $1,250 (or

part of the deductible is offset by additional premium cost) based on number of Iowa employees at time of application

Z Pays at least 50% of family coverage medical premiums & meets deductible level of $2,500 (or part of the deductible is offset by additional premium cost) based on number of Iowa employees at time of application

El Provides some level of medical insurance and provides a monetary equivalent through the following benefits:

Contract Information

Project Award Date:

April 22, 2016 Project Performance Completion Date:

April 30, 2019

Project Maintenance Completion Date:

April 30, 2021

ARS v. 7/1/2014 Page 4 of 4

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PROJECT REPORT

Applicant:

Mobile Track Solutions, LLC Project Sponsor: City of Elkader

16-HQJP-51

Award Date:

April 22, 2016 Version:

4/21/2016, 9:17 AM

Executive Summary

Mobile Track Solutions, LLC, manufactures heavy earth moving equipment for contractors of all sizes, including construction grade tractors, various sized scrapers, disks and roller blades. The proposed project includes construction of a 44,000 s.f. building in the Johnson Industrial Park in Elkader. Mobile Track Solutions would use the building to rebuild components and remanufacture Caterpillar 740 haul trucks. The building would include offices, parts storage, power washing, paint, blasting, and overhead cranes.

Award Summary Direct Financial Assistance

Forgivable Loan $ 90,000

5-year 0% Loan $ 90,000

Total $ 180,000

Secured by: Irrevocable Letter of Credit

Tax Credits

Investment T ax Credit $ 255,000

Sales, Service, Use Tax Refund $ 102,000

Research Activities Credit $ -

Targeted Jobs Withholding Credit $ -

Other (Describe) $ -

Total $ 357,000

Pro ect Jobs Incented Other Total Jobs

Created 30 0 30

Retained 0 0 0

Total 30 0 30

Contract Conditions

The award is subject to the approval of the local match from the City of Elkader and from Main Street Elkader.

MWF v. 7/1/2014 Page 1 of 4

Use of Funds Cost Site Preparation $ 100,000 Building Construction $ 3,300,000 Mfg. Machinery & Equip. $ 1,690,000 Computer Hardware $ 10,000 Furniture & Fixtures $ 10,000 TOTAL $ 5,110,000

*- Local match for the project

Source of Funds Amount Form IEDA - HQJ (100%) $ 90,000 Forgivable Loan IEDA - HQJ (100%) $ 90,000 5-year 0% Loan Business $ 200,000 Cash/Equity Bank $ 4,730,000 Loan

$ - TOTAL $ 5,110,000

Notes on Project Budget The Company is seeking benefits through the High Quality Jobs Program in the form of direct financial assistance in the amount of $180,000 and tax credits in the estimated amount of $357,000.

Indirect Project Contributions

Source of Funds/Contribution Amount Form / Term

Elkader/TIF Rebate * $ 287,994 57% over 5 years

Tax Abatement $ -

Main Street Elkader/Land Donation * $ 50,000 11 acre land donation

RISE / RED funds - IDOT $ -

TOTAL $ 337,994

*- Local match for the project

Project Jobs

-

PROJECT REPORT

Applicant:

Mobile Track Solutions, LLC Project Sponsor: City of Elkader

16-HQJP-51

Award Date:

April 22, 2016 Version:

4/21/2016, 9:17 AM

Project Budget

Job & Wage Information Business' Base Employment: 55 (currently employed at this location) Verification Source: March 2016 payroll reports

Proposed: Incented Jobs Other Jobs Total Project Jobs Created 30 0 30 Retained 0 n/a 0 Total Project Jobs 30 0 30

MWF v.7/1/2014 Page 2 of 4

PROJECT REPORT

Applicant: Project Sponsor: Award Date: Version:

Mobile Track Solutions, LLC City of Elkader April 22, 2016 4/21/2016, 9:17 AM

Laborshed Area

Distressed County?

Brownfield /Grayfield

Laborshed Wage 100%

Elkader Yes No $14.70/hr

16-HQJP-51

Prior Awards

Contract # Company Name Location Approved Type of Incentive Award Jobs created Qual.

wage Capital

Investment Status!

Amendment

12-130-27 Mobile Track Solutions Elkader 4/20/12

FL &

Loan

$50,000 &

$50,000 20 incented $18.20 $2,747,625

In maintenance until 4/30/17

12-EZ-14 Mobile Track Solutions Elkader 4/20/12 Tax Credits $322,937

In maintenance until 4/30/17

09-EZ-14 Mobile Track Solutions Elkader 4/16/09 Tax Credits $727,168 20 $16.26 $5,847,000

In maintenance until 4/30/22

Competition

The only known Iowa competitor is John Deere, which builds new, articulated dump trucks and track type tractors. Mobile Track Solutions refurbishes used, Caterpillar equipment that was manufactured outside the U.S.

Additional Project Information and Timeline

Activity Activity Completion Date Building construction and equipment installation June 2019

High Quality Jobs Program Tax Credits

Capital Investment $5,110,000

Qualifying Investment $5,110,000

Investment Qualifying for Tax Credits $5,110,000

MWF v. 7/1/2014 Page 3 of 4

I

PROJECT REPORT

Applicant:

Mobile Track Solutions, LLC Project Sponsor: City of Elkader

16-HQJP-51

Award Date:

April 22, 2016 Version:

4/21/2016, 9:17 AM

Tax Benefits Included in Award Maximum Value

Refund of sales, service or use taxes paid during construction

$102,000 a Yes

No

Refund of sales taxes paid on racks, shelving, and conveyor equipment (warehouse/DC projects only)

Yes $0

L No

Investment tax credit (up to 5%) $255,000 Yes

No

Supplemental research activities tax credit Yes $0

No

MAXIMUM AWARD — STATE'S PORTION $357,000

Local Property Tax Exemption through the High Quality Yes $0 Jobs Program ' No

TOTAL VALUE of State and Local benefits through program $357,000

Investment Tax Credit Amortization Schedule State FY 2016 July 1,2015 through June 30, 2016 $51,000 State FY 2017 July 1,2016 through June 30, 2017 $51,000 State FY 2018 July 1, 2017 through June 30, 2018 $51,000 State FY 2019 July 1,2018 through June 30, 2019 $51,000 State FY 2020 July 1,2019 through June 30, 2020 $51,000

Employee Benefits

Company provides sufficient benefits: El Pays at least 80% of single coverage medical premiums & meets deductible level (or part of the

deductible is offset by additional premium cost) based on number of Iowa employees at time of application

LI Pays at least 50% of family coverage medical premiums & meets deductible level (or part of the deductible is offset by additional premium cost) based on number of Iowa employees at time of application

El Provides some level of medical insurance and provides a monetary equivalent through the following benefits:

Contract Information

Project Award Date:

April 22, 2016 Project Performance Completion Date:

April 30, 2019

Project Maintenance Completion Date:

April 30, 2021

MWF v.7/1/2014 Page 4 of 4