HomeMy WebLinkAbout07-30-2009 Council Economic Development CommitteeAGENDA
City of Iowa City
City Council Economic Development Committee
Thursday, July 30, 2009
8:00 a.m.
Lobby Conference Room
City Hail
1. Call to Order
2. Consider approval of July 21, 2009 minutes
3. Discussion of a CDBG Economic Development Fund Application for
Corridor Drywall LLC
4. Committee time
5. Adjournment
MINUTES PRELIMINARY
CITY COUNCIL ECONOMIC DEVELOPMENT COMMITTEE
JULY 21, 2009
LOBBY CONFERENCE ROOM, 8:00 A.M.
Members Present: Connie Champion, Matt Hayek
Members Absent: Regenia Bailey
Staff Present: Wendy Ford, Jeff Davidson
Others Present: Sean Fredericks, Englert Theatre
RECOMMENDATIONS TO COUNCIL:
None
CALL MEETING TO ORDER:
Matt Hayek called the meeting to order at 8:00 A.M.
CONSIDER APPROVAL OF THE MINUTES OF THE JUNE 15, 2009 ECONOMIC
DEVELOPMENT COMMITTEE MEETING:
Champion moved to accept the June 15, 2009 meeting minutes as submitted.
Hayek seconded the motion. Carried 2-0.
CONSIDER ENGLERT THEATRE PERFORMANCE MEASURES FOR FUNDING:
Hayek noted that he had reviewed these measures briefly. He asked Sean Fredericks
from the Englert to review the proposal regarding metrics going forward. Fredericks
noted that these measures will be helpful in the future in seeing what the economic
impact of the Englert is on the downtown. He briefly touched on how restaurants,
parking, and other downtown businesses might assist in tracking the impact of the
Englert.
Members discussed what the collected data might show, noting that it will be difficult for
them to peg a specific threshold denoting success. Hayek noted that he hopes the data
shows the spin-off numbers at surrounding businesses, when the Englert has a program
or show going on.
Champion moved to accept the performance measures for the Englert Theatre as
discussed. Hayek seconded the motion. Carried 2-0.
Hayek noted that Bailey had voiced her approval of these measures, prior to today's
meeting. Davidson asked Fredericks if he intended to file a report or some type of
mechanism to relay this information. Fredericks responded, stating that they are willing
to do whatever the City requests - quarterly or yearly. Members discussed this briefly,
and decided to have the first report due in January. Hayek asked if they could have this
information prior to their budget talks. The report will be sent directly to the City Council.
Economic Development Committee Meeting
July 21, 2009
COMMITTEE TIME:
None.
STAFF TIME:
Ford noted that she would like to set an August meeting time, and she asked the
Members when they will be available. Hayek stated that he needs to check his calendar.
Ford added that they may have a possible CDBG application that they hope to get
approved prior to the August 18 Council meeting. It was decided that Members could
meet next week, and that Tracy Hightshoe could present the CDBG application in Ford's
absence.
ADJOURNMENT:
Champion moved to adjourn the meeting at 8:14 A.M.
Hayek seconded the motion. Carried 2-0.
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INITIAL REVIEW OF CORRIDOR DRYWALL LLC
WORKING CAPITAL
Business Proposed:
Applicants, Dan and Mary Buol owners of Corridor Drywall, LLC, are requesting
funds to establish a drywall company in Iowa City. The business offers drywall
services to contractors in the residential and small commercial building markets
in southeastern Iowa. Dan has worked in the drywall business for over 25 years
and will now establish his own company. The owners have immediate plans to
hire two full time employees. The owner requests $35,000 for start up expenses
such as drywall supplies and equipment.
The business qualifies under the low -to -moderate income job creation criteria
under the Community Development Block Grant program. The business will
create 3 full time positions, of which over 51 % of the positions are held by or
made available to low -to -moderate income persons.
Budget & Private Financial Contribution
The applicant has applied for a SBA loan through First American Bank. After
discussions with the lender, the bank anticipates approving a $65,000 loan and
offering the business a $35,000 line of credit. The bank's loan will be secured
though a lien on the owner's private residence and a lien on all business assets
including the owner's vehicles. The bank is unable to increase the loan due a
collateral shortfall. To have enough funds to start and operate the business,
applicant requires an additional $35,000. The owners have invested all other
income and available assets into the business.
Comprehensive Plan/CITY STEPS Plan
The project does not require public infrastructure and is located in the Scott Six
Industrial Park, zoned 1-1, General Industrial. CITY STEPS encourages
mechanisms fro increasing full-time, permanent jobs with benefits.
Quality of Jobs
The owner will be paid as a salaried position with paid vacation and a Simple
IRA. The starting salaries for the two positions are $16.40/hour (skilled craft
worker) with paid vacation and a Simple IRA and $10.00/hour (unskilled laborer).
The owner estimates that the workers will receive on average 4 hours of overtime
(paid at time and a half) each week. The owner has retained legal advice and
contracted with a Certified Public Accountant to assist in monitoring the financial
aspects of the business.
Economic Impact
The proposed CDBG funds will provide a small business with access to low
interest working capital and enable them to secure the majority of their needed
financing through a commercial lender. First American Bank referred the owners
to the CDBG fund in order to access additional working capital.
July 2009
Environmental/Community Involvement
The business will promote and utilize any recycling methods available. Scrap
sheet rock will be returned to the supplier and recycled into new sheet rock.
Wooden pallets will be sent to Johnson County refuse for recycling. The
company will collect partial rolls of paper from Loparex, a local company, to use
for floor coverings as opposed to purchasing rosin paper.
Staff recommendation:
The owners have been working with SCORE and a CPA to develop their
business plan and financial projections. The applicant is currently taking a
QuickBooks course at Kirkwood Community College. First American Bank
reviewed the proposal and anticipates making $100,000 available to this
business based on their underwriting criteria and recommends a $35,000 loan
through the CDBG fund to complement their financing to ensure sufficient cash
flow for the business. The owners have a history of paying their debt obligations.
Staff recommends $35,000 for working capital with a maximum term of 7 years at
1 % interest. Staff recommends as a condition of the award the business is
evaluated by the Small Business Development Center. Any technical assistance
necessary would be based on an evaluation by the Small Business Development
Center. For partial security, staff recommends a UCC statement for all business
assets. The commercial lender will have the first lien on all personal and
business assets.
July 2009
Iowa City CDBG Economic Development Funds
Application for Business Financial
Assistance
Business Requesting Financial Assistance: Corridor Drywall, LLC
Individual
Dan and Mary Buol
Home Address
2388 Eureka Avenue
West Liberty, Iowa 52776
Name of Applicant Business
Corridor Drywall, LLC
Full Street Address of Business
3852 Liberty Drive, Unit 4&5
Iowa City, Iowa 52240
Phone Number & Email Address
319-430-2440
dm3buol@lcom.net
DUNS Number (If awarded funds, applicant must obtain a DUNS number):
Pending
Type of Business
Drywall Company
Date Business Established — pending financing (new business proposal)
Bank of Business Account and Address (if applicable):
First American Bank
Revised 11/15/06
NOTE: The City will not provide assistance in situations where it is determined that any repre-
sentation, warranty or statement made in connection with this application is incorrect,
false, misleading or erroneous in any material respect. If assistance has already been
provided by the City prior to discovery of the incorrect, false or misleading
representation, the City may initiate legal action to recover City funds.
Section 1: Description of Business and Proposed Project
1.1. Describe the proposed "project" (for example, company relocation, building expansion,
remodeling, new product line, number of new jobs, amount of investment in machinery and
equipment) and the expected benefits it will receive from the financial assistance requested:
We are seeking financial assistance, which will enable us to establish a drywall
company in the Iowa City area. This company will employ three to potentially four
full time employees who will fall in the low to moderate income levels. It will also
create full time work for sub contractors who traditionally also have low to
moderate incomes.
The initial capital requirements include purchase of drywall supplies, equipment,
vehicles, and miscellaneous items total $100,000.00. The financial assistance
provided through the Iowa City Community Development Block Grant Economic
Development Funds will enable us to purchase equipment and supplies necessary
to serve contractors in the Iowa City area.
1.2. Provide a brief history of your company:
Dan Buol has worked in the drywall industry for 25 years. Establishing Corridor
Drywall will allow Dan to continue to focus his knowledge of the industry on
efficiently providing superior quality, craftsmanship, and products to contractors
in residential and small commercial building markets.
1.3. Describe the organizational structure of the business:
Dan and Mary will own and direct all aspects of this company. Dan will manage the
company from quality control, customer contacts, and generation of new business
to scheduling. He will also continue to be directly involved in all aspects of the
trade. Mary will supervise the administrative and financial management of the
business.
Shortly after establishing the company, Corridor Drywall also plans to hire an
upper level employee and an entry level employee. Upper level employees will be
experienced in the trade and capable of assuming leadership tasks on various
construction projects. An entry level employee will be expected to support and
assist in all areas of completing each job.
Revised 11/16/06
As the company and economic times continue on an upward movement and as
Dan's time is more valuable to the company in a marketing, management and
leadership roll, we may need to hire more labor. All employees hired need to be
self -motivated and to have extreme attention to detail and to customer service.
Dan and Mary have retained experts to assist them in various business matters: a
Certified Public Accountant will assist in the monitoring of the financial aspects of
the business and an attorney will provide advise on all legal aspects of running
and managing a company in the Iowa City area. They have also established a
strong relationship with a local banker on whom they can rely for advice. Finally,
counselors from the local SCORE Chapter with whom they have worked will remain
available to them as a resource on various business and management matters.
1.4. Management
(Proprietor, partners, officers, directors, all holders of outstanding stock, 100% of ownership
must be shown)
Name & Position/Title
Complete Address
Owned
Daniel R. Bud, owner
2388 Eureka Avenue
West Liberty, Iowa 52776
50%
Mary L. Bud
2388 Eureka Avenue
West Liberty, Iowa 52776
50%
Attach a brief description similar to a resume of the education, technical and business
background for all the people listed under Management.
1.5. Will the project involve a transfer of operations or jobs from any other Iowa City or Johnson
County facility or replace operations or jobs currently being provided by another Iowa City
or Johnson County company? If yes, please indicate the facility(s) and/or company(s)
affected.
Due to the economic slow down in the construction industry, Dan believes he will
hire workers that may have been laid off by other companies.
Revised 11/15/06
Section 2: Financial Contributions to the Proposed Project
2.1. Use of Proceeds
USE OF Proceeds
Activity
Loan Requested
(Enter gross dollar
amount rounded to
the nearest hundreds)
Land acquisition
$ n/a
New Construction/Expansion Repair
$ n/a
Acquisition and/or Repair of Machinery
and Equipment
$79,000
Inventory Purchase
$18,320
Working Capital (including accounts
payable)
$35,000
line of credit
Acquisition of Existing Business
$ n/a
All Other (provide description) *
$ 2,610
Total Loan Requested (All Sources):
$ 140,000 ($134,930)
*Miscellaneous start up office expenses.
2.2. Terms of Proposed Financing (Sources)
Proposed Financing
Financial Institution: First American Bank
Financial Institution : First American Bank,
Line of credit
Other:
Iowa City CDBG Economic Dev. Fund
Monthly
Payment
Amount
$ 65,000.00 $950.00
$ 35,000.00 1 $172.60*
$ 35,000.00
TOTAL: 1 $135,000.00 1 $1,122.60
Type") I Rate
6%
6%
1%
')For example: forgivable loan, direct loan, or grant.
*Figures based on interest only monthly payments on a full advance of funds.
Term
7 years
7 years
2.3. Explain why assistance is needed from the City, and why it cannot be obtained
elsewhere. If the applicant did not apply for a loan through a private financial
institution, please explain why. If denied assistance through a financial
institution, please attach the letter of denial.
First A177er1ca17Bank is using a Small Business Ao'rr7inistration (SBA) loan
o'ue to lack ofcollaferal. The bank feels the cities assistance wou/o'he/p in
pro Vio'ing support for tha shortfall in collateral.
5
2.4. Indicate the owner's contribution (cash, assets for the operation of the business, etc.) to
this project.
Dan and Mary will be putting a second mortgage on their home to allow for
collateral on the money they have requested from First American Bank. They will
also sign a personal guaranty. The business will provide a GBSH.
2.5. Identify all agencies or institutions involved in the project (financial, technical assistance,
etc.) and what their involvement is:
First American Bank
Carlson Hartsock & Guither PLC, Deb Hartsock
Leff Law Firm, Marc Danielson
SCORE, Iowa City Chapter
2.6. What type of security will the assisted business provide the City? If no security or less
than the dollar amount requested is offered, an explanation must be provided.
€ Corporate Guaranty
€ UCC Financing Statement - yes
€ Irrevocable Letter of Credit
€ Personal Guarantee - yes
€ Surety Bonds
€ Mortgage on Real Estate
€ Escrow Account
€ Other:
Before execution of a CDBG agreement, if the collateral consists of machinery and equipment,
inventory, or other, the applicant must provide an itemized list that contains serial and
identification numbers for all articles that had an original value of greater than $5,000. Include a
legal description of real estate offered as collateral.
2.7 If the City did not provide financial assistance, could the project proceed?
Without the assistance of the city, the bank feels it would be very difficult for this
project to proceed. Due to the lack of collateral on behalf of Dan and Mary Buol,
additional sources of funding are required.
Section 3: Jobs to Be Created/Retained
Special Note: The Community Development Block Grant (CDBG) program requires that at
least 51 % of the jobs created or retained must be held by or made available to low -
moderate income persons. The business acknowledges that if it fails to create and/or
retain the jobs identified below by the end of the project period and maintain them for a
Revised 11/15/06
period of time (usually 12 months from the date of the award); it may be required to
reimburse City funds for the employment shortfall.
3.1 If an existing business, how many employees are currently employed at your Iowa City
location? Please attach a copy of the company's quarterly Iowa "Employer's Contribution
and Payroll Report" for the most recent quarter.
This is a request to start a new business.
3.2 Complete the following chart identifying the number of jobs to be created and/or retained
based on this specific project.
Type of Job and Hourly Rate for Created and/or Retained Positions in First 12
Months of Project Award (please see attached Job Category Definitions)
# of Jobs
Created
# of Jobs
Retained
Type of Job
No. Hours
Per Week
Hourly
Rate of Pay
Fringe
Benefits*
1
1
Officials & Managers
44
$22.72*
Paid vacation
Simple IRA
Professional
Technicians
Sales
Office & Clerical
1
Craft Wokers (Skilled)
44
$16.40
Paid vacation
Simple IRA
Operatives (semi -skilled)
1
Laborers (unskilled)
44
$10.00
Service Workers
*If fringe benefits are provided, please attach a description of all employee benefits provided
by and paid for (in full or in part) by the business.
* This amount Is salary pay and not hourly rate. This will be figured as
an off lcer draw and taxes will be paid at the end of the year.
*The numbers of hours per week are calculated based on 40 hours plus 4
hours of over time paid as time and a half. This enables the workers to
earn a greater annual Income, however they still fall In the low to
moderate Income levels.
3.3 What is the estimated annual payroll for the new employees resulting from this project?
Revised 11/16/06
The estimated annual payroll for the employees of Corridor Drywall is $55,200.00.
3.4 If an existing business, will any of the current employees lose their jobs if the project does
not proceed? If yes, how many? Explain why:
Na
Section 4: Economic & Environmental Impact
4.1. What other Johnson County companies could be considered to be your competitors?
Bower Drywall, Weldon Drywall, and Modem Wall are companies in Johnson
County that may be competition for Corridor Drywall.
4.2. Please describe the energy and resource efficiency programs, waste reduction, waste
exchange, and recycling programs at your Iowa City operation.
It will be a high priority for Corridor Drywall to seek environmental projects, which
will promote and utilize any recycling methods available.
Corridor Drywall will recycle the scrap sheet rock. It will be returned to the supplier
and recycled into new sheet rock. Wooden pallets will be collected and given to
Johnson County refuse for recycling. Instead of purchasing rosin paper, the
company will collect partial rolls of paper from the Iowa City business, Loparex to
use for covering floors.
In the future the company will research the environmental benefits to purchasing a
grinder for the purpose of reducing scrap waste. This is a method that companies
on the West coast use as a methods of reducing landfill waste.
Section 5: Community Involvement, Compliance with Law
5.1 In addition to your normal business activities, does your business contribute or have plans to
contribute to the community through volunteer work, financial contributions, or through other
means? Please describe.
Corridor Drywall would consider the opportunity to serve the community in any
means possible. As a member of the Iowa City business community, Corridor
Drywall will strive to promote community development It will work cooperatively
with other businesses to enable Iowa City to grow and further its economic and
community oriented projects.
Revised 11/15/06
5.2 Has the business been cited or found to violate any federal or state statute or regulation
within the last five years (including, but not limited to environmental regulations, payroll
taxes, Occupational Safety and Health Administration laws, Fair Labor Standards, the
National Labor Relations Act, the Americans with Disabilities Act)? If yes, please explain the
circumstances of the violation(s).
No
5.3 Has the company or any officer of your company been involved in bankruptcy or
insolvency proceedings during the past 7 years from the date of this application? If so,
provide the details.
No
5.4 Are you or your business involved in any pending lawsuits? If yes, provide the case name of
the lawsuit, docket number, and city and state where it is pending.
No
Revised 11/16/06
Section 6: Summary of Required Attachments
Check off each attachment submitted. If not submitted, explain why.
[ X ] Business plan (if start-up business)
[ X] Balance Sheet (3 year historical if an existing business. Start-ups must provide a pro -
forma balance sheet)
IX] Profit and loss statements (3 year historical if an existing business, 3 year projection for
start-ups)
[ X] 12 month cash flow statement (if the business does not expect to turn profitable within the
first 12 months, provide a cash flow statement extended to the year the business expects
to turn profitable)
[ X] Description of fringe benefits provided to employees, if applicable
[ X ] Brief description of the education, technical and business background for all the persons
listed under Management (Question #1.4)
[X Please provide the social security numbers for all the persons listed under Management
(Question #1.4)
n/a If an existing company, copy of the company's quarterly Iowa "Employer's Contribution and
Payroll Report" for the most recent quarter.
n/a Construction loans only: Cost estimates for construction and a statement of the source of
any additional funds
[X ] Include a list of any machinery or equipment or other non -real estate assets to be
purchased with the financial assistance and the cost of each item as quoted by the seller.
Include the seller's name and address.
Upon review of a submitted application, the City reserves the right to request
additional information in order to assist the City with its evaluation of an
application.
10
Release of Information and Certification
NOTE: Please read carefully before signing
I hereby give permission to the City of Iowa City (the City) to research the company's history,
make credit checks, contact the company's financial institution, and perform other related activities
necessary for reasonable evaluation of this proposal. I understand that all information submitted to
the City relating to this application is subject to the Open Records Law (1994 Iowa Code, Chapter
22) and that confidentiality may not be guaranteed. I hereby certify that all representations,
warranties or statements made or furnished to the City in connection with this application are true
and correct in all material respects. I understand that it is a criminal violation under Iowa law to
engage in deception and knowingly make, or cause to be made, directly or indirectly, a false
statement in writing for the purpose of procuring economic development assistance from a state
agency or political subdivision.
If —applicant is a proprietor or general partner, sign below.
Date:
If applicant is a Corporation, sign below:
Corporate Name and Seal Date
By:
Attested by:
Signature of President
Signature of Corporate Secretary
Revised 11/15/06 11
Dan Buol
2388 Eureka Avenue
West Liberty, Iowa 52776
Home: (319) 627-5813 Cell: (319) 430-2440
dm3buolCa)lcom.net
PROFILE
Dan has worked in the drywall industry for 25 years, serving in a supervisory
capacity and as general manager for his current employer.. Importantly the breadth
and variety of his experience has prepared him to manage all facets of his own
company. Dan's leadership skills include mastering service requirements such as
scheduling, quality control, and customer satisfaction. His responsibilities have also
required him to actively generate new business and to develop strategic timelines
ensuring timely job completion. Dan's reputation in the Iowa City construction
community is that he is an effective project manager, dedicated to providing
superior quality and craftsmanship.
Strengths
• Estimating costs in relation to manpower, equipment and materials;
preparing bid packages and proposals
• Bid clarification and interpretation; writing / developing scope of work
and construction -related specifications
• Supervising commercial and residential construction projects -
estimating project management/equipment management through
completion
• Assessing needs and hiring, training, and scheduling men, contractors,
and equipment to ensure maximum efficiency; keeping current with
changing codes, building procedures and products
• Monitoring work progress and OSHA rules to ensure safe quality work
• Ensuring compliance with blueprints and specifications
0 Developing and maintaining good customer relations
Professional Experience
General Manager June 2009 to Present
Iowa City Drywall, North Liberty
• Manage multiple projects concurrently, completed all projects on
time and within budget
• Supervised general labor, carpentry and drywall workers.
• Worked with General Contractor to estimate projects and develop
proposals.
• Prepare and manage incoming orders and supplies.
• Supervise and record payroll for employees and sub contractors.
• Managed daily project completion and trades coordination.
• Prepare Contractor bids and financial statements
• Acquire new cliental and develop working relationships and
contracts.
Construction Foreman 1988 to 2009
Iowa City Drywall, North Liberty
• Gained hands-on experience in all phases of construction from start to
completion.
• Coordinate daily schedules and assignments.
• Arrange ordering of materials and deliveries.
0 Oversee constructions bids and requests.
• Train new employees and monitor progress.
Education:
• West Branch Community Schools - High school diploma
• Kirkwood College Electrical Engineering Course
• Class B Commercial Drivers License
• Home Inspection Courses
Mary Buol
2388 Eureka Avenue
West Liberty, Iowa 52776
Home: (319)627-5813 Cell: (319)430-1167 dm3buol@lcom.net
PROFILE
Mary has extensive experience writing plans, creating timelines, meeting deadlines,
and working with others. She has excellent communication skills and a proven
ability to work and accomplish goals in a variety of environments. Mary has great
determination and continuously demonstrates her solid work ethic by going above
and beyond what is required. She is truly someone for whom "good enough" just
isn't. Mary is skilled at working with teams to produce quality products and
services and is highly motivated to become involved in this business enterprise.
Strengths
• Plan, direct, and manage designated projects.
• Ensure that objectives are accomplished in accordance with
outlined priorities.
• Analyze results of operations to discover more efficient ways to
utilize resources.
• Coordinate the successful simultaneous development of
several projects.
• Delegate responsibilities and designed time schedules
• Negotiate contracts that ensured quality.
• Incorporate technology (including basic bookkeeping) into all aspects of project
competition.
• Prepared weekly project status reports for management.
Professional Experience
Teacher 1989 to Present
West Branch Community Schools, West Branch
Education:
• Bachelor of Arts in Elementary Education and History, Cornell College, Mt. Vernon,
Iowa: 1986.
• Masters Program in Elementary Education and Reading, Drake University, Des
Moines, Iowa; 2000 to present
• Technology Mentor Program, Grant Wood AEA 10
• Quickbook Course, Kirkwood Community College: present
Business Plan for Corridor Drywall, LLCG�
Prepared for: Iowa City Community Development Block Grant
Prepared by: Dan and Mary Buol
Date: July 23, 2009
Statement of Purpose:
This business plan has been prepared to introduce Corridor Drywall LLC and to
provide a comprehensive understanding of its business operations, its growth
strategy, and funding requirements. I am seeking financing which will enable me to
establish a new drywall company in the Iowa City area.
Table of Contents:
I. The Business
A. Products and Services
B. Market
C. Location
D. Competition
E. Management
F. Personnel
II. The Financial Data
A. Capital Equipment List
B. Balance Sheet
C. Income Statement and Profit & Loss Statement
D. Cash Flow Statement
E. Historical Financial Reports
III. Supporting Documentation
1
IV. Organizations and Affiliations
V. Personal Financial Records
I. The Business
Dan Buol has worked in the drywall business for 25 years, and is currently the
General Manager of a drywall company in the Iowa City area. He has decided that it
is time to break away and create his own company, Corridor Drywall, LLC. Corridor
Drywall will focus on efficiently providing superior quality, craftsmanship and
products to contractors in the residential and small commercial building markets.
Dan's extensive experience, as well as his strong vendor and contractor
relationships, make him an ideal leader to take profitable advantage of the upturn in
the local construction market.
Products and Services
From its inception, Corridor Drywall will benefit from Dan Buol's strong
relationships and excellent reputation with the general contractors in the area.
Among them it is well established that Dan delivers services in a timely manner, has
extensive product knowledge, is able to manage fast track scheduling, and always
provides outstanding customer service. Dan Buol's pride, integrity and ability to
provide the finest quality craftsmanship will set Corridor Drywall apart from the
rest.
One of the benefits for general contractors using Corridor Drywall is Dan's proven
ability to deliver a finished drywall project within 5 to 6 working days. Along with
this speedy, reliable completion, Corridor Drywall will stand behind, the quality
workmanship of their service. Dan will work personally with individual customers
and contractors to ensure that the extra details they want are provided to their
satisfaction. When repairs are required during construction, the company will
provide them in a timely manner, enabling the contractor to maintain their
deadlines. This type of exceptional service will also permit sub contractors to
maintain their schedules.
Corridor Drywall will provide a full range of textures and finishes for contractors to
choose from. In addition corner beads and other design styles including square,
round, and chamfer are all part of the company's standard offerings. It will also be
2
standard to use structural tape to straighten and strengthen angles. Other finishes,
- such as orange peel for walls and ceilings are also available: The company's special
offerings are available largely due to Dan's 25 years of experience in the trade.
Because of his expertise, Dan can offer contractors the "knock down look" (stucco
look).
Market
Dan Buol has a history of working successfully with quality local contractors who
build presold or "spec." homes. He is also well known to individual homeowners
whom he has assisted with their own home projects. Dan's exceptional capabilities,
professionalism, knowledge, and skills enable him to continue to make Corridor
Drywall successful in the local dynamic residential, multi -family, and small
commercial construction business.
According to the Corridor Business Journal's Book of Lists 2009, Dan currently
works with some of the largest Home Builders in the Corridor. Some of these
builders include, Ferrel Construction, Inc. rated #13, Rupp Building rated #22.
Builders not specifically rated in the 2009 book include, Siern Construction, Stebral
Construction, Saylor Construction, Klosterman Construction, Ostedgaard
Construction, D and L Construction, and Jeff Hendrickson to name only a few Dan's
contacts are strong and the number of high quality builders ensures volume of jobs
for his new company.
In the future, contractors building new homes will drive our market. As the NAHB
Chief Economist of the National Association of Home Builders (NAHB) has stated,
the home building industry will see marked increases in percentages of new housing
units in 2010.
"There's a lot ofskeptic/srn out there. This is a very deep hole we're in, "
acknow/edged NAHB Chief Economist David Crowe. But he said there are
several reasons to believe that "the housing recession is nearing an end and
housing wi// return on a very s/ow basiS "
Crowe said that new sing/e-family home sa/es probably reached their trough
in the first quarter of this year, hitting a record low of 320, 000 on a
seasonally adjusted annual basis, down from about 1.2 mil/ion at their peak.
Sales for 2009 are projected to total 364, 000, he Salo,2491b below the 2008
level, and then climb 4891b next year to 539, 000.
About 360, 000 single-family homes are expected to be started this year, he
said, a 4296 decline from 2008, which will be fo/%wed by a 45% rise to
523, 000 units in 2010.1
The NAHB Housing Economic Table shows a projected increase from 2009-2010.
Housing Forecast, 05,122109
2005
2006
2007
2008
2009
2010
Housing Activity (000)
Total Housing Starts
2,073
1,812
1,342
900
496
620
Single Family
1,719
1,474
1,036
616
379
518
Multifamily
354
338
306
284
117
103
New Single Family Sales
1,279
1,049
768
482
381
539
Existing Single -Family Home Sales
6,181
5,712
4,960
4,341
4,367
5,106
http://www.hgtvpro.com/hpro/nws_econ_fin_econ_ind/article/0,2624,HPR0_
2652 7_5942885, 00. htm I
4
Although the home building market has experienced a temporary set back, the trend
appears to be moving in an upward direction in the year to come. Below you will
also see the Home Builders of Iowa (HBA of IA) Building Permits for 2008 Year End
and the 2007 Year End projections. As the table shows the market in the Iowa City
area has stayed relatively stable.
HBA of Iowa Building Permits - 2008 Year End
Iowa City Cedar 39 g
8,436 785 680,000 9,116 785 48 9,314,415
17
Iowa 14 4 18 2,244,903 393,002 2 637,905
Johnson 601 193 794 112,650,011 20,095.422 132 745 433 776 145 035 989
Washin ton 17 18 35 2,367,872 1,598,158 3,966,761
030
30 4,184,350
TOTALS
671 215 892 125,699,571 22,086,582 148,466,153 871 161,218,515
HBA of Iowa Building Permits - 2007 Year End
Iowa City Cedar 48 0 48 9,314,415 0 9,314 415 68 11,657,183
Iowa 17 0 17 2,683.989 0 2 683 989 13 1,936,621
Johnson 615 161 776 125 412,616 19,623,145 145 035 761 1017 165,612 161 Washin ton 26 4 30 3,769,350 415,000 4,184,350 63 7,363,802
- TOTALS 706 165 871 141,180,370 20,038,145 161,218,515 1161 186,569,767
Additional information from the US Department of Labor is also
encouraging about the future of the construction industry, in general, and
particularly for the drywall industry.
According to the United States Department of Labor, Bureau of Labor
Statistics:
Drywall installers, ceiling file installers, and tapers held about 240, 000 jobs
in 2006 Most worked for contractors specializing /n drywall and ceiling file
/r7stal/at/on; others worked for contractors do/ng many kinds of construct/on,
About 56, 000 were self-employed 1170,ependent contractors
Most /nstal/ers and tapers are emp/oyed /n populous areas In other areas,
where there may not be enough work to keep a drywall or ce///ng Me installer
emp/oyed full t/me, carpenters and pa/raters usually do the work.
5
Employment is expected to increase about as fast as the a verage for a//
occupations, large/y ref/ecting overa//growth of the construction industry.
Goodjob prospects are expected overall
Employment change. Emp/oy177ent is expected to grow by 7 percent between
2006 and Z016, about as fast as the averaoe (increase 7 to 13 percentt for
a// occupations Growth ref/ects the number ofnew construction and
remodeling projects New residential construction projects are expected to
provide the majority of new jobs during the projection decade, but home
/mpro vement and repo vat/on projects are also expected to create jobs
because existing residential and nonresidential bui/dings are getting o/d and
need reoa/�
Job prospects .lob opportunities for drywall installers, ceiling Me installers,
and tapers are expected to be ood. Many potential workers are not
attracted to this occupation because they prefer work that /s less strenuous
and has more comfortable work/ng conditions Experienced workers will ha ve
especially favorable opportunit/es
Besides those resulting from job growth, many jobs will open up each year
because of the need to replace workers who transfer to other occupations or
leave the labor force.
Despite the growing use of eater/or panels, most drywall installation and
finish/ng is done indoors Therefore, drywall workers lose less work time
because of Inclement weather than do some other construct/on workers
Nevertheless, /Ike many other construction workers, employment Is sensitive
to the fluctuations of the economy. Workers in these trades may experience
per/ods of unemployment when the overall level of construction falls On the
other hand, shortages of these workers may occur in some areas during peak
per/ods of building act/v/ty.
31
Projections Data
Projections data from the National Employment Matrix
title SOC Code
Project
ed
employ
Employment ment,
,2006 2016
Cha
Number
Drywall Installers, j
coiling tale 47-2080 240,000 258,000 17,000
Installers, and
tapers
..__
2006-16
Perce Detailed
nt statistics
P
7 D zipped XLS
F
Drywall and ceiling P
47-2081 186,000 199,000 14,000 7 D zipped XLS
tale Installers F
P
r, s 47-2082 54,000 58,000 3,900 7 D zipped XLS
NOTE: Data in this table are rounded. See the discussion of the employment projections table in the
Handbook introductory chapter on Occupational Information Included in the Handbook.
Dan plans to continue a history of a strong market in the Corridor. National and
local data clearly indicates that the drywall industry will continue to prosper in the
years to come.
Location
The Cedar Rapids -Iowa City Corridor is, by all measures an area primed for great
growth over the next 25 years. New schools are being built (four are already on the
drawing board), new housing abounds, the economies of both cities are strong and
the area continues to attract young professionals. With its strong health care and
university industries no one is predicting that the economy will suffer great losses
anytime in the future. This area is a natural place to establish a new drywall
business.
The precise location of the business facility is important to our business for a
VA
number of reasons. A central location will reduce drive time to the work sites,
reducing employee wages, fuel costs, and mileage on all vehicles used. Since we
anticipate that Corridor Drywall will do business all over southeastern Iowa,
locating close to I80/ 1380-218 is important. Therefore we have surveyed
appropriate properties available in Iowa City and find that the Streb Alberts
Commercial Building property would be a reasonable site due to the size of the
structure and the price for a building of that size and square footage. Rent for this
space would be approximately $9 ,600.00 annually.
*See "Supporting Documentation" section for further details on this location
Competition
Primary competitors will be:
Bower Drywall Iowa City
Modern Drywall Iowa City
-- Weldon Drywall Iowa City
Donohoe Drywall Iowa City
Corridor Drywall will have a competitive edge because their job completion
schedules will not be dependent upon supplier schedules. The company will supply
it's own materials, permitting no delay in delivery time frames because they will all
be controlled in house. In addition, we will not operate solely on volume and
"in/out" job quality. Corridor Drywall is committed to offer personal service and
attention to detail while maintaining a high volume of clients and exceptional
craftsmanship on each job whether it is home construction or small business
construction, new or remodel construction.
Corridor
Drywall
Modern
Walls
Weldon
Drywall
Donohoe
Drywall
Bower
Drywall
Material
yes
no
no
no
no
warehousing
*
Years of
25 years
25years
11 years
20 years
10 years
experience
in the trade*
*Material warehousing refers to a company's ability to store sheet rock and other
materials necessary to complete jobs, instead of waiting for the supply company's
deliver. The use of a boom truck enables Corridor Drywall to stock its own
materials. By doing this we can be assured that materials are moved into the home
with care for the existing craftsmanship. This also allows us to purchase drywall
directly from the supplier, which is more cost effective and reduces overhead
expense.
*Dan Buol's 25 years of experience in the trade exceeds the majority of the
competitor's experience in the area. A history of experience working with
contractors creates stronger relationships and visibility in the trade. Due to the
nature of bidding for each job, a longer relationship with contractors allows a
company to bid for jobs more accurately to meet the contractor's specific needs.
Our market share would be directly focused on the Corridor as the data shows it will
continue to grow. The growth of the Corridor area both in number of households
and household income is growing at a strong rate.
9
Number of households
(generate % of increase)
2000 2005 2010
166,260 173,789 181,179
Average Household Income
2005 2010
$60,299 $67,564
DESCO Group for the Iowa River Landing Project in May,
2007.
Management
Dan Buol has 25 years of experience in the drywall trade. Dan has served in a -
responsible supervisory capacity for a number of years and is currently serving
successfully as General Manager of a drywall company in the area. Dan is organized
and knowledgeable about the drywall trade, and therefore is able to -effectively
manage the company from quality control, customer contacts, and generation of
new business to scheduling, and developing strategic timelines to ensure job
completion.
In addition to his management skills, Dan is skilled in all of the various aspects of the
actual labor involved in the drywall trade. He is licensed to drive and operate the
boom truck to supply the sheet rock. Dan is exceptionally skilled at laying out and
hanging a house with co-workers and efficiently leads teams on a daily basis. Dan
has the mechanical knowledge to operate and maintain all vehicles:
For the past several years, Dan has also maintained a small side business,
responsible for business billing and collections, including all aspects of the financial
management. Dan has also had daily contact with the contractors and sub
contractors to organize and structure job completion. In his personal side business
10
Dan is also responsible for business development and customer satisfaction. The
ability to do the administrative duties of the business as well as the actual labor
involved will permit Corridor Drywall to save, substantial costs of additional
personnel.
Personnel
The company's personnel needs and goals include employing the current two
employees Dan works with and establishing business relationships with the sub
contractors he currently works closely with on a daily basis. It would be our goal to
continue to serve the contractors that have benefited from Dan's services for a
number of years and to increase contractor contacts in the future. As the company
and economic times continue on an upward movement and as Dan assumes more of
the administrative duties, he may need to hire another laborer. All employees hired
need to be self -motivated and to have extreme attention to detail and customer
service.
Depending on the needs of the company at any given time Corridor Drywall has two
different types of positions available.
1. An upper level employee would be responsible for finishing remodels on
individual home remodeling projects, doing touch up work on completed
projects. This employee would also stock sheet rock in new construction
sites and make sure that all aspects of the job are prepared for sub
contractors to enter the site and begin working in a timely manner. This
upper level employee would also be responsible to touch up and prepare the
sight for spraying and all clean up of the sight so that the final product
exemplifies our outstanding quality service.
2. An entry level employee would be responsible for carrying drywall onto
the job sight, all clean up during and after project completion, mopping walls
with a damp mop for preparation prior to spraying, mixing mud to supply
upper levels employees so that efficient use of time is executed. This
employee also serves as a runner for needed supplies, again so that
production continues in a timely manner.
The use of sub contractors would continue to be very beneficial to the company.
Their services provide a higher rate of turnover for job competition so that company
volume stays high. This high volume allows the company to produce a greater
income.
Dan has strong relationships with the sub contractors. They have worked for him
for six plus years. They are highly dependable and extremely efficient with their
time. Jobs are often completely hung within two days. Corridor Drywall features
11
sub contractors that work with Dan exclusively, which creates exceptional quality.
These sub contractors take pride in working for a company that offers such
outstanding final products.
Corridor Drywall has also hired a Certified Public Accountant to assist in monitoring
the financial aspect of the business. This allows the company to have strong
guidance and the ability to closely track professional growth and profit.
12
II. Financial Data
Capital Equipment List
Grabber: www.grabberman.com
1. Wal - board Walk Up Bench -
W1832
2. Scaffold
GS8
3. Rocker Drywall Router
GRZ02
Dura Company:
1. stilts
Graco: www.graco.com
1. TexSpray RTX 900
Ames Drywall Finishing Tools
1.6013BR Makita
6.3 Amp "D" Handle 550 Rpm Drill
$301.02
$501.00
$77.00
$340.00
$1,095.00
$188.00
2. Automatic Taper Kit $3,500.00
corner roller with handle,10" flat box,12" flat box, 8"corner applicator
with handle, 3" easyroll adjustable corner finisher, easyclean pump, 34"box
handle, gooseneck adapter, filler, box xtender handle
Boom Truck
$20,000.00
13
20001-Ton Dump Truck $8,500.00
Spray Truck
Work Truck
$30,000.00
$15,000.00
14
Fringe Benefits Offered to Employees
1. A Simple IRA is offered to all new employees at the time of being hired.
2. After completing the first year of employment all employee will be give five
days of paid vacation.
* See attached Simple IRA document from Edward Jones.
Capital Equipment List
*Grabber: www.erabberman.com
Grabber Headquarters
205 Mason Circle
Concord, CA 94520
Email
Phone: 1-800-477-TURN (8876)
Fax: 925-827-1161
1. Wal - board Walk Up Bench -
W1832
2. Scaffold
GS8
$301.02
$501.00
3. Rocker Drywall Router
GRZ02 $77.00
*Tool Source Warehouse: www.tool-source.com
Reno
- 550 Coney Island Dr. #103
Sparks, NV 89431
(800) 372-0146 sales
(775) 358-5122 tel
(775) 358-5155 fax
1. stilts $340.00
*Graco: www.graco.com
The Sherwin-Williams Company
1385 Jordan Street
North Liberty, Iowa 52317
319-626-4570
1. TexSpray RTX 900 $1,095.00
1
*Kelley's Automotive www.Kellysautocenter.com
510 S. Riverside Dr.
Iowa City, IA 52246-3345
319-337-0500
1. 20001-Ton Dump Truck $8,500.00
2. Work Truck $15,000.00
3. Work Truck $5,000.00
Ruco Equipment hsnoworucoequipment com
1470 S. E. Hamblen Road Lees's Summit
MO 64081
Phone: 800-398-7826, or 816-524-3600 Fax: Fax 816-524-3303
1. Boom Truck
2. forklift
$20,000.00
$5,000.00
Iowa City Companies - Corridor Drywall will use the following companies in
the Iowa City area.
1. White Cap Construction Supply www.whitecap.com
2003 S Gilbert St
Iowa City, IA 52240-4373
(319) 337-4681
2. Serrano Drywall Supply
215 W 9th St
Coralville, IA 52241-2148
(319) 337-3033
3
*Al's Taping Tools and Spray Equipment
Drywall Tool Repair Center - All Parts in Stock info(@drvw,alltools.com
2941 Comstock Lane Plymouth, MN55447
1-763-559-8169
1-800-458-7895
1.6013BR Makita $188.00
6.3 Amp "D" Handle 550 Rpm Drill
2. Automatic Taper Kit $3,500.00
corner roller with handle,10" flat box,12" flat box, 8"corner applicator
with handle, 3" easyroll adjustable corner finisher, easyclean pump, 34"box
handle, gooseneck adapter, filler, box xtender handle
*Grade A Construction, Inc. www.GradeAConstruction.com
157 Enterprise Rd.
Delafield, WI 53018
262-646-7590
1-800-559-1173
1. Spray Truck $25,000.00
V/
PRO FORMA
BALANCE SHEET
Inception
End of
End of
End of
Year 1
Year 2
Year 3
Cash
23500
3045
5712
56882
Accounts receivable
67584
67584
81101
Inventory
12000
12000
12000
12000
Furniture & equipment, net
64500
51600
38700
25800
Total assets
100000
134229
123996
175783
Line of Credit
30000
Note payable -Equipment
65000
57955
49817
41176
Note payable -City
35000
30555
25659
20714
Total liabilities
100000
118510
75476
61890
Owner equity
0
15719
48520
113893
Total liabilities and owner equity 100000 134229 123996 175783
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