HomeMy WebLinkAbout09-19-2006 Council Economic Development Committee
AGENDA
City of Iowa City
City Council Economic pevelopment Committee
Tuesday, September 19,2006
9:00 a.m.
City Hall
Lobby Conference Room
410 East Washington Street
1. Call to Order
2. Discussion of application for CEBA funds - National Genecular Institute
3. Committee time
4. Adjournment
NEXT REGULAR MEETING DATE: Oct. 3, 2006
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CITY OF IOWA CITY
MEMORANDUM
Date:
September 14, 2006
Economic Development Committee
Wendy Ford V)-?
Economic Develot)ment Coordinator
To:
From:
Re:
National Genecular Institute, Inc. (NGI) for support of CEBA application and
an Economic Development Grant
National Genecular Institute, Inc. (NGI) has been working with ICAD to prepare an application
for Community Economic Betterment Account (CEBA) funds for a collaborative project between
the company, the City of Coralville and the City of Iowa City.
The company specializes in pharmaceuticals and skin care for the anti aging markets, and has
an automatic outlet for its primary product through its parent company, Dermacia.
They seek joint support from the City of Iowa City and the City of Coralville for the project's
application for CEBA funds to be submitted to the State at the Iowa Department of Economic
Development's Board meeting on Sept. 21,2006.
They also seek an economic development grant for the local match from Iowa City. The grant
would be in the form of TIF rebates over 7 years, not to exceed $1.2 million (a present value of
$820,000) on the improvements at the Iowa City based Biobank building in the Northgate
Corporate Park.
Coralville's City Council voted to support a request for a local match of $800,000 in TIF funding
for the project at their Sept. 11 Council Meeting.
The CEBA application includes the intention of the City of Iowa City to provide a local match
through a Tax Increment Financing rebate.
NGI will operate two locate facilities: 1) temporarily in the TIC center until new space is ready in
30,000 square feet of a new building in the Oakdale Research Park in Coralville, which they will
lease; and 2), a second 20,000 square foot facility to be located in Iowa City's Northgate Park
which they will own.
The Iowa City portion of the project is to be a $5.5 - $6 million dollar Biobank. The 20,000
square foot facility will be an integral part of the business and be the core of what will become
the expansion site for the business in the future. To ensure physical space is there to expand in
the future, NGI is also securing an option on a 35-acre piece of property to the north of the
Biobank building.
The company will ultimately generate 178 high quality jobs, 36 of which will be located at the
Iowa City facility by the end of year 3 of the project and provide paid medical/health, dental and
vision as detailed in the accompanying CEBA application.
The Council Economic Development Committee recommendation will be presented to the City
Council during the consideration of this agenda item.
enc.: CEBA Application and Draft TIF Agreement
cc: City Manager
IOWA
ll/t~ I c h a n gin g~'
Mike Blouin, Director
Iowa Department of Economic Development
Application for Financial Assistance
Section A - Applicant & Project Information
Business Development Division
Iowa Department of Economic Development
200 East G rand A ven ue
Des Moines, Iowa 50309
www.iowalifechanglng.com
3/17/2006
Instructions
1. All applicants shall complete Section A of the Application for Financial Assistance and attach only those section(s) for the
program(s) to which the applicant is applying.
Prol:jram
Community Economic Bettermeant Account (CEBA)
Enterprise Zone Program (EZ)
High Quality Job Creation Program (HQJC)
Entrepreneurial Ventures Assistance Program (EVA)
Value Added Agricultural Products & Processes
Financial Assistance Program (VAAPFAP) Section F
Economic Development Set-Aside Program (EDSA) Section G
2. Please visit the IDEO Web site, http://www.iowalifechanainQ.com/applications/busdev/index.htmlor contact IDEO at (515)
242-4819 to see if this version of the application is still current.
3. Before filling out this application form, please read all applicable sections of the 2005 Iowa Code and Iowa Administrative
Code (rules). http://www4.leais.state.ia.us/IAChtml/261.htm
4. Only typed or computer-aenerated applications will be accepted and reviewed. Any material change to the format,
questions, or wording of questions presented in this application, will render the application invalid and it will not be
accepted.
5. Complete the applicable sections of the application fully; if questions are left unanswered or required attachments are not
submitted, an explanation must be included.
6. Use clear and concise language. Attachments should only be used when requested or as supporting documentation.
7. Any inaccurate information of a significant nature may disqualify the application from consideration.
8. Upon completion of the application, please submit the following to the Business Finance Team at IDEO:
. The original, signed application form and all required attachments
. One copy of the application form and all required attachments from which additional copies can easily be made.
If electronic copies of the application and required attachments are available, please e-mail these documents to
businessfinance@iowalifechanaina,com in addition to submitting the original plus one copy.
Business Finance Team
Iowa Department of Economic Development
200 East Grand Avenue
Des Moines IA 50309
Application Due Dates
Download and Complete
Section B
Section C
Section 0
Section E
IDEO Board Meetina ADDlication Due Date
April 20, 2006 March 27, 2006
May 18, 2006 April 24, 2006
June 15, 2006 May 22,2006
July 20,2006 June 26, 2006
Auaust 17,2006 July 24, 2006
September 21, 2006 AUQust 28, 2006
October 19, 2006 September 25,2006
November 16,2006 October 23, 2006
December 21, 2006 November 27,2006
* EVA applications will be acted upon every other month starting in March.
Section A - Applicant & Project Information
2
Public Records Policies
Information Submitted to IDEO. The Iowa Department of Economic Development (IDEO) is subject to the Open Records law
(Iowa Code, Chapter 22). Treatment of information submitted to IDEO in this application is governed by the provisions of the
Open Records law. All public records are available for public inspection. Some public records are considered confidential and
will not be disclosed to the public unless ordered by a court, the lawful custodian of the record, or by another person duly
authorized to release the information.
Confidential Records. IDEO automatically treats the following records as confidential and they are withheld from public
disclosure:
. Tax Records
· Quarterly Iowa Employer's Contribution and Payroll Report prepared for the Iowa Workforce Development Department
. Payroll Registers
. Business Financial Statements and Projections
· Personal Financial Statements
Other information supplied to IDEO as part of this application may be treated as confidential under Iowa Code section 22.7.
Following are the classifications of records which are recognized as confidential under Iowa law and which are most frequently
applicable to business information submitted to IDEO:
· Trade secrets [Iowa Code 922.7(3)]
· Reports to governmental agencies which, if released, would give advantage to competitors and serve no public purpose.
[Iowa Code 922.7(6)]
· Information on an industrial prospect with which the IDEO is currently negotiating. [Iowa Code 922.7(8)]
· Communications not required by law, rule or regulation made to IDEO by persons outside the government to the extent that
IDEO could reasonably believe that those persons would be discouraged from making them to the Department if they were
made available for general public examination. [Iowa Code 922.7(18)]
Information supplied to IDEO as part of this application that is material to the application and/or the state program to
which the applicant is applying including, but not limited to the number and type of jobs to be created, wages for those
jobs, employee benefit information, and project budget, are considered open records and will not be treated as
confidential.
Additional Information Available. Copies of Iowa's Open Record law and IDEO's administrative rules relating to public
records are available from the Department upon request or at
http://www.iowalifechanQinQ.com/downloads/chap 169openrecords ,doc.
Section A - Applicant & Project Information
3
VAAPFAP
EDSA
Applicant Information
1.
Name of Business: National Genecular Institute Inc.
Address: 660 Newport Center Drive #900
City, State & Zip Code: Newport Beach, CA 92660
Contact Person: Matt Nicosia Title: CEO
Phone: 949-706-6400 Fax: 949-706-2241
SIC or NAICS Code: 20-1759687
Federal 10 Number:
Does the Business file a consolidated tax return under a different tax 10 number? 0 Yes
If yes, please also provide that tax 10 number:
X No
Email: mnicosia@dermacia.com
2.
3.
4.
Is the contact person listed above authorized to obligate the Business? X Yes
If no, please provide the name and title of a company officer authorized to obligate the Business:
ONo
5. If the application was prepared by someone other than the contact person listed above, please complete the following:
Name: Title:
Organization:
Address:
City, State, & ZIP Code:
Phone: Fax: Email:
Sponsor Information
Please review the following table to determine who needs to sponsor this application. Depending on the programs being
applied for, more than one sponsor may be necessary.
Pro ram
CEBA
EZ
HQJC
EVA
1. Sponsor Organization: City of Coralville
Official Contact (e.g. Mayor, Chairperson, etc.): Kelly Hayworth Title: City Administrator
Address: 1512 7th Street
City, State & ZIP Code: Coralville, Iowa 52241
Phone: 319-248-1700 Fax: 319-248-1894 E-mail: khavworth@cLcoralville.ia.us
Sponsor II:
Iowa City
Official Contact Person: Wendy Ford
Address: 410 East Washington Ave.
City State & Zip: Iowa City, Iowa 52240
Phone (319) 356-5248 Fax: (319) 356-5217-
Title: Economic Development Coordinator
E-mail: Wendv-Ford@iowa-citv.oro
2. If IDEO needs to contact the sponsor organization with questions, should we contact the person listed above?
X Yes 0 No, please contact the following person:
Section A - Applicant & Project Information
4
Certification & Release of Information
I hereby give permission to the Iowa Department of Economic Development (IDEO) to research the Business' history, make
credit checks, contact the Business' financial institutions, insurance carriers, and perform other related activities necessary for
reasonable evaluation of this application. I also hereby authorize the Iowa Department of Revenue to provide to IDEO state tax
information pertinent to the Business' state income tax, sales and use tax, and state tax credits claimed.
I understand that all information submitted to IDEO related to this application is subject to Iowa's Open Record Law (Iowa Code,
Chapter 22).
I understand this application is subject to final approval by IDEO and the Project may not be initiated until final approval is
secured. (High Quality Job Creation Program applications may be submitted up to 12 months following the completion of the
project. )
I understand that IDEO reserves the right to negotiate the financial assistance. Furthermore, I am aware that financial
assistance is not available until an agreement is executed within a reasonable time period following approval.
I hereby certify that all representations, warranties, or statements made or furnished to IDEO in connection with this application
are true and correct in all material respect. 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 subdivision.
For the Business:
Signature
Date
Name and Title (typed or printed)
For the Sponsor(s):
Signature
Date
Name and Title (typed or printed)
Please use the following if more than one sponsor is required. (For example, use this if a signature from the local Enterprise
Zone Commission is required in addition to the signature from the Mayor of the sponsoring city.)
Signature
Date
Name and Title (typed or printed)
IDEO will not provide assistance in situations where it is determined that any representation, 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 prior to discovery of the incorrect, false, or misleading representation, IDEO may initiate legal action to recover
incentives and assistance awarded to the Business.
Section A - Applicant & Project Information
5
Proiect Information
1. Provide a brief description and history of the Business. Include information about the Business' products or services
and its markets and/or customers.
The National Genecular Institute Inc. (NGI) was formed November 2004 as a Nevada limited liability company. NGI is
a fully owned R&D subsidiary of Dermacia Inc., a California CoCorp that specializes in pharmaceuticals and skin care
for the anti aging markets. NGI was formed with the idea of extending the quality and length of life, one cell at a time.
This has become NGI's overarching Mission Statement. NGI has been formed to advance biomedical genetic and
anti-aging research by identifying and characterizing complex human genetic and environmental factors affecting aging
and disease development and formulating products and therapies to target issues specific to the individual customer,
both for prevention and treatment. In order to meet these goals, positive strategic alliances are critical. NGI has
affiliated itself with the University of Iowa and is opening a research laboratory near the campus in furtherance of this
collaboration. Our Chief Scientific officer, Dr. Tannin Fuja will direct our research efforts at the Iowa facility. In addition,
his position with the University will allow him to submit research grants to the National Institute of Health. These grants
will not only dramatically raise the profile of our research, but the ability to fund our research with government grants
has its own obvious advantages. Further, when innovation is realized, the company is ill equipped to bring that
innovation to market. It has no means of commercializing its discovery. NGI has developed a cohesive scientific and
business model which addresses these traditional weaknesses.
It is the business design of NGI to focus, primarily, on those areas of research where there is both a scientific need and
equally important marketable quality. This goal is achieved primarily through NGI's relationship with it's parent
company Dermacia, Inc. Unlike the majority of research and development firms, NGI HAS a commercial outlet.
Further because of Dermacia's strong influence in the areas of medical and pharmaceutical sales, the companies are
poised for a long term synergistic relationship whereby NGI's advances and innovations find themselves brought to
market far more efficiently than its competitors. NGI has been organized so that as research goals are developed and
defined, they are presented not only to the scientific advisory board, but the business advisory board as well. This
allows the company to continue to employ its unparalleled scientific models and standards, while still achieving the
business goals necessary to continue to drive innovation.
Most scientific R&D companies have significant problems in generating revenues. Typically, R&D companies are
viewed as a hole in the ground in which you throw money and hope something grows. With NGI, that is not the case.
Because of its affiliation with Dermacia, NGI can commercialize its innovations and products and has a mature
distribution chain already in place. As a team, NGI, and its parent, Dermacia create products and science that are
useful and demanded in the market. Dermacia will be the marketing arm of discoveries born in NGI. Because NGI is
affiliated with Dermacia there is an existing commercialization outlet for the products and licensing opportunities not
available to its competitors. In addition to its mass distribution channels, Dermacia has over 2000 doctors to which it
sells current products to and will be the first line of commercialization to add credibility and validity to the NGI products.
This validation is critical as these products are moved from the doctor's offices and onto the shelves of pharmacies and
other mass distribution / retail outlets.
The success of this dualistic approach to scientific innovation can be seen in the fact that NGI has already developed
products and has been able to bring them to market and generate revenues. NGI's nano-silver and nano-zinc products
are already in Dermacia products. Nano-silver is a strong anti-microbial and is a key ingredient in Dermacia's Acne
Care line. Nano-zinc is a physical UV block. In the Dermacia MD line, the nano-zinc yields a 30 spf physical bloc,
making that the strongest physical bloc available in a cosmetic. This is key because chemical blocs will irritate the skin
and detract from the other healing aid properties of the product.
Under the direction of Dr. Fuja, NGI has developed a novel wound repair system that utilizes molecular mechanisms of
cellular regenerations and matrix remodeling. This product system is current being clinically tested for its
demonstrable ability to promote heal and promote scar less healing utilizing stem cells. The product is about to begin
clinical studies. NGI's business model has already thrust the company ahead of many of its competitors. Over time as
new innovations and advancements are developed, NGI will have the ability to swiftly move products into the
commercial stream and generate revenues more rapidly.
Section A - Applicant & Project Information
6
2.
Business Structure:
D Cooperative
D Partnership
X Corporation
D S-Corporation
D Limited Liability Company
D Sole Proprietorship
D Not for Profit
State of Incorporation: Nevada
3. Identify the Business' owners. Majority owner (88%)
Dermacia, Inc.
660 Newport Center Drive, Suite 900
Newport Beach, CA 92660
Tel. (949) 706-6400 Fax (949) 706-2320
www.dermacia.net
Does a woman, minority, or person with a disability own the Business?
If yes, is the business certified as a Targeted Small Business?
DYes
DYes
XNo
D No
4. List the Business' Iowa Locations and the Current Number of Employees at each Location. This is a new business to
Iowa
5. What is the Business' worldwide employment? (Please include employees of parent company, subsidiaries, and other
affiliated entities in this figure.) NGI and Dermacia combine for over 50 employees domestically and internationally.
Both companies are going through a major hiring phase.
6. Briefly describe the proposed project for which assistance is being sought. (Include project timeline with dates, facility
size, infrastructure improvements, proposed products/services, any new markets, etc.)
The project in Iowa consists of the development and building of a 55,000 sq. ft. state of the art research facility in the
Oakdale Research Park (ORP), which is part of the Oakdale Campus of the University of Iowa. And, in a second
location in Iowa City in the Northgate commercial and research park, a 20,000 sq. ft. facility. The second site will
house NGl's biotech storage facility and related sciences. The site selected by NGI for the first building is in the ORP at
the entrance of the ORP and will be across the street from the new University of Iowa Hygienic Laboratory. The vision
of NGl's project is to develop, in partnership with the University, a facility which not only meets our needs now and well
into the future (10+ years), but can be used in partnership with the University. What has been agreed to between NGI
and the University is to select a private developer who will be the builder and coordinate with the designer for the
construction of this facility. The developer will be the owner of the property with the two primary tenants, University of
Iowa who will occupy roughly 25,000 sq. ft.with an option on an additional 10,000 sq. ft. and NGI, who will build out
30,000 square feet. NGl's occupancy will begin at approximately 18,000 sq. ft. upon completion of the building and will
occupy the full 30,000 before the end of the first year of occupancy. The facility becomes the anchor of the ORP and
will be used to attract additional private research companies into the park, as well as be used to incubate University
spin-off research companies as they grow from academia to the private sector. The University of Iowa is already
recognized as one of the premiere scientific research universities in the nation. The development of the research park,
which NGI is only a part of (albeit a large part) is only going to enhance that reputation. NGI is benefited from
attracting other biotech research companies there as the collaboration between companies enhances synergy. The
synergistic approach to research is a centerpiece of our short and long term strategic and scientific goals. The second
facility will be built on land owned exclusively by NGI. Because of the storage requirements and the fact the
biotechnology cannot be moved after being established, this second facility is critical to the project.
The early information and estimates we have received for the costs of building the facility are as follows:
Location I: Lot 1 in the ORP. (Map attached to Appendix A) This location will be directly across the street from the
new Hygienic Laboratory. The location of the second facility is being finalized now. It will be located within a 10 mile
radius of the ORP site.
Section A - Applicant & Project Information
7
Size: NGl's occupancy at the ORP facility will be roughly 30,000 sq ft. and consist of 70% wet lab space and 30%
office / clean room space.
The space will be outfitted with necessary infrastructure to meet all city, state and federal codes for a biotechnology
laboratory including: ventilation, safety eye wash stations, smoke detectors, fire alarms/sprinklers, restricted laboratory
space that is not accessible to the public or to neighboring entities, etc. All office space should be wired for high-speed
internet and telephone. High-speed internet access and telephone should also be available in the laboratory at regular
spacing (about every 200-500 feet). This space should contain plumbed water and drainage for functional laboratory
work-bays. It should be plumbed with RO or distilled water. It should have plumbing for a laboratory ice-maker. The
leased space should have multiple120 volt and 240V 60Hz outlets. The space should contain or at least have access
to: conference/instruction rooms, clean space work stations sufficient to house 175 employees, break room, restroom
facilities (best if with showers), and at least 17 management offices. The space should have a distinct reception area
immediately accessible to the public upon entering the building that is entirely separate from the laboratory. It should
be allowed that this receiving space be designed as a formal reception area exclusively for NGI. It would be preferable
if this space were outfitted with autoclave sterilizers, laboratory air and vacuum, and at least one fume hood. It would
also be preferable if the leased space had at least one separated laboratory portion wherein to perform all blood or
tissue culture work.
Cost: The ORP facility will be rented under a minimum of a 10 year lease. The annual rent for the space will be
determined in the next 2-3 weeks, following the selection of a developer by the University and Dermacia officials. The
use of funds to cover long-term lease costs will be finalized prior to IDEO Board approval. In building the second
facility, weather plays a significant role in this process. Assuming we are able to move expeditiously and we are able
to capture some savings more fully discussed below, the estimated cost of the building is $275.00 and $300.00 a
square foot, or between $5.5 million and $6 million.
Location II: Northgate Commercial & Research Park, Iowa City, 1A. The Research park is in a designated Tax
Incremental Financing (TIF) Area. We are working with Iowa City in applying for and negotiating this incentive.
Size: The lot to be purchased is 3.68 acres. It is part of a larger 30 acre parcel which we are seeking an option to
purchase. Because the development and maintenance of the Biobank requires we own the land and the structure it is
housed in, it is to our advantage to reserve the contiguous available land for further development in the future.
The Biobank and the supporting lab space is the first structure to be built in the research park. The structure will be
approximately 20,000 sq. feet. With 10,000 feet of the space below ground where the materials are store
(subterranean development is necessary as protection from tornadoes) and 10,000 feet above ground of lab and office
space. Much like the ORP Facility the space will be outfitted with necessary infrastructure to meet all city, state and
federal codes for a biotechnology laboratory including: ventilation, safety eye wash stations, smoke detectors, fire
alarms/sprinklers, restricted laboratory space that is not accessible to the public or to neighboring entities, etc. All
office space should be wired for high-speed internet and telephone. High-speed internet access and telephone should
also be available in the laboratory at regular spacing (about every 200-500 feet). This space should contain plumbed
water and drainage for functional laboratory work-bays. It should be plumbed with RO or distilled water. It should have
plumbing for a laboratory ice-maker. The space should have multiple120 volt and 240V 60Hz outlets. The space
should contain or at least have access to: conference/instruction rooms, clean space work stations sufficient to house
25-30 employees, break room, restroom facilities (best if with showers), and at least 5 management offices. The space
should have a distinct reception area immediately accessible to the public upon entering the building that is entirely
separate from the laboratory. It should be allowed that this receiving space be designed as a formal reception area
exclusively for NGI. It would be preferable if this space were outfitted with autoclave sterilizers, laboratory air and
vacuum, and at least one fume hood. It would also be preferable if the leased space had at least one separated
laboratory portion wherein to perform all blood or tissue culture work.
Cost: The Northgate facility will be built and owned by NGI. Assuming we are able to move expeditiously and we are
able to capture some discounts from the builder, the estimated cost of the building is $225.00 and $240.00 a square
foot, or between $5.5 million and $6 million.
Section A - Applicant & Project Information
8
The initial three-year timeline for NGI business phasing is as follows:
Jul/Aug 2006 Identify suitable temporary wet laboratory location for duration of building of permanent facility
Late Fall 2006 Break Ground on Research Lab
Fall/Winter 2006 Phase I (Sample collection/Bio-banking & Optics Division begin work)
Fall 2007 Open Research Facility.
Spring 2008 Phase II (Large population sampling and marker validation)
Spring 2008 Phase III (Initial product offering and refined marker identification)
Jan 2009 Adapt customized manufacturing for high-demand product volume (Potential Relocation of
Manufacturing Processes)
7. Project Address (Street Address, City, and County): The project in Iowa consists of the development and building of a
55,000 sq. ft. state of the art research facility in the Oakdale Research Park (ORP), which is part of the Oakdale Campus of the
University of Iowa, and in a second location a 20,000 sq. ft. facility. The second site will house NGl's bio storage facility and
related sciences. The site selected by NGI for this development in the ORP is at the entrance of the ORP and will be across the
street from the new University of Iowa Hygienic Laboratory. The second site will house NGl's bio storage facility and related
sciences and is located in Iowa City in the Northgate Commercial park. The site selected by NGI for this development in the
ORP is at the entrance of the ORP and will be across the street from the new University of Iowa Hygienic Laboratory.
8. Type of Business Project:
D Startup D Expansion of Iowa Company X New Location in Iowa
D Relocation from another State
9. Please identify the management at the project location and his/her/their experience. Tannin J. Fuja, Ph.D., directs all
scientific research for National Genecular Institute, Inc. Prior to joining NGI, Dr. Fuja headed the Molecular and Cell Biology
Research Group at the National Center for Voice and Speech with an Adjunct professorship in the Department of Speech
Pathology & Audiology where he oversaw the building, development and execution of the first Molecular Voice research
laboratory in the world. As a well-published scientific investigator, Dr. Fuja has a broad experience in the application of
molecular methodologies relating to complex human diseases and development including a wide spectrum of specialties from
human cancer biology to stem cell research.
Dr. Fuja is a member of the Holden Comprehensive Cancer Center, and the UI Center on Aging. He has studied the role of
candidate tumor suppressor genes in breast cancer and is currently studying their role in laryngeal carcinogenesis. He is a
member of the International Society for Stem Cell Research and has also collaborated with the National Human Neural Stem
Cell Resource in studying an asymmetric pattern of cell division in human neural stem cells. In addition, Dr. Fuja has also
developed a novel patent-pending technology that is cheaper and faster than widely used expression microarrays. This
technology comparatively analyzes changes in gene expression using microsphere beads and flow cytometry. Dr. Fuja received
his Bachelors of Science degree from Brigham Young University, a certificate in Human Subject Research Ethics from the
University of Washington (Seattle) and his Doctorate in Biological Sciences in the Department of Developmental and Cell
Biology from the University of California Irvine.
Todd Smith is NGl's Vice President of Business Development. Mr. Smith received his Bachelor of Arts degree from Westmont
College in Santa Barbara, California in 1990. Thereafter he graduated from Whittier Law School in 1993. Mr. Smith practiced
law in the fields of Securities and Corporate law, as well as litigation from 1993 through 2004. Although no longer practicing,
Mr. Smith brings those years of valuable experience to the table as NGl's Vice President of Business Development. Mr. Smith
has sat on the board of directors for several corporations including Telecommunications companies and software developers.
He has negotiated Mergers and Acquisition agreement for publicly and privately held corporations. He has significant
experience in the areas of strategic planning and capitalization for emerging growth companies.
10.
Has any part of the project started?
If yes, please explain.
DYes
XNo
Section A - Applicant & Project Information
9
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AGREEMENT FOR PRIV A TE REDEVELOPMENT
By and Between
THE CITY OF IOWA CITY, IOWA
AND
NATIONAL GENECULAR INSTITUTE, INC.
draft -.. draft- d.-af't -. dr"fft .... dran
AGREEMENT FOR
PRIV A TE REDEVELOPMENT
THIS AGREEMENT FOR PRIV A TE REDEVELOPMENT (hereinafter called
"Agreement"), is made on or as of the day of ,2006, by
and among the CITY OF IOWA CITY, IOWA, a municipality (hereinafter called "City"),
established pursuant to the Code of Iowa of the State of Iowa and acting under the
authorization of Chapter 403 of the Code of Iowa, 2001, as amended (hereinafter called
"Urban Renewal Act") and National Genecular Institute. Inc, having an office for the
transaction of business at 600 Newport Center Drive, #900, Newport Beach, California
92660 (the "Developer").
WITNESSETH:
WHEREAS, in furtherance of the objectives of the Urban Renewal Act, the City has
undertaken a program for the clearance and reconstruction or rehabilitation of an
economic development area in the City and, in this connection, is engaged in carrying out
urban renewal project activities in an area known as the Northgate Corporate Park Urban
Renewal Plan Area, which area is described in the Urban Renewal Plan approved for such
area by Resolution No. 99-111 adopted April 6, 1999; and
WHEREAS, a copy of the foregoing Urban Renewal Plan has been recorded
among the land records in the office of the Recorder of Johnson County, Iowa; and
WHEREAS, the Developer owns or has the right to acquire certain real property
located in the foregoing Urban Renewal Area as more particularly described in Exhibit A
annexed hereto and made a part hereof (which property as so described is hereinafter
referred to as the "Development Property"); and
WHEREAS, the Developer will acquire the Development Property and cause a
biobank building with related laboratory and offices to be constructed on the
Development Property in accordance with this Agreement; and
WHEREAS, the City believes that the development and of the Development
Property pursuant to this Agreement and the fulfillment generally of this Agreement, are
in the vital and best interests of the City and in accord with the public purposes and
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provisions of the applicable State and local laws and requirements under which the
foregoing project has been undertaken and is being assisted.
NOW, THEREFORE, in consideration of the premises and the mutual obligations
of the parties hereto, each of them does hereby covenant and agree with the other as
follows:
ARTICLE I. DEFINITIONS
Section 1.1. Definitions. In addition to other definitions set forth in this
Agreement, all capitalized terms used and not otherwise defined herein shall have the
following meanings unless a different meaning clearly appears from the context:
Agreement means this Agreement and all appendices hereto, as the same may be
from time to time modified, amended or supplemented.
Certificate of Completion means a certification in the form of the certificate
attached hereto as Exhibit C and hereby made a part of this Agreement, provided to the
Developer pursuant to Section 3.2 of this Agreement.
City means the City of Iowa City, Iowa, or any successor to its functions.
Code means the Code of Iowa, 2005, as amended.
Construction Plans means the plans, specifications, drawings and related documents
reflecting the construction work to be performed by the Developer on the Development
Property and the other properties upon which the Public Improvements will be located;
the Construction Plans shall be as detailed as the plans, specifications, drawings and
related documents which are submitted to the building inspector of the City as required by
applicable City codes.
County means the County of Johnson, Iowa.
Developer means National Genecular Institute, Inc., a corporation.
Development Property means that portion of the Northgate Corporate Park Urban
Renewal Plan Area of the City described in Exhibit A hereto.
Economic Development Grants mean the Tax Increment payments to be made by
the City to the Developer under Article VIII of this Agreement.
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Event of Default means any of the events described in Section 10.1 of this
Agreement.
First Mortgage means any Mortgage granted to secure any loan made pursuant to
either a mortgage commitment obtained by the Developer from a commercial lender or
other financial institution to fund any portion of the construction costs and initial
operating capital requirements of the Minimum Improvements, or all such Mortgages as
appropriate.
Minimum Improvements shall mean the construction of improvements to the
existing structure and the construction of a new commercial building, together with all
related site improvements as outlined in Exhibit B hereto. Minimum Improvements shall
not include increases in assessed or actual value due to market factors.
Mortgage means any mortgage or security agreement in which the Developer has
granted a mortgage or other security interest in the Development Property, or any portion
or parcel thereof, or any improvements constructed thereon.
NATIONAL GENECULAR INSTITUTE, INC. - TIF Account means a separate
account within the Heinz Road Urban Renewal Tax Increment Revenue Fund of the City,
in which there shall be deposited all Tax Increments received by the City with respect to
the Minimum Improvements.
Net Proceeds means any proceeds paid by an insurer to the Developer under a policy
or policies of insurance required to be provided and maintained by the Developer, as the
case may be, pursuant to Article V of this Agreement and remaining after deducting all
expenses (including fees and disbursements of counsel) incurred in the collection of such
proceeds.
Northgate Corporate Park Urban Renewal Area Tax Increment Revenue Fund
means the special fund of the City created under the authority of Section 403.19(2) OF
THE Code and the Ordinance, which fund was created in order to pay the principal of and
interest on loans, monies advanced to or indebtedness, whether funded, refunded,
assumed or otherwise, including bonds or other obligations issued under the authority of
Section 403.9 or 403.12 of the Code, incurred by the City to finance or refinance in whole
or in part projects undertaken pursuant to the Urban Renewal Plan for the Project Area.
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Ordinance mean Ordinance No. 99-3879 of the City, under which the taxes levied
on the taxable property in the Project Area shall be divided and a portion paid into the
Northgate Corporate Park Urban Renewal Area Tax Increment Revenue Fund..
Proiect shall mean the construction and operation of the Minimum Improvements on
the Development Property, as described in this Agreement.
State means the State of Iowa.
Tax Increments means the property tax revenues with respect to the Minimum
Improvements that are divided and made available to the City for deposit in the Heinz
Road Urban Renewal Tax Increment Revenue Fund under the provisions of Section
403.19 of the Code and the Ordinance.
Termination Date means the date of termination of this Agreement, as established in
Section 12.8 of this Agreement.
Unavoidable Delays means delays resulting from acts or occurrences outside the
reasonable control of the party claiming the delay including but not limited to storms,
floods, fires, explosions or other casualty losses, unusual weather conditions, strikes,
boycotts, lockouts or other labor disputes, delays in transportation or delivery of material
or equipment, litigation commenced by third parties, or the acts of any federal, State or
local governmental unit (other than the City).
Urban Renewal Plan means the Urban Renewal Plan, as amended, approved in
respect of the Heinz Road Urban Renewal Area, described in the preambles hereof.
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ARTICLE II. REPRESENTATIONS AND WARRANTIES
Section 2.1. Representations and Warranties of the City. The City makes the
following representations and warranties:
(a) The City is a municipal corporation and political subdivision organized under
the provisions of the Constitution and the laws of the State and has the power to enter into
this Agreement and carry out its obligations hereunder.
(b) The execution and delivery of this Agreement, the consummation of the
transactions contemplated hereby, and the fulfillment of or compliance with the terms and
conditions of this Agreement are not prevented by, limited by, in conflict with, or result in
a breach of, the terms, conditions or provisions of any contractual restriction, evidence of
indebtedness, agreement or instrument of whatever nature to which the City is now a
party or by which it is bound, nor do they constitute a default under any of the foregoing.
Section 2.2. Covenants, Obligations, Representations and Warranties of Developer.
The Developer makes the following representations and warranties:
(a) Developer is a corporation duly organized and validly existing under the laws
of the State of California and has all requisite power and authority to own and operate its
properties, to carry on its business as now conducted and as presently proposed to be
conducted, and to enter into and perform its obligations under the Agreement.
(b) This Agreement has been duly and validly authorized, executed and delivered
by the Developer and, assuming due authorization, execution and delivery by the City, is
in full force and effect and is a valid and legally binding instrument of the Developer
enforceable in accordance with its terms, except as the same may be limited by
bankruptcy, insolvency, reorganization or other laws relating to or affecting creditors'
rights generally.
(c) The execution and delivery of this Agreement, the consummation of the
transactions contemplated hereby, and the fulfillment of or compliance with the terms and
conditions of this Agreement are not prevented by, limited by, in conflict with, or result in
a violation or breach of, the terms, conditions or provisions of the certificate of
incorporation and bylaws of Developer or its parents or subsidiaries of any contractual
restriction, evidence of indebtedness, agreement or instrument of whatever nature to
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which the Developer is now a party or by which it or its property is bound, nor do they
constitute a default under any of the foregoing.
(d) There are no actions, suits or proceedings pending or threatened against or
affecting the Developer in any court or before any arbitrator or before or by any
governmental body in which there is a reasonable possibility of an adverse decision which
could materially adversely affect the business (present or prospective), financial position
or results of operations of the Developer or which in any manner raises any questions
affecting the validity of the Agreement or the Developer's ability to perform its
obligations under this Agreement.
(e) Developer has not received any notice form any local, State for federal
official that the activities of Developer with respect to the Development Property mayor
will be in violation of any environmental law or regulation (other than those notices, if
any, of which the City has previously been notified in writing). Developer is not currently
aware of any State or federal claim filed or planned to be filed by any party relating to any
violation of any local, State or federal environmental law, regulation or review procedure
applicable to the Development Property, and Developer is not currently aware of any
violation of any local, State or federal environmental law, regulation or review procedure
which would give any person a valid claim under any State or federal environmental
statute with respect thereto.
(f) Developer will fully cooperate with the City in resolution of any traffic,
parking, trash removal or public safety problems which may arise in connection with the
construction and operation of the Minimum Improvements.
(g) Developer would not undertake its obligations under this Agreement without
the payment by the City of the Economic Development Grants being made to the
Developer pursuant to this Agreement.
(h) The Developer will cause the Minimum Improvements to be constructed in
accordance with the terms of this Agreement and when constructed will comply with the
Urban Renewal Plan and all local, State and federal laws and regulations, except for
variances that may be necessary to construct the Minimum Improvements.
(i) The Developer will use its best efforts to obtain, or cause to be obtained, in a
timely manner, all required permits, licenses and approvals, and will meet, in a timely
manner, all requirements of all applicable local, State, and federal laws and regulations
which must be obtained or met in connection with the Project.
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U) The construction of the Minimum Improvements required a total investment
of not less than $5,000,000.
ARTICLE III. DEVELOPMENT AND OCCUPANCY REQUIREMENT
Section 3.1. Minimum Improvements.
The Developer agrees to complete Minimum Improvements generally consisting of
the construction of a 20,000 square foot building for its Biobank, supporting lab and
office space on the Development Property, as more fully described on Exhibit B hereto.
The construction of the Minimum Improvements must increase the actual assessed value
of the Development Property by at least 15% over the actual assessed value on January
1,2008.
Section 3.2. Certificate of Completion.
Upon written request of the Developer after issuance of an occupancy permit for the
Minimum Improvements, or any discreet portion thereof, the City will furnish the
Developer with a Certificate of Completion for such portion in recordable form, in
substantially the form set forth in Exhibit C attached hereto. Such Certificate of
Completion shall be a conclusive determination of satisfactory termination of the
covenants and conditions of this Agreement with respect to the obligations of the
Developer to construct such portion of the Minimum Improvements.
A Certificate of Completion may be recorded in the proper office for the recordation of
deeds and other instruments pertaining to the Development Property at the Developer's
sole expense. If the City shall refuse or fail to provide a Certificate of Completion in
accordance with the provisions of this Section 3.2, the City shall within twenty (20) days
after written request to the Developer, provide the Developer with a written statement
indicating with adequate detail, in what respects the Developer has failed to complete the
Minimum Improvements in accordance with the provisions of this Agreement, or is
otherwise in default under the terms of this Agreement, and what measures or acts will be
necessary in the opinion of the City, to obtain such Certificate of Completion.
ARTICLE IV. RESERVED
ARTICLE V. INSURANCE
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Section 5.1. Insurance Requirements.
(a) Upon completion of construction of the Minimum Improvements and at all
times prior to the Termination Date, the Developer shall maintain, or cause to be
maintained, at its cost and expense (and from time to time at the request of the City shall
furnish proof of the payment of premiums on) insurance as follows:
(i) Insurance against loss and/or damage to the Minimum Improvements
under a policy or policies covering such risks as are ordinarily insured through property
policies against by similar businesses, including (without limitation the generality of the
foregoing) fire, extended coverage, vandalism and malicious mischief, explosion, water
damage, demolition cost, debris removal, and collapse in an amount not less than the full
insurable replacement value of the Minimum Improvements, but any such policy may
have a deductible amount of not more than $250,000. No policy of insurance shall be so
written that the proceeds thereof will produce less than the minimum coverage required
by the preceding sentence, by reason of co-insurance provisions or otherwise, without the
prior consent thereto in writing by the City. The term "full insurable replacement value"
shall mean the actual replacement cost of the Minimum Improvements (excluding
foundation and excavation costs and costs of underground flues, pipes, drains and other
uninsurable items) and equipment, and shall be determined from time to time at the
request ofthe City, but not more frequently than once every three years, by an insurance
consultant or insurer selected and paid for by the Developer and approved by the City.
(ii) Comprehensive general public liability insurance, including personal
injury liability for injuries to persons and/or property, including any injuries resulting
from the operation of automobiles or other motorized vehicles on or about the
Development Property, in the minimum amount for each occurrence and for each year of
$1,000,000.
(iii) Such other insurance, including worker's compensation insurance
respecting all employees of the Developer, in such amount as is customarily carried by
like organizations engaged in like activities of comparable size and liability exposure;
provided that the Developer may be self-insured with respect to all or any part of its
liability for worker's compensation.
(b) All insurance required by this Article V to be provided prior to the
Termination Date shall be taken out and maintained in responsible insurance companies
selected by the Developer which are authorized under the laws of the State to assume the
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risks covered thereby. The Developer will deposit annually with the City copies of
policies evidencing all such insurance, or a certificate or certificates or binders of the
respective insurers stating that such insurance is in force and effect. Unless otherwise
provided in this Article V, each policy shall contain a provision that the insurer shall not
cancel or modifY it without giving written notice to the Developer and the City at least
thirty (30) days before the cancellation or modification becomes effective. Not less than
fifteen (15) days prior to the expiration of any policy, the Developer shall furnish the City
evidence satisfactory to the City that the policy has been renewed or replaced by another
policy conforming to the provisions of this Article V, or that there is no necessity therefor
under the terms hereof. In lieu of separate policies, the Developer may maintain a single
policy, or blanket or umbrella policies, or a combination thereof, which provide the total
coverage required herein, in which event the Developer shall deposit with the City a
certificate or certificates of the respective insurers as to the amount of coverage in force
upon the Minimum Improvements.
(c) The Developer agrees to notifY the City immediately in the case of damage
exceeding $250,000 in amount to, or destruction of, the Minimum Improvements or any
portion thereof resulting from fire or other casualty. Net Proceeds of any such insurance
shall be paid directly to the Developer, and the Developer will forthwith repair,
reconstruct and restore the Minimum Improvements to substantially the same or an
improved condition or value as they existed prior to the event causing such damage and,
to the extent necessary to accomplish such repair, reconstruction and restoration, the
Developer will apply the Net Proceeds of any insurance relating to such damage received
by the Developer to the payment or reimbursement of the costs thereof.
(d) The Developer shall complete the repair, reconstruction and restoration of the
Minimum Improvements, whether or not the Net Proceeds of insurance received by the
Developer for such purposes are sufficient.
ARTICLE VI. COVENANTS OF THE DEVELOPER
Section 6.1. Maintenance of Properties. The Developer will maintain, preserve
and keep its properties (whether owned in fee or a leasehold interest), including but not
limited to the Minimum Improvements, in good repair and working order, ordinary wear
and tear accepted, and from time to time will make all necessary repairs, replacements,
renewals and additions.
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Section 6.2. Maintenance of Records. The Developer will keep at all times proper
books of record and account in which full, true and correct entries will be made of all
dealings and transactions of or in relation to the business and affairs of the Developer in
accordance with generally accepted accounting principles, consistently applied
throughout the period involved, and the Developer will provide reasonable protection
against loss or damage to such books of record and account.
Section 6.3. Compliance with Laws. The Developer will comply with all laws,
rules and regulations relating to the Minimum Improvements, other than laws, rules and
regulations the failure to comply with which or the sanctions and penalties resulting
therefrom, would not have a material adverse effect on the business, property, operations,
or condition, financial or otherwise, of the Developer.
Section 6.4. Non-Discrimination. In operating the Minimum Improvements, the
Developer shall not discriminate against any applicant, employee or tenant because of
race, creed, color, religion, sex, national origin, sexual orientation, age, disability, marital
status or gender identity. The Developer shall ensure that applicants, employees and
tenants are considered and are treated without regard to their race, creed, color, religion,
sex, national origin, sexual orientation, age, disability, marital status or gender identity.
Section 6.5. Continued Operation and Employment. Commencing upon the
signing of the Agreement, the Developer agrees that it will operate a Biobank, supporting
office and laboratory space, employing 36 full time equivalent employees by the end of
the third year of operation, and will continue operation of this building until at least the
Termination Date set forth in Section 12.8 thereof.
Section 6.6. Annual Certification. To assist the City in monitoring and
performance of the Developer hereunder, a duly authorized officer of the Developer shall
annually provide to the City: (a) a written statement from the County Auditor showing the
amount of Tax Increments (as defined in Section 1.1 of this Agreement) in respect of the
Minimum Improvements (excluding increases in assessed or actual value due to market
factors) for the following fiscal year; (b) proof that all ad valorem taxes on the
Development Property have been paid for the prior fiscal year; and (c) certification that
such officer has re-examined the terms and provisions of this Agreement and that at the
date of such certificate, and during the preceding twelve (12) months, the Developer is
not, or was not, in default in the fulfillment of any of the terms and c0nditions of this
Agreement and that no Event of Default (or event which, with the lapse of time or the
giving of notice, or both, would become an Event of Default) is occurring or has occurred
as of the date of such certificate or during such period, or if the signer is aware of any
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such default, event or Event of Default, said officer shall disclose in such statement the
nature thereof, its period of existence and what action, if any, has been taken or is
proposed to be taken with respect thereto. Such statement, proof and certificate shall be
provided not later than November 1 of each year, commencing November 1,2008, and
ending on November 1,2014 both dates inclusive. Upon certification by the Developer
on or before November 1,2008, the City will certify to establish a base value as of
January 1, 2007.
ARTICLE VII. ASSIGNMENT AND TRANSFER
Section 7.1. Status of the Developer: Transfer of Substantially All Assets. As
security for the obligations of the Developer under this Agreement, the Developer
represents and agrees that, prior to the issuance of the Certificate of Completion and prior
to the Termination Date, the Developer will maintain existence as an adequately
capitalized corporation and will not wind up or otherwise dispose of all substantially all
of the Development Property and Minimum Improvements, or assign its interest in this
Agreement to any other party unless (i) the transferee partnership, corporation, limited.
liability company or individual assumes in writing all of the obligations of the Developer
under this Agreement and (ii) the City consents thereto in writing in advance thereof.
Notwithstanding the foregoing, however, or any other provisions of this Agreement, (a)
Developer may transfer its interest in and to this Agreement to any affiliate which is
controlled by under common control with or controls, Developer or to any entity that
acquires all or substantially all of the assets of the Developer or to any corporate
successor to Developer by consolidation, merger, or otherwise, and (b) the Developer
may (1) pledge and any/or all of its assets as security for any financing of the Minimum
Improvements; (2) assign its rights under this Agreement to a third party, provided such
assignment shall not release the Developer of its obligations hereunder, and the City
agrees that Developer may assign its interest under this Agreement for such purpose; and
(3) the Developer may transfer its ownership interest to a third-party under an
arrangement whereby Developer will lease the Development Property back and continue
to satisfy the requirements of this Agreement.
ARTICLE VIII. ECONOMIC DEVELOPMENT GRANTS
Section 8.1. Economic Development Grants. (a) For and in consideration of the
obligations being assumed by the Developer hereunder, and in furtherance of the goals
and objectives of the Urban Renewal Plan for the Project Area and the Urban Renewal
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Act, the City agrees to provide up to seven annual grants to the Developer, subject to the
Developer having received a Certificate of Completion and being and remaining in
compliance with the terms of this Agreement and subject to the terms of this Article VIII.
The annual grants shall commence on June 1, 2010 and end on June 1, 2016, or when the
total of all grants equal $1,200,000. All annual grants shall be equal to one hundred
percent (100%) per fiscal year of the Tax Increments collected by the City with respect to
the Minimum Improvements on Development Property pursuant to Section 403.9 of the
Urban Renewal Act under the terms of the Ordinance (without regard to any averaging
that may otherwise be utilized under Section 403.19(6) and excluding any interest that
may accrue thereon prior to payment to the Developer) during the preceding twelve-
month period in respect of the Development Property and the Minimum Improvements,
but subject to adjustment and conditions precedent as provided in this Article (such
payments being referred to collectively as the "Economic Development Grants").
(b) The obligation of the City to make an Economic Development Grant to the
Developer in any year as specified above shall be subject to and conditioned upon the
timely filing by the Developer of all previous annual statements, proofs and certifications
required under Section 6.6 hereof and the City Manager's approval thereof. Beginning
with the November 1, 2008 certification, if the Developer's annual statement, proof and
certification is timely filed and contains the information required under Section 6.6 and
the City Manager approves of the same, the City shall certify to the County prior to
December 1 of that year its request for the available Tax Increments resulting from the
assessments imposed by the County as of January 1 of that year, to be collected by the
City as taxes are paid during the following fiscal year and which shall thereafter be
disbursed to the Developer on June 1 of the following fiscal year. (For example, if the
Developer and the City each so certify on November and December 2008, respectively,
the first Economic Development Grant would be paid to the Developer on June 1, 2010).
( c) In the event that the annual statement, proof or certificate required to be
delivered by the Developer under Section 6.6 is not delivered to the City by November 1
of any year, the Developer recognizes and agrees that the City may have insufficient time
to review and approve the same and certify its request for Tax Increments to the County
and that, as a result, no Economic Development Grant may be made to the Developer in
respect thereof.
( d) The total, aggregate amount of all Economic Development
Grants under this Agreement shall not exceed $1,200,000. Each Economic Development
Grant shall be equal to one hundred percent (100%) of all Tax Increments collected per fiscal
year in respect of the assessments imposed on the Development Property and Minimum
Improvements as of January 1, 2008, and on January 1 of each of the following six (6) years,
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until the total, aggregate of all such Economic Development Grants equals no more than the sum
of $1,200,000. The final grant shall be adjusted, if necessary, ifpayment of 100% of Tax
Increments for that grant would result in total, aggregate Economic Development Grants
in an amount exceeding $1,200,000. Such Economic Development Grants shall at all
times be subject to termination in accordance with the terms of this Article VIII and
Article X. Thereafter, the taxes levied on the Development Property and Minimum
Improvements shall be divided and applied in accordance with the Urban Renewal Act
and the Ordinance. It is recognized by all parties that the total aggregate amount set fourth
above is a maximum amount only and that the actual payment amounts will be determined
after the Minimum Improvements are completed and the valuations of said Improvements
have been determined by the City Assessor.
(e) In the event that any certificate filed by the Developer under Section 6.6 or
other information available to the City discloses the existence or prior occurrence of an
Event of Default that was not cured or cannot reasonably be cured under the provisions of
Section 10.2 (or an event that, with the passage of time or giving of notice, or both, would
become an Event of Default that cannot reasonably be cured under the provisions of
Section 10.2), the City shall have no obligation thereafter to make any further payments to
the Developer in respect of the Economic Development Grants and may proceed to take
one or more of the actions described in Section 10.2 hereof.
Section 8.2. Source of Grant Funds Limited. (a) The Economic Development
Grants shall be payable from and secured solely and only by amounts deposited and held
in the NATIONAL GENECULAR INSTITUTE. INC. - TIF Account of the City. The
City hereby covenants and agrees to maintain the Ordinance in force during the term
hereof and to apply the incremental taxes collected in respect of the Minimum
Improvements and allocated to the NATIONAL GENECULAR INSTITUTE. INC. - TIF
Account to pay the Economic Development Grants, as and to the extent set forth in
Section 8.1 hereof. The Economic Development Grants shall not be payable in any
manner by other tax increment revenues or by general taxation or from any other City
funds.
(b) Notwithstanding the provisions of Section 8.1 hereof, the City shall have no
obligation to make an Economic Development Grant to the Developer if at any time
during the term hereof the City receives an opinion of its legal counsel to the effect that
the use of Tax Increments resulting from the Minimum Improvements to fund an
Economic Development Grant to the Developer, as contemplated under said Section 8.1,
is not authorized or otherwise an appropriate project activity permitted to be undertaken
by the City under the Urban Renewal Act or other applicable provisions of the Code, as
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then constituted, or under a controlling decision of an Iowa court having jurisdiction over
the subject matter hereof. Upon receipt of such an opinion, the City shall promptly
forward a copy of the same to the Developer. If the circumstances or legal constraints
giving rise to the opinion continue for a period during which two (2) Economic
Development Grants would otherwise have been paid to the Developer under the terms of
Section 8.1, the City may terminate this Agreement, without penalty or other liability to
the Developer, by written notice to the Developer.
(c) The City makes no representation with respect to the amounts that may finally
be paid to the Developer as the Economic Development Grants, and under no
circumstances shall the City in any manner be liable to the Developer so long as the City
timely applies the Tax Increments actually collected and held in the NATIONAL
GENECULAR INSTITUTE. INC. - TIF Account (regardless of the amounts thereof) to
the payment of the Economic Development Grants to the Developer, as and to the extent
described in this Article.
Section 8.3. Use of Other Tax Increments. Subject to this Article VIII, the City
shall be free to use any and all Tax Increments collected in respect of increases in
valuation on the Development Property unrelated to construction of the Minimum
Improvements (i.e. increases in assessed or actual value due to market factors) any other
properties within the Project Area, or any available Tax Increments resulting from the
suspension or termination of the Economic Development Grants under Section 8.1 hereof,
for any purpose for which the Tax Increments may lawfully be used pursuant to the
provisions of the Urban Renewal Act, and the City shall have no obligations to the
Developer with respect to the use thereof.
ARTICLE IX. INDEMNIFICATION
Section 9.1. Release and Indemnification Covenants.
(a) The Developer releases the City and the governing body members, officers,
agents, servants and employees thereof (hereinafter, for purposes of this Article IX, the
"indemnified parties") from, covenants and agrees that the indemnified parties shall not
be liable for, and agrees to indemnify, defend and hold harmless the indemnified parties
against, any loss or damage to property or any injury to or death of any person occurring
at or about or resulting from any defect in the Minimum Improvements.
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(b) Except for any willful misrepresentation or any willful or wanton misconduct
or any unlawful act of the indemnified parties, the Developer agrees to protect and defend
the indemnified parties, now or forever, and further agree to hold the indemnified parties
harmless, from any claim, demand, suit, action or other proceedings whatsoever by any
person or entity whatsoever arising or purportedly arising from (i) any violation of any
agreement or condition of this Agreement (except with respect to any suit, action, demand
or other proceeding brought by the Developer against the City to enforce his rights under
this Agreement), (ii) the acquisition and condition of the Development Property and the
construction, installation, ownership, and operation of the Minimum Improvements or
(iii) any hazardous substance or environmental contamination located in or on the
Development Property relating to conditions caused by Developer after the effective date
of this Agreement.
(c) The indemnified parties shall not be liable for any damage or injury to the
persons or property of the Developer or its officers, agents, servants or employees or any
other person who may be about the Minimum Improvements due to any act of negligence
of any person, other than any act of negligence on the part of any such indemnified party
or its officers, agents, servants or employees.
( d) All covenants, stipulations, promises, agreements and obligations of the City
contained herein shall be deemed to be the covenants, stipulations, promises, agreements
and obligations of the City, and not of any governing body member, officer, agent,
servant or employee of the City in the individual capacity thereof.
(e) The provisions of this Article IX shall survive the termination of this
Agreement.
ARTICLE X. DEFAULT AND REMEDIES
Section 10.1. Events of Default Defined. The following shall be "Events of
Default" under this Agreement and the term "Event of Default" shall mean, whenever it is
used in this Agreement, anyone or more of the following events:
(a) Failure by the Developer to cause the construction of the Minimum
Improvements to be commenced and completed pursuant to the terms, conditions and
limitations of Article III of this Agreement;
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(b) Transfer of any interest in this Agreement or the assets of the Developer in
violation of the provisions of Article VII of this Agreement;
(c) Failure by the Developer to substantially observe or perform any covenant,
condition, obligation or agreement on its part to be observed or performed under this
Agreement;
(d) The holder of any Mortgage on the Development Property, or any
improvements thereon, or any portion thereof, commences foreclosure proceedings as a
result of any default under the applicable Mortgage documents;
(e) The Developer shall:
(A) file any petition in bankruptcy or for any reorganization, arrangement,
composition, readjustment, liquidation, dissolution, or similar relief under the United
States Bankruptcy Act of 1978, as amended, or under any similar federal or state law; or
(B) make an assignment for the benefit of its creditors; or
(C) admit in writing its inability to pay its debts generally as they become
due; or
(D) be adjudicated a bankrupt or insolvent; or if a petition or answer
proposing the adjudication of the Developer as a bankrupt or its reorganization under any
present or future federal bankruptcy act or any similar federal or state law shall be filed in
any court and such petition or answer shall not be discharged or denied within ninety (90)
days after the filing thereof; or a receiver, trustee or liquidator of the Developer or the
Minimum Improvements, or part thereof, shall be appointed in any proceedings brought
against the Developer, and shall not be discharged within ninety (90) days after such
appointment, or if the Developer shall consent to or acquiesce in such appointment; or
(f) Any representation or warranty made by the Developer in this Agreement, or
made by the Developer in any written statement or certificate furnished by the Developer
pursuant to this Agreement, shall prove to have been incorrect, incomplete or misleading
in any material respect on or as of the date of the issuance or making thereof.
Section 10.2. Remedies on Default. Whenever any Event of Default referred to in
Section 10.1 of this Agreement occurs and is continuing, the City, as specified below,
may take anyone or more of the following actions after (except in the case of an Event of
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Default under subsections (d) or (e) of said Section 10.1 in which case action may be
taken immediately) the giving of thirty (30) days' written notice by the City to the
Developer and the holder of the First Mortgage (but only to the extent the City has been
informed in writing of the existence of a First Mortgage and been provided with the
address of the holder thereof) of the Event of Default, but only if the Event of Default has
not been cured within said thirty (30) days, or if the Event of Default cannot reasonably
be cured within thirty (30) days and the Developer does not provide assurances
reasonably satisfactory to the City that the Event of Default will be cured as soon as
reasonably possible:
(a) The City may suspend its performance under this Agreement until it
receives assurances from the Developer, deemed adequate by the City, that the Developer
will cure its default and continue its performance under this Agreement;
(b) The City may terminate this Agreement;
( c) The City may withhold the Certificate of Completion;
(d) The City may take any action, including legal, equitable or
administrative action, which may appear necessary or desirable to enforce performance
and observance of any obligation, agreement, or covenant of the Developer, as the case
may be, under this Agreement; or
(e) The City shall be entitled to recover from the Developer, and the
Developer shall re-pay to the City, an amount equal to the most recent Economic
Development Grant previously made to the Developer under Article VIII hereof, and the
City may take any action, including any legal action it deems necessary, to recover such
amount from the Developer.
Section 10.3. No Remedy Exclusive. No remedy herein conferred upon or reserved
to the City is intended to be exclusive of any other available remedy or remedies, but each
and every remedy shall be cumulative and shall be in addition to every other remedy
given under this Agreement or now or hereafter existing at law or in equity or by statute.
No delay or omission to exercise any right or power accruing upon any default shall
impair any such right or power or shall be construed to be a waiver thereof, but any such
right and power may be exercised from time to time and as often as may be deemed
expedient.
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Section lOA. No Implied Waiver. In the event any agreement contained in this
Agreement should be breached by any party and thereafter waived by any other party,
such waiver shall be limited to the particular breach so waived and shall not be deemed to
waive any other concurrent, previous or subsequent breach hereunder.
Section 10.5. Agreement to Pay Attorneys' Fees and Expenses. Whenever any
Event of Default occurs and the party who is not in default shall employ attorneys or incur
other expenses for the collection of payments due or to become due or for the
enforcement or performance or observance of any obligation or agreement on the part of
the party in default herein contained, the party in default agrees that it shall, on demand
therefor, pay to the part not in default the reasonable fees of such attorneys and such other
expenses as may be reasonably and appropriately incurred by the party not in default in
connection therewith.
ARTICLE XI. OPTION TO TERMINATE AGREEMENT
Section 11.1. Option to Terminate. This Agreement may be terminated by the
Developer if (i) the Developer is in compliance with all material terms of this Agreement
and no Event of Default has occurred which has not been cured in accordance with the
provisions of Section 10.2 hereof; and (ii) the City fails to comply with any material term
of this Agreement, and, after written notice by the Developer of such failure, the City has
failed to cure such noncompliance within ninety (90) days of receipt of such notice, or, if
such noncompliance cannot reasonably be cured by the City within ninety (90) days of
receipt of such notice, the City has not provided assurances reasonably satisfactory to the
Developer that such noncompliance will be cured as soon as reasonably possible.
Section 11.2. Effect of Termination. If this Agreement is terminated pursuant to
this Article XI, this Agreement shall be from such date forward null and void and of no
further effect; provided, however, that the City's rights to indemnification under Article
IX hereof shall in all events survive and provided further that the termination of this
Agreement shall not affect the rights of any party to institute any action, claim or demand
for damages suffered as a result of breach or default of the terms of this Agreement by
another party, or to recover amounts which had accrued and become due and payable as
of the date of such termination. In any such action, the prevailing party shall be entitled
to recover its reasonable attorneys fees and related expenses incurred in connection
therewith (but only, in the case of the City, to the extent permitted by applicable law).
Upon termination of this Agreement pursuant to this Article XI, the Developer shall be
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free to proceed with the construction and operation of the Minimum Improvements at its
own expense and without regard to the provisions of this Agreement.
ARTICLE XII. MISCELLANEOUS
Section 12.1. Conflict of Interest. The Developer represents and warrants that, to
its best knowledge and belief after due inquiry, no officer or employee of the City, or its
designees or agents, nor any consultant or member of the governing body of the City, and
no other public official of the City who exercises or has exercised any functions or
responsibilities with respect to the Project during his or her tenure, or who is in a position
to participate in a decision-making process or gain insider information with regard to the
Project, has had or shall have any interest, direct or indirect, in any contract or
subcontract, or the proceeds thereof, for work or services to be performed in connection
with the Project, or in any activity, or benefit therefrom, which is part of the Project at any
time during or after such person's tenure.
Section 12.2. Notices and Demands. A notice, demand or other communication
under this Agreement by any party to the other shall be sufficiently given or delivered if it
is dispatched by registered or certified mail, postage prepaid, return receipt requested, or
delivered personally, and
(a) In the case of the Developer, is addressed or delivered personally to
the Developer at 660 Newport Center Drive, #900, Newport Beach, CA 92660.
(b) In the case of the City, is addressed to or delivered personally to the
City at Civic Center, 410 E. Washington Street, Iowa City, Iowa, 52240, Attn: City
Manager;
or to such other designated individual or to such other address as any party shall have
furnished to the other in writing in accordance herewith.
Section 12.3. Titles of Articles and Sections. Any titles of the several parts,
Articles, and Sections of this Agreement are inserted for convenience of reference only
and shall be disregarded in construing or interpreting any of its provisions.
Section 12.4. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall constitute one and the same instrument.
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Section 12.5. Governing Law. This Agreement shall be governed and construed in
accordance with the laws of the State of Iowa.
Section 12.6. Entire Agreement. This Agreement and the exhibits hereto reflect the
entire agreement between the parties regarding the subject matter hereof, and supersedes
and replaces all prior agreements, negotiations or discussions, whether oral or written.
This Agreement may not be amended except by a subsequent writing signed by all parties
hereto.
Section 12.7. Successors and Assigns. This Agreement is intended to and shall
inure to the benefit of and be binding upon the parties hereto and their respective
successors and assigns.
Section 12.8. Termination Date. This Agreement shall terminate and be of no
further force or effect on and after December 31, 2015.
IN WITNESS WHEREOF, the City has caused this Agreement to be duly executed
in its name and behalf by its Mayor and its seal to be hereunto duly affixed and attested
by its City Clerk, the Developer has caused this Agreement to be duly executed in its
name and behalf by Alpla of Iowa, Inc.
(SEAL)
CITY OF IOWA CITY, IOWA
By:
Mayor
ATTEST:
By:
City Clerk
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ALPLA OF IOWA. INC.
By:
ATTEST:
By:
(title)
STATE OF IOWA )
) SS
COUNTY OF )
On this day of ,2003, before me a Notary Public in and
for said County, personally appeared Ross Wilburn and Marian Karr to me personally
known, who being duly sworn, did say that they are the Mayor and City Clerk,
respectively of the City of Iowa City, Iowa, a Municipal Corporation, created and existing
under the laws of the State of Iowa, and that the seal affixed to the foregoing instrument
is the seal of said Municipal Corporation, and that said instrument was signed and sealed
on behalf of said Municipal Corporation by authority and resolution of its City Council
and said Mayor and City Clerk acknowledged said instrument to be the free act and deed
of said Municipal Corporation by it voluntarily executed.
Notary Public in and for Johnson County, Iowa
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STATE OF
COUNTY OF
)
) SS
)
On this day of , 2006, before me the undersigned, a
Notary Public in and for said County, in said State, personally appeared
and , to me personally known, who, being by
me duly sworn, did say that they are the and of
National Genecular Institute, Inc., and that said instrument was signed on behalf of said
corporation; and that the said and , as
such officers acknowledged the execution of said instrument to be the voluntary act and
deed of said corporation, by them voluntarily executed.
Notary Public in and for
County and State
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EXHIBIT A
DEVELOPMENT PROPERTY
The Development Property is described as consisting of all that certain parcel or
parcels of land located in the City of Iowa City, County of Johnson, State of Iowa, more
particularly described as follows:
LEGAL DESCRIPTION
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EXHIBIT B
MINIMUM IMPROVEMENTS
The Developer agrees to complete Minimum Improvements generally consisting of
the construction of a 20,000 square foot building for its Biobank, supporting lab and
office space on the Development Property, as more fully described on Exhibit B hereto.
The construction of the Minimum Improvements must increase the actual assessed value
of the Development Property by at least 15% over the actual assessed value on January
1,2008.
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EXHIBIT C
CERTIFICATE OF COMPLETION
WHEREAS, the City of Iowa City, Iowa (the "City") and NATIONAL
GENECULAR INSTITUTE, INC. having an office for the transaction of business at 660
Newport Center Drive, #900, Newport Beach, CA 92660 (the "Developer"), did on or
about the day of , 2006, make, execute and deliver, each to the
other, an Agreement for Private Redevelopment (the "Agreement"), wherein and whereby
the Developer agreed, in accordance with the terms of the Agreement, to develop and
maintain certain real property located within the City and as more particularly described
as follows:
LEGAL DESCRIPTION
Need legal description
WHEREAS, the Agreement incorporated and contained certain covenants and
restrictions with respect to the development of the Development Property, and obligated
the Developer to construct certain Minimum Improvements (as defined therein) in
accordance with the Agreement; and
WHEREAS, the Developer has to the present date performed said covenants and
conditions insofar as they relate to the construction of said Minimum Improvements in a
manner deemed by the City to be in conformance with the approved building plans to
permit the execution and recording of this certification.
NOW, THEREFORE, pursuant to Section 3.2 of the Agreement, this is to certify
that all covenants and conditions of the Agreement with respect to the obligations of the
Developer, and its successors and assigns, to construct the Minimum Improvements on
the Development Property have been completed and performed by the Developer and are
hereby released absolutely and forever terminated insofar as they apply to the land
described herein. The County Recorder of Johnson County is hereby authorized to accept
for recording and to record the filing of this instrument, to be a conclusive determination
of the satisfactory termination of the covenants and conditions of said Agreement with
respect to the construction of the Minimum Improvements on the Development Property.
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All other provisions of the Agreement shall otherwise remain in full force and effect
until termination as provided therein.
(SEAL)
CITY OF IOWA CITY, IOWA
By:
Mayor
ATTEST:
By:
City Clerk
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STATE OF IOWA )
) SS
COUNTY OF JOHNSON )
On this day of , 2006, before me a Notary Public in and for
said County, personally appeared Ross Wilburn and Marian Karr, to me personally
known, who being duly sworn, did say that they are the Mayor and City Clerk,
respectively of the City of Iowa City, Iowa, a Municipal Corporation, created and existing
under the laws of the State of Iowa, and that the seal affixed to the foregoing instrument
is the seal of said Municipal Corporation, and that said instrument was signed and sealed
on behalf of said Municipal Corporation by authority and resolution of its City Council
and said Mayor and City Clerk acknowledged said instrument to be the free act and deed
of said Municipal Corporation by it voluntarily executed.
Notary Public in and for Johnson County, Iowa
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