HomeMy WebLinkAbout04-06-2007 Council Economic Development Committee
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AGENDA
City of Iowa City
City Council Economic Development Committee
Friday,ApriI6,2007
9:30 a.m.
City Hall
Lobby Conference Room
410 E. Washington St.
1. Call to Order
2. Approval of Minutes from Feb. 27, Mar. 6 and Mar. 12.
3. Prep Sports Online application for CEBA and HQJC funds through IDED
4. Discuss support of Buy Here! Campaign - Nancy Quellhorst
5. Committee time
6. Adjournment
MINUTES
CITY COUNCIL ECONOMIC DEVELOPMENT COMMITTEE
February 27, 2007
COMMERCE CENTER, LARGE CONFERENCE ROOM
Preliminary
Members Present:
Regenia Bailey, Connie Champion, Bob Elliott
Members Absent:
None
Staff Present:
Wendy Ford
Others Present:
Nancy Quellhorst, Craig Gustaveson, Tim Kenyon, Gary Sanders, and
representatives from ERA consultants, as detailed below.
RECOMMENDATIONS TO CITY COUNCIL:
None
CALL MEETING TO ORDER
Chairperson Regenia Bailey called the meeting to order at 9:02 AM.
INTERVIEW CONSULTANT #1 FOR DOWNTOWN MARKET NICHE ANALYSIS
Chris Brewer, Principal with ERA (Economic Research Associates). Mac Nichols, ERA; Kathleen
Larson, with CD Dial and Gary Lozano, with RDG introduced themselves as a team. Brewer
presented a 30-minute PowerPoint covering ERA's experience, their approach to the project, the
team and their fees and terms for payment. Each team member talked about the specific areas
for which they would be responsible, after which the committee asked a series of assigned
questions.
Mr. Brewer explained how he would lead the downtown market niche analysis project. Mac
Nichols, whose background includes 19 years with the National Main Street program and Brewer
talked about the unique aspects of college towns citing a typical example of students choosing
"crepes vs. pizza every time" because $4 goes a lot further on pizza. They stressed their use of
hard statistics from the downtown building inventory, population and types of stores, to income
and growth because this is the information on which the private sector will make decisions for the
future.
When asked what ERA could do that the collaborating partners of the city, the chamber and the
downtown association could not do, Brewer stated that they could bring objectivity to the analysis.
The others on the team echoed those sentiments adding that they could get hard data transferred
to a rationale for all to see, and that they could combine their national experience with their
knowledge of the community.
When asked about how key stake holders would be chosen for focus groups, Brewer stated the
firm works with the client to determine those people. When asked if the firm was saw the value in
including focus groups that may include downtown "naysayers" or folks who do not believe in the
merits of downtown, Brewer answered yes.
When asked about a failure and what they learned from it, Brewer cited the AutoWorld project,
Nichols cited that he once painted "too bright a picture" for a client, Larsen cited lack of enough
knowledge of a local political landscape and LozanQ city a community's change in cycles. Each
gave a follow-up to what they learned from those failures.
When asked how we, the City of Iowa City can differentiate itself from other communities
endeavoring to set themselves apart using Creative Economy theory, answers included
capitalizing on the University and technology transfer, keeping the place interesting and
stimulation and making sure we have choices in housing. Lozano added that we should ask our
citizens what they feel makes Iowa City unique. Brewer reiterated that understanding the
residents and the students is key, because it gives an understanding of where private investment
will go.
When all questions had been asked from the committee members and those solicited from the
public, the group thanked the consultants for coming and informed them of the process for
decision-making.
Council Time
None
Adiournment
Champion moved the meeting be adjourned, Elliot seconded. Motion carried
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MINUTES
CITY COUNCIL ECONOMIC DEVELOPMENT COMMITTEE
MARCH 6, 2007
COMMERCE CENTER, LARGE CONFERENCE ROOM
Preliminary
Members Present:
Regenia Bailey, Connie Champion, Bob Elliott
Members Absent:
None
Staff Present:
Wendy Ford
Others Present:
Nancy Quellhorst, Craig Gustaveson, Tim Kenyon, consultants Mary
Bosch and Eleanor Quinn Matthews from Marketek
RECOMMENDATIONS TO CITY COUNCIL:
None
CALL MEETING TO ORDER
Chairperson Regenia Bailey called the meeting to order at 9:00 AM.
INTERVIEW CONSULTANT #2 FOR DOWNTOWN MARKET NICHE ANALYSIS
Mary Bosch and Eleanor Quinn Matthews, principals with Marketek introduced themselves to the
group and Ms. Bosch presented a Power Point that outlined their experience with similar projects
and their approach to the Iowa City project. Bosch noted that they do an analysis "through the
lens of the market place," which includes market research in concert with the local team (the city,
the chamber and the downtown association).
After their presentation, they answered a series of questions for the group. Of note, when asked
about what they could do better than we, the client, they said that is difficult to be your own
strategic planner because of the lack of objectivity, and thus, being experience experienced at the
process and from outside the community affords them the objectivity necessary to do a good job.
When asked how they get to know the community, Bosch answered that they like to make it fun
and interesting by using town hall-style meetings or business PM formats for example. They have
found that making the process fun nets greater involvement from the community.
When asked about implementation, Quinn Matthews stated that it is important to have a point
person and to know who is in charge of the "tools" that can get things done.
About differentiating ourselves from other towns doing similar work, Bosch said we need to
capitalize on what makes this place different. We need to know the answers to why are people
committed to staying here.
After the interview questions were completed, the group thanked the women from Marketek for
coming. After a break, the committee continued to meet to determine if there was consensus for a
choice of consultant.
There was discussion about the difference in presentation styles between the two groups and in
how statistically significant or valid the research each conducted would be. The committee felt
they needed more background on Marketek and to gauge satisfaction of previous clients. Ford
said she will do due diligence and report at the next meeting. The committee decided to meet
early the next week to further discuss and vote on the consultant.
Council Time
None
Adiournment
Elliot moved the meeting be adjourned, Champion seconded. Motion carried
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MINUTES
CITY COUNCIL ECONOMIC DEVELOPMENT COMMITTEE
MARCH 12, 2007
LOBBY CONFERENCE ROOM
Preliminary
Members Present:
Regenia Bailey, Connie Champion, Bob Elliott
Members Absent:
None
Staff Present:
Wendy Ford
Others Present:
Nancy Quellhorst, Craig Gustaveson, Tim Kenyon
RECOMMENDATIONS TO CITY COUNCIL:
Champion moved, Elliott seconded that the committee recommends to the council
entering into a contract with Marketek. Motion carried.
CALL MEETING TO ORDER
Chairperson Regenia Bailey called the meeting to order at 9:00 AM.
APPROVAL OF MINUTES FROM FEB. 20. 2007 ECONOMIC DEVELOPMENT COMMITTEE
MEETING
Elliot moved that the minutes from the Feb. 20, 2007 Economic Development Committee meeting
be accepted as presented, Champion seconded. Motion carried
DUE DILIGENCE AND FOLLOW UP QUESTIONS AND ANSWERS - STAFF
Ford reported on phone conversations with past clients of Marketek, including Chamber Director,
Bob Mundt of Council Bluffs and Economic Development Director Christy Vale of of Tillamook,
OR and Matilda Deas, Planning Director for the City of Canby, OR, Joddie Gray, Planning
Manager in Atlanta, GA, Ric Ingham, City Administrator in Veneta, OR, Doris Tillman, Director,
Fort Pierce (FL) Main Street program and Marilyn Larson, Executive Director of Tallahassee, FL
Downtown Improvement Authority. When asked about the greatest challenge in working with the
consultant, no one could cite anything negative. Two of the client communities did not implement
their plans immediately, due to their own shortage of resources, but one returned to the plan after
several years and has now begun to implement it.. All of the others used the plan and were very
positive about the results and the process the consultants used to reach the results in their plans.
Ford also reported on a follow up conversation with Mary Bosch questioning where the limits of
their implementation plan were. Bosch replied that the implementation plan included in the survey
will include a detailed outline of recommendations and suggestions on how and who should
carryout the tasks. At the end of the consultancy, they would hold a 3 hour workshop on
Organizing for Implementation. Mary said this would be especially relevant because of the nature
of the partnering organizations (city + chamber + dta) and their own scarce resources. Discussion
ensued that the plan should point us to the future and if the work should call for an additional part
time person to carry out the work, then our partnering organizations will know what that is and we
can begin to explore as a group how to get it done.
In the conversation, Ford inquired about the statistical validity of the survey samples they would
do. Bosch said that, while the survey validity may not be "textbook" statistically valid, they are
very aware of the response rates from different segments of the community to ensure a diverse
response. She said we could spend a lot more money to achieve textbook validity, but she felt the
net gain in information gleaned would be negligible. She assured Ford that they've doing
research for long enough to provide the same quality of information for less expense. She
insisted they are very careful to include skeptics and naysayers in their sampling
DISCUSSION OF CONSULTANT PRESENTATION AND QUALIFICATION FOR DOWNTOWN
MARKET NICHE ANALYSIS
Elliott said he initially preferred the more corporate presentation done by ERA, but had reflected
in the days since the presentation by Marketek and said he could be comfortable with either
consultant. Gustaveson echoed Elliot's sentiments saying he could be comfortable hiring either,
but ultimately, it would depend on how well they worked with staff and the community and that he
could vote for either. Quellhorst said she thought Marketek was more engaged and understood
our need for playing up on the authenticity of Iowa City and how we really wanted to differentiate
Iowa City from the competition. She liked Marketek's candor and thought it was telling how other
organizations keep inviting them back. Bailey said she liked the idea that their end product will
include a plan for exactly how to implement the strategies given the resources we have and those
that we could develop. She also liked their plans for making the process fun while building a
coalition.
SELECTION OF CONSULTANT
Champion moved, Elliott seconded that the committee recommends to the council entering into a
contract with Marketek. Further discussion included the suggestion that staff negotiate with
Marketek to the extent possible. Motion carried.
Staff will work with the legal department to draft a contract and will negotiate with Marketek on the
fee. If the contract can be agreed upon in time, it will go on the agenda for the Council meeting on
March 20, otherwise, at the following council meeting.
COMMITTEE TIME
None
Adiournment
Champion moved the meeting be adjourned, Elliot seconded. Motion carried
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CITY OF IOWA CITY
MEMORANDUM
Date:
To:
From:
Re:
March 27, 2007
Economic Development Committee
Wendy Ford, Economic Development Coordinator
Prep Sports Online CEBA and HQJC application
Prep Sports Online (PSO) has been working with ICADG (Iowa City Area Development Group)
to prepare an application for CEBA (Community Economic Betterment Account) and HQJC
(High Quality Jobs Creation) funds through the IDED (Iowa Department of Economic
Development) ,
They seek from the City of Iowa City:
1. Support for the project's application for CEBA and HQJC funds to be submitted to the State
at the Iowa Department of Economic Development's Board
2. A 3-year $100,000 no interest loan as a match for the $400,000 CEBA forgivable loan and
$610,000 HQJC funds,
The company is actively considering other locations, including Sterling, IL with support from the
state of Illinois. The reason for the funding request to the state is for incentive purposes - to win
the location of the firm in the state of Iowa,
The company provides high school athletic websites free of charge to high schools across the
US. They share in the revenue with high schools from the sale of advertising, content licensing
and multi-media sales. School websites include video clips and stories of each football game
and one highlighted sport each week (with pictures, video and stories) through the remainder of
the year, The people who work at PSO will be web site designers and programmers, sales
representatives, videographers and writers.
The company will create 79 high quality jobs by the end of the third year of operation and will
provide medical/health benefits as detailed in the accompanying CEBA application. The
average hourly wage for all positions, not including the CEO is $24.75 per hour, or more than
160% of the average county private sector wage. A substantial share of the jobs would be high
technology jobs, the addition of which, would be attractive to other high technology businesses
looking for a workforce with similar training.
The Wasserman Media Group is an equity partner in the business,
The company would like to move quickly and is considering remodeling of 10,000 - 18,000
square feet of existing office space in the Gateway One Center.
enc.: CEBA Application
IOWA
l?~fe I changinge
Michael Tramontina, Interim 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 Grand Avenue
Des Moines, Iowa 50309
www.iowalifechanglng.com
January 22, 2007
Instructions
1. All applicants shall complete Section A of the Application for Financial Assistance and attach onlv those section(s) for the
program(s) to which the applicant is applying.
Proaram
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 IDED Web site, http://www.iowalifechanaina.com/applications/busdev/index.htmlor contact IDED 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 IDED:
. The original, signed application form and all required attachments
. One copy of the application form and all required attachments from which additional copies can easilv 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
Download and Complete
Section B
Section C
Section D
Section E
Application Due Dates
IDEO Board Meeting Application 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
August 17, 2006 July 24, 2006
September 21, 2006 Auaust 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 infonnation 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 infonnation.
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 ~inancial Statements and Projections
· Personal Financial Statements
Other infonnation 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)]
· Infonnation 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.iowalifechanQino.com/downloads/chap 1690penrecords ,doc.
Section A - Applicant & Project Information
3
Applicant Information
1, Name of Business: Prep Sports Online
Address: 1900 W, Lefevre Road
City: Sterling State: IL Zip: 61081
Contact Person: Tom Brandt Title: Director of External Partnerships
Phone: 815625-3005 Fax: 815625-0366 Email: tombrandt@presportsonline.com
2,
3.
SIC or NAICS Code: 54-2113015
FederallD Number:
Does the Business file a consolidated tax return under a different tax ID number? DYes
If yes, please also provide that tax ID number:
Is the contact person listed above authorized to obligate the Business? DYes
If no, please provide the name and title of a company officer authorized to obligate the Business:
Nyle F. Anderson, CEO
XNo
XNo
4,
5. If the application was prepared by someone other than the contact person listed above, please complete the following:
Joe Raso assisted Tom Brandt with the completion of this application
Name: Joe Raso Title: President
Organization: Iowa City Area Development Group
Address: 325 E, Washington Street, Suite 101
City, State, & ZIP Code: North Liberty, Iowa 52240
Phone: 319-354-3939 Fax: 319-338-9958 Email: JRaso@lowaCityArea.com
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
VAAPFAP
EDSA
1,
Sponsor Organization: City of Iowa City
Official Contact (e,g. Mayor, Chairperson, etc,): Wendy Ford
Address: 410 E. Washington Street
City, State & ZIP Code: Iowa City, Iowa 52240
Phone: 319-356-5248 Fax: 319-356-5009
E-mail: Wendy-Ford@lowa-City.org
Title: Economic Development Coordinator
2. If IDED needs to contact the sponsor organization with questions, should we contact the person listed above?
X Yes D No, please contact the following person:
Name: Title:
Address:
City, State & ZIP Code:
Phone: Fax: E-mail:
If necessary, please list information on additional sponsors in an attachment.
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 fumished 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.
PSO was founded in 2002, by Nyle Anderson in Sterling, 1L. By publishing high school athletic websites, a unique fund
raising opportunity for high schools was created. Through the PSO 501-c-3, not-for-profit, a portion of all revenue is
given back to the school's athletic department. The current PSO model, implemented in August, 2006, has proven to
be the proper fit for the market. The "operational proof of concept" has allowed PSO to partner with Wasserman Media
Group, LLC based in Los Angeles, CA. The strategic, long term partnership entered into in February, 2007 will assure
PSO the resources required to grow its network and operation substantially over the next 3 years.
WWW.DreDsDortsonline.com
www.wmqllc.com
2.
Business Structure:
o Cooperative
o Partnership
o Corporation
S-Corporation
X Limited Liability Company
o Sole Proprietorship
o Not for Profit
State of Incorporation: Illinois
3. Identify the Business' owners. Nyle Anderson 50%; Casey Wasserman 50%
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
X No
X No
4. List the Business' Iowa Locations and the Current Number of Employees at each Location.
The company has no employees in Iowa at this time, Should the project proceed in Iowa it is projected to create nearly
80 jobs.
5. What is the Business' worldwide employment? (Please include employees of parent company, subsidiaries, and other
affiliated entities in this figure.) PSO will employ 29 professional in year 1. PSO will also have independent contracts
with over 50 Content Coordinators, all in Iowa; over 750 Media Providers, 20 in Iowa and 10 Network Development
Managers across the US,
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.)
Considering relocation of corporate office from Sterling, IL to Iowa City, 1A. Complete corporate management,
including Network Development, Content Acquisition, Content Aggregation, Website publishing and IT support will be
based in Iowa City, IA. Currently looking at 10,000 square foot facility in SW Iowa City. The space will allow us to
expand another 5,800 square feet in year 2. PSO provides high school athletic websites free of charge to high schools
across the US. PSO shares in the revenue with the high schools from the monetization of ad space, content licensing
and multi media sales.
Timeline attached
7. Project Address (Street Address, City, and County):
Gateway One Center
2nd Floor
Hwy 1 West
Iowa City, IA 52246
Section A - Applicant & Project Information
6
8, Type of Business Project:
D Startup D Expansion of Iowa Company D New Location in Iowa
X Relocation from another State
9, Please identify the management at the project location and his/her/their experience.
Nyle Anderson - Founder
Nyle had a very successful career in the financial services business for 25 plus years. He specialized in group benefits
and was able to secure some of the biggest accounts in Chicago and westem Illinois. Nyle also owns two other
business, Medical Claim Services and is a franchise owner of Dippin' Dots. A father of five, he and his wife have
always been philanthropic. It was through that passion of giving that Prep Sports Online was created. By capturing
the essence of high school athletics through recoginition and giving, Nyle has been able to create a model that will
benefit thousands of young people for years to come.
Tom Brandt - Director of External Partnerships
Tom owned and operated River City Sport for 8 years before closing its doors in 2002. Specializing in market specific,
sport promotions for retailers across the US, River City Sport became a leader in retailing licensed goods. Staying in
the licensed athletic world, Tom became partners in Logo America and worked with many universities and colleges
across the US by bringing corporations interested in supporting inter-collegiate athletics to them. It was through this
avenue that Tom was introduced to Nyle Anderson. Since January of 2006, Tom has been involved with the daily
evolution of PSO.
Phil Dowson - CTO
Phil has a vast background in software development and IT system creation, He built the proprietary software used by
PSO to manage all content for the websites. He worked for 6 years with the Davenport School District in Iowa before
joining PSO in 2004,
10.
Has any part of the project started?
If yes, please explain.
DYes
XNo
Section A - Applicant & Project Information
7
11 Project Budget:
AMOUNT BUDGETED
Use of Funds \,
.' . Cost Source A Source B Source C Source D Source E Source F Source G Source H
Land Acquisition $ $ $ $ $ $ $ $ $
Site Preparation $ $ $ $ $ $ $ $ $
Building $ $ $ $ $ $ $ $ $
Acquisition
Building $ $ $ $ $ $ $ $ $
Construction
Building $250000 $ $ $ $ $250000 $ $ $
Remodelina
Mfg, Machinery & $ $ $ $ $ $ $ $ $
Equip.
Other Machinery $ $ $ $ $ $ $ $ $
& Equip.
Racking, $ $ $ $ $ $ $ $ $
Shelving, etc:
Computer $500,000 $400,000 $ $100,000 $ $ $ $
Hardware
Computer $ $ $ $ $ $ $ $ $
Software ,
Furniture & $50000 $ $ $ $ $50,000 $ $ $
Fixtures
Workina Capital $3,250,000 $ $ $ $ $3,250,000 $ $ $
Research & $ $ $ $ $ $ $ $ $
Development
Job Trainina $612,000 $ $612,000 $ $ $ $ $ $
$ $ $ $ $ $ $ $ $
$ $ $ $ $ $ $ $ $
TOTAL $4,662,000 $400,000 $612,000 $100,000 $ $3,550,000 $ $ $
* Racking, Shelving and Conveyor Equipment used in Warehouse or Distribution Center Projects
Does the Business plan to lease a facility? X Yes 0 No If yes, please provide the Annual Base Rent Payment (lease payment
minus property taxes, insurance, and operating/maintenance expenses) and the length of the lease agreement.
Lease agreement is as follows: Total lease costs, minus triple net over 5-year lease period is approximately $725,500
Year 1 - $8,166/ month
Year 2 - $12,650 / month
Year 3 - $12,903/ month
Year 4 - $13,166/ month
Year 5 - $13,573/ month
PROPOSED FINANCING
Source of Funds Amount Form of Funds Rate Term Conditions I Additional Information
(Loan, Grant, In-Kind Include when funds will be disbursed; if
Donation, etc,) loan, whether payments are a level
term, balloon, etc.
Source A: IDEO $400,000 CEBA Grant
Source B: Other State $612,000 260E Job Training
(e,g, Community College,
DOT, etc.
Source C: Local $100,000 City of Iowa City Economic 0% 3 year Job creation at wages indicated
Government Development General Funds
Loan
Source 0: Business $
Source E: Other Private $3,550,000 Fully funded by Wasserman Media Group,
Sources LLC
Source F: $
Source G: $
Source H: $
2
TOT AL $4,662,000
Please list below any tax benefits (e.g. Investment Tax Credit, Sales Tax Refund, R&D Tax Credit, New Jobs Tax Credit, Property Tax
Exemption/Abatement, etc.) that the Business is seeking and include the estimated value of each tax benefit: Prep Sports Online is also
requesting investment tax credits and sales tax refunds via the High Quality Job Creation Program and New Jobs Investment Tax Credit
Program.
3
12.
Employee Benefits
Provided by the
Business
Plan Provisions
(Include deductibles, coinsurance %, office visit
co-payments, annual out-of-pocket maximums,
face amounts, com an match, etc.
See attached file
Medical/Health
Insurance
750
Dental Insurance
600
Vision Insurance
150
Life Insurance
900
Short Term Disability
(STD)
Long Term Disability
(L TO)
750
600
150
See attached file
900
See attached file
See attached file
* If the business's plan is self-insured, please use the amount paid by the business for costs associated with employee and family coverage
during the past three years and then, determine the business' average annual contribution per employee for that three year period.
Does the Business offer a pension plan, 401 (k) plan, and/or retirement-plan? X Yes 0 No
If yes, please indicate the amount contributed on a per employee basis by the Business to the plan. For 401 (k) plans, please
provide information on the company match and indicate the average annual match per employee (show average as a
percentage of salary). This is being finalized as part of the partnership agreement between PSO and WMG. That agreement
will be dated 4/1/07
Does the Business offer a profit-sharing plan? X Yes 0 No
If yes, please indicate total amount paid out each year for the past three years and then, determine the average annual bonus or
contribution per employee for that three year period. This is being finalized as part of the partnership agreement between PSO
and WMG. That agreement will be dated 4/1/07
Does the Business offer child care services?
o
Yes
X
No
4
Child care services include child care services on-site at the facility in which the project will occur or off-site child care
subsidized by the business at the rate of 50% or more of the costs incurred by an employee.
13. Identify the Business' competitors. If any of these competitors have Iowa locations, please explain the nature of the
competition (e.g. competitive business segment, estimated market share, etc.) and explain what impact the proposed
project may have on the Iowa competitor.
PSG currently has no competitors in the state of Iowa that we are aware of. There are 3 competitors in the US we
have identified but none have the 501-c-3 status we believe provides us a competitive advantage in this market space.
14. Will any of the current Iowa employees lose their jobs if this project does not proceed in Iowa?
D Yes X No
If yes, please explain why and identify those jobs as "retained jobs" in the following question.
This questions is not applicable because the company currently has all its employees located in Illinois
5
15. List the jobs that will be retained and/or created as the result of this project. (A retained job is an existing job that
would be eliminated or moved to another state if the project does not proceed in Iowa.) For retained jobs, include the current
hourly wage rate. For jobs to be created, including the startinq hourly wage rate.
Job Title Skills, Education, or Experience Number of Retained (R) or Starting or Current Wage
Required Jobs Created IC) Rate
Year 1 ofthe Project
Director, HS Associations 1 C 60,000
Director, Network Development 1 C 100,000
Supervisor, Network Development 2 C 75,000
Manager, Media 3 C 50,000
Director, Content 1 C 50,000
Manaqer, Content 4 C 35,000
COO 1 C 150,000
Clerical Assistant 2 C 40,000
Developer 3 C 60,000
Director, Video 1 C 100,000
Supervisor, Video 1 C 100,000
Manaqer, Video 3 C 50,000
Controller 1 C 75,000
Manaqer, IT 1 C 60,000
Manager, HR 1 C 45,000
CEO 1 C
Assistant, CEO 1 C 50,000
CTa 1 C 100,000
Year 1 Subtotal 29 -
Year 2 ofthe Project
Manaqer, Network Development 5 C 50,000
Manager, Content 5 C 40,000
Manaqer, Video 5 C 50,000
Year 2 Subtotal 15
Year 3 ofthe Proiect
Manager, Network Development 5 C 55,000
Associate, Network Development 5 C 35,000
Manaqer, Content 5 C 45,000
Manaqer, Video 5 C 55,000
Associate, Video 5 C 35,000
Manaqer, Media 5 C 55,000
Associate, Media 5 C 35,000
Year 3 Subtotal 35
. .
I
Total Number of Retained Jobs:
Total Number of Created Jobs: 79
Average hourly wage for all positions, excluding the CEO, is $24.75/hour, or more than 160% of the average county private
sector wage. All 79 positions pay above the 130% of the average county wage.
6
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IOWA
l~fe I c h a n gin g'"
Section B - CEBA
1. Which program component is the Business applying for?
D Small Business Gap Financing
X New Business Opportunity
D New Product Development
D Modernization Component
2. Funding Information:
Total Amount Requested:
Loan Amount:
Forgivable Loan Amount:
$ 400,000
$
$ 400,000
See Chapter 53, Section 261 in the CEBA Administrative Rules for maximum funding amounts. The CEBA program is
not designed to provide 100% funding for any project and limits assistance based on the type of project submitted.
3. Security:
D Corporate Guaranty D Surety Bonds
D UCC Financing Statement D Mortgage on Real Estate
D Irrevocable Letter of Credit D Escrow Account
X Personal Guarantee D Other:
All awards secured by Personal Guarantees will require a current financial statement from each of the personal
guarantors, which must be attached to the application.
4. Does the business certify that at least 10% of the positions to be created will be made available to qualified Promise
Job Participants? X Yes D No
5. Are underground tanks (whether or not in current use) for the storage of petroleum products, agricultural or other
chemicals, waste oil or other liquid waste or any other inflammable, corrosive, reactive or explosive liquid or gas
located on the project site?
DYes
X No
If yes, please explain:
Will the Business be storing above-ground, on or about the project site, in tanks or otherwise, any liquid or gas (as
described above) or any inflammable, corrosive, reactive or explosive solid, for any length of time or any purpose?
DYes
X No
If yes, please specify:
Will the Business be treating, transporting or disposing of any liquid, gas, or solid (described above) either on or about
the project site or at a landfill or other treatment facility or upon any public street or highway, or on any waterway or
body of water, or in any aircraft?
DYes
X No
Section B - CEBA
2/4/2005
If yes, please specify the substance and what the Business will be doing with it.
6. Does the Business generate solid or hazardous waste? 0 Yes X No
If yes, please describe and provide a copy of the Business' solid and hazardous waste reduction plans.
Attachments
Please attach the following documents:
B3 Community resolution authorizing the submission of the application. City of Iowa City City Council will be meeting in
full session on Tuesday, April 17 to approve the City's support and the Resolution of Support for the CEBA application.
Section B - CEBA
2/4/2005
2
IOWA
life I changing'.
Section D - High Quality
Job Creation Program
1. The Business must meet at least 4 of the following required elements to be eligible for the High Quality Job Creation
Program. Please indicate which 4 required elements the business meets. (If the business is a start-up, please indicate
which 4 required elements the business will meet when its operation commences.)
X The business shall offer a pension or profit sharing plan to all full-time employees. For purposes of this
requirement, a retirement program offered by the business, such as a 401 (k) plan, and to which the business
makes a monetary contribution shall be considered the equivalent of a pension plan.
X The business shall produce or manufacture high value-added goods or services or be engaged in one of the
following industries*:
X The business shall provide and pay at least eighty percent of the cost of a standard medical and dental
insurance plan for all full-time employees working at the facility in which the new qualifying investment occurs.
For purposes of this requirement, single or employee-only medical and dental coverage will be what the
department considers in determining if the business meets this required element,
o The business shall make child care services available to its employees, The business shall satisfy this
required element if it provides child care services on-site at the facility in which the project will occur or if it
subsidizes 50% or more of off-site child care service costs incurred by an employee.
o The business shall invest annually no less than one percent of pretax profits, from the facility located to Iowa
or expanded or modernized under the program, in research and development in Iowa, The business must be
able to demonstrate, using generally accepted accounting principles, the facility's history of pretax profits or a
reasonable expectation of pretax profits from the facility in order to utilize this element.
o The business shall invest annually no less than one percent of pretax profits, from the facility located to Iowa
or expanded or modernized under the program, in worker training and skills enhancement. The business
must be able to demonstrate, using generally accepted accounting principles, the facility's history of pretax
profits or a reasonable expectation of pretax profits from the facility in order to utilize this element.
X The business shall have an active productivity and safety improvement program(s). The program(s) will
involve both management and workers and have benchmarks for gauging compliance.
o The business shall purchase and occupy an existing facility that includes at least one vacant building which is
at least 20,000 square feet.
* State's targeted industries include: value-added agricultural products, insurance and financial services, plastics,
metals, printing paper or packaging products, drugs and pharmaceuticals, software development, instruments and
measuring devices and medical instruments, recycling and waste management, telecommunications and trucking and
warehousing.
Attachments
Please attach the following documents:
For projects of $10 million or more, include the following:
01 Resolution by the sponsoring County Board of Supervisors/City Council approving this application
For projects of $10 million or more and when a local value-added propertv tax exemption is beina offered, include the following:
02 Legal description of the project site, Include the size, in acres.
03 Detailed map (no larger than B"x14") showing the boundaries of the project site.
Section 0 - HQJC
6/24/2005