HomeMy WebLinkAbout12-18-2007 Council Economic Development Committee
AGENDA
City of Iowa City
City Council Economic Development Committee
Tuesday, December 18, 2007
8:30 a.m.
Lobby Conference Room
Iowa City City Hall
1. Call to Order
2. Consider approval of the minutes of the November 13,2007 Economic
Development Committee Meeting
3. Discussion of CDBG Economic Development Funds Applications
a. Wedge Pizzeria
b. Home Ec. Workshop
4. Discussion of requests for funding
a. University of Iowa Small Business Development Center
b. Entrepreneurial Development Center
5. Downtown Market Niche Analysis - discuss next action steps
6. Staff time
a. TIF project update memos
7. Committee time
8. Adjournment
MINUTES
CITY COUNCIL ECONOMIC DEVELOPMENT COMMITTEE
NOVEMBER 13, 2007
CITY HALL, LOBBY CONFERENCE ROOM, 1:30 P.M.
PRELIMINARY
Members Present: Regenia Bailey, Connie Champion, Bob Elliott
Staff Present: Wendy Ford, Jeff Davidson
Others Present: Nancy Quelhorst, Craig Gustaveson, Irvin Pfab, Greg Hennigan, Gigi
Wood, and by phone, Mary Bosch, Eleanor Matthews, and Melissa
Mailloux
CALL MEETING TO ORDER
Chairperson Regenia Bailey called the meeting to order at 1 :30 P.M.
APPROVAL OF MINUTES OF OCTOBER 9 AND OCTOBER 25.2007
Elliott moved and Champion seconded the minutes of both the October 9 and October 25,2007,
meetings be approved as presented. Motion carried 3-0.
DOWNTOWN MARKET NICHE ANALYSIS DRAFT REPORT (Marketek via conference call
Mary Bosch and Eleanor Matthews of Marketek joined the Committee via phone conference.
Mary stated that she would first like to cover some highlights, and then take questions from
those present. Marketek's charge was determining how downtown Iowa City could improve its
economic health, and what the potential opportunities are within a variety of sectors, but mainly
focusing on retail, residential, office, and lodging. They also took a look at how Iowa City could
promote the downtown, and ways to show the creative class all that Iowa City has going for it.
Bosch noted that one thing that stands out about Iowa City's downtown is that it is lively 24
hours a day, 7 days a week. She also noted that Iowa City is one of the few cities that still has a
functional pedestrian mall, and that the city looks healthy due to low vacancies in retail. The
challenges, then, for Marketek are to explain how they can help Iowa City optimize this mix, and
sustain the growth that has been occurring in Iowa City. Bosch noted too, that the role of
downtown has changed over the past ten to fifteen years, and that people need to understand
that they cannot go back to the way things were previously. In Chapter one, Bosch briefly
touched on the customer base of downtown Iowa City, noting the high student population. She
talked about the types of businesses that bring in "convenience" purchases, such as hardware
and grocery.
Bosch continued her presentation, stating that they also were able to get feedback from
community members about their reflections on downtown Iowa City, what they wanted, what
they would support in terms of retails, goods and services, and entertainment. They received
over one thousand responses to their survey. She stated that they also conducted some focus
groups, and that the town hall meeting was well received. Bosch noted that the Iowa City
residents are very engaged in their community.
Bosch next summarized the process, stating that they look first at current situation - a snapshot
based on existing retail sales compared to potential retail sales from the residential population
of how much money is being spent by folks locally, what's being spent elsewhere and what the
Council Economic Development Committee
November 13,2007
Page 2
gap is. Some examples of gaps in retail were home furnishing stores, and food and beverage
stores.
Bosch further explained the methodology that Marketek used in gaining the information for this
report. She stated that they looked at potential demand from visitors, in addition to residents.
Bosch then stated that on page 99 is a projection of the downtown retail demand over the next
ten-year period, by key retail categories. She stated this evaluates demand from residents and
visitors, and projected demand Iowa City could capture. She briefly went through some of the
square footages that are a part of this, and noted that this includes the new mixed use projects
coming online.
The discussion next turned to housing with Eleanor Matthews presenting to the Committee.
She stated that one thing that stood out the limited non-student housing, both rental and for-sale
units. Matthews added that one comment they heard a lot was, 'We need more housing,
particularly non-student housing downtown.' She stated that this was due to a population of
young professionals living in Iowa City. Matthews also covered the Iowa City rentals in the
area, and stated that it is a healthy market, and that there is more room for higher end, non-
student housing. In the 'for sale' market, Matthews stated that they did not have much to
evaluate, other than Plaza Towers and some projects in Coralville. She further explained how
Marketek looked at a 20-mile radius from the center of Iowa City when gathering their
information. She spoke about the upcoming Hieronymus Square project and the projected cost
of housing in the downtown area. Matthews stated that from their market research and
analysis, they feel that the opening downtown price points for condos should be from $150,000
to $230,000, which, she stated, is lower than Plaza Towers. She noted that Plaza Towers sold
units for much higher, but that many of these sold to investors. Matthews also noted that the
Iowa City Realtors were extremely helpful in providing information for their report. .
Bosch next covered office space. She noted that the Technology Corridor is projected to
increase by 3,500 jobs annually, which will result in demand for more office space. One of the
comments the team heard during their research was a need for larger space, and how hard it is
to find in the downtown area. Smaller office spaces that are for sale are also scarce. Matthews
noted that they spoke with the Iowa City Area Development Group during their research, as
well, and that this provided them with good information.
Bosch then discussed lodging, noting that things are very positive in this area - occupancies are
up, rates are up, etc. She noted that the information they gleaned was primarily anecdotal and
that they spoke to business owners and hotel/motel operators to get most of their information.
Of particular note, was that meeting and exhibit space is limited in Iowa City.
The presentation then turned back to Bosch, who spoke about towns like Austin, Texas, that is
attempting to attract and retain the creative class; and also towns like Portland, Oregon and
Memphis, Tennessee, who are both in various stages of their recruitment toward the same.
Bosch noted that the move around the country is to attract and retain this "creative class" of
workers who are often occupied in creative types of positions. She noted that arts, culture, and
entertainment are important to this demographic, as well.
Bosch noted that in Austin, Texas, one of the main focuses has been arts and culture, and
definitely their downtown. She stated that Austin is the "poster child" for economic development
of their downtown. In Portland, Bosch stated that they have a full-time employee that focuses
on the whole economic development issue and keeping that in focus. Bosch next talked about
Council Economic Development Committee
November 13, 2007
Page 3
communities promoting themselves, noting that Memphis had a large event where they brought
. in people from other states to help them think outside of the box on how they could bring people
to their town. She then spoke about Iowa City's strengths and how marketing these can get the
message out to people.
For implementation recommendations, Bosch noted that they are feeling very positive about the
opportunities that Iowa City has, about the future for strengthening the downtown economic
base, business mix, the addition of housing, and some of the other issues - office and lodging.
After a lot of thought on what would it take for Iowa City to move forward to capitalize on this
success, Bosch noted that the last chapter of their report outlines a plan. One of the first things
is organization. There needs to be a cohesive, focused, and well supported management team
and staff to begin to work on the business mix for downtown Iowa City, and all of the issues that
go along with that. She noted that Iowa City is definitely under-promoted, and that they need to
get "better known" in order to bring in the businesses that are desired. Bosch reiterated that a
partnership needs to be formed of organizations and stakeholders, both public and private, with
strong involvement that will focus on development. She noted that Iowa City's downtown needs
to run more as a business would, with full time management involved. Marketek has outlined a
plan for the City, that includes everything from business retention to business recruitment to
business expansion, property development, and finding creative ways to influence a business
mix.
Bosch ended the presentation by stating that they need to hear from those in attendance now,
to which Bailey asked if anyone had any questions or comments for Bosch or Matthews. Elliott
brought up the topic of young professionals and attracting them to the area. He asked if she
were referring to young professionals that are single, and not married or partnered, as safety
and schools were not mentioned in Marketek's report. Bosch noted that typically "young
professionals" means early 20's to early 30's, and not married.
Quelhorst asked Bosch to speak more to the business mix, and asked if this refers to a mix of
things like toy stores and apparel, or families with young children type of services. Bosch stated
that their findings were based on what they heard from the community, wanting more "every
day" type stores. The mix is to cluster businesses together that would draw in those residents in
the immediate area. Champion then stated that she was somewhat alarmed by the list of
potential businesses included in the report, as they are chain stores, and not specialty type
stores, which Iowa City is known for. Bosch noted that this is not a comprehensive list, but
simply the results of a query she made on national chains that are considering expansions or
new locations in areas such as Iowa City's downtown. Davidson then asked for a clarification
on the clustering concept, stating that he was somewhat confused by this. He asked if this
issue is really that critical, as Iowa City tends to have "clusters" in the downtown area. Bailey
noted that she has a question along the same line. She asked if clustering were more
successful in a small downtown. Bosch noted that the current clusters need to be cross-
promoted. She noted that on the City Plaza, for example, they need more retail. Otherwise,
you are left with mainly single-destination businesses. Gustaveson illustrated how the concept
works by telling about how his business improved once they left the City Plaza with no other
men's store, and moved to Clinton Street right next to another men's store. Champion noted
that she totally agrees with this. She spoke about the women's stores downtown and how they
have helped each other survive.
Elliott next brought up how expensive downtown living typically is. He asked for more
information on this. Bosch noted that cities have been pushing urban renewal with the basis of
Council Economic Development Committee
November 13, 2007
Page 4
making sure the housing in downtown areas meets all levels of income, and not just high end.
Mailloux noted that they looked in the immediate downtown area. Bailey noted that it would be
helpful to know the boundaries they used, as the City is also expecting a housing study soon.
Mailloux stated that a footnote in this section will further explain this data.
Elliott then asked about the City Plaza, asking if they have any suggestions on how to keep it
viable without adding more restaurants and bars. Bosch stated that this can be part of the
prime retail core, and that they need to have more active retailers. She noted that they looked
specifically at certain areas of the City Plaza, and it is noted that they do not have any active
retailers in these areas. Some aesthetic issues were noted, especially, that some areas seem
too dark in the City Plaza. Bosch again noted business mix, the physical environment, and
perceptions around safety - such as more active uses, more residential, brighter environment-
can contribute to a better downtown.
Bailey stated that the business mix issue is definitely a complex one. She asked how other
cities have approached this issue. Bosch stated that the recommended partnership would help
keep the "vision" for the City - what does it take to be successful, what is the expectation or
goal that's trying to be reached - in order to make changes. Gustaveson then talked to Bosch
about the retail issue. He talked of larger stores, national chains, and how they will never come
to Iowa City due to so many regulations, such as parking, square footage, etc. Bosch stated
that she feels Iowa City could entice these national chains to the area. The discussion turned to
how Iowa City does not really have stores that cater to students, and that there are 30,000
students in the downtown area - stores such as Gap or Old Navy.
Gustaveson noted about housing, that a builder he knows has stated that to keep Chicago
students from coming in and buying up the condos, the price has to stay high. He asked if
Marketek's research indicates who would be buying these - young professionals or Chicago
parents for their U of I students to live in. Matthews noted that the local market is what drives
this as far as price, and what people are willing to pay. Quelhorst then spoke to the
methodology being presented in this report, asking if they could cull out small parts and work on
those. As an example, it was stated how many of these suggestions are dependent on each
other - which are stand-alone type recommendations, and could they be done over a ten-year
period. Bosch noted that the most important piece is professional management, and a group of
people that are focused on nothing but enhancing the business base. Quelhorst brought the
conversation back to who the members of this group should be.
The conference call ended so the group could continue with the meeting.
Bailey then spoke to what needs to be in the public presentation for this report. Gustaveson
noted that three years ago they stated that a full-time person was needed to manage - just as is
being suggested here. It was noted that many business owners downtown do not want to see
any changes, and that for this to occur, there is going to need to be the right group leading this.
Bailey noted that any other suggestions should go to Ford to further expedite this report. Ford
noted that they need to have another meeting in about a week. Monday, November 19th at 8:00
A.M. was suggested. Davidson then spoke briefly about the Comprehensive Plan, as well as
the District Plans for each area, such as the downtown. It was noted that the Plan, as well as
this study, help to show what the needs are for both retail and residential in the downtown area,
in an overall view.
Council Economic Development Committee
November 13, 2007
Page 5
5T AFF TIME
No report.
COMMITTEE TIME
No report.
ADJOURNMENT
Meeting adjourned at approximately 3:00 P.M.
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INITIAL REVIEW OF THE WEDGE PIZZERIA, INC.
WORKING CAPITAL
Business Proposed:
Steve Harding, owner of The Wedge Pizzeria, Inc. is requesting funds to expand his
operations by opening a second location in the pedestrian mall in downtown Iowa City.
The Wedge at 517 S. Riverside, founded in 1999, offers pizza by the slice and pizza
delivery service, however has no seating capacity. The new downtown location will have
seating and anticipates that 80-90% of the business will be pizza by the slice. The 517
S. Riverside will continue to provide pizza by the slice, but will provide all delivery
service for the two locations.
The owner requests $60,000 for working capital, construction and equipment expenses.
Budget & Private Financial Contribution
The applicant has secured private loans with First American Bank for up to $150,000
and will have a 50% SBA guaranty on this loan. The owner will contribute $5,000,
towards the expansion. First American Bank has placed liens on all equity available
from the owner's private residence and rental property; however assistance is necessary
to cover the collateral shortfall. Owner estimates the total cost of the expansion is
$215,000. This amount includes $125,000 to purchase prior leasehold improvements,
$20,000 for additional build-out of the leased space, $30,000 in new equipment and
$40,000 for permanent working capital.
Comprehensive Plan/CITY STEPS Plan
The project does not require public infrastructure and is located in a CB-10 zone (central
business). CITY STEPS notes a high priority for the expansion and/or retention of
business that pay at least the living wage.
Quality of Jobs
The existing location employs 27 employees (including 5 full time positions). The
expansion will create new employment for approximately 31 persons, primarily all low-
moderate income persons. Of the positions created, there will be 9 managers, four full-
time and five part-time. Management will make between $10-12 per hour. The part-
time positions will make between $8-10 per hour. No fringe benefits are paid.
Economic Impact
The proposed CDBG funds will provide a small business with access to low interest
working capital. Due to the collateral shortfall and the bank's underwriting guidelines,
CDBG assistance is requested. The downtown location is favorable for this type of
expansion and the existing and proposed business do not sell alcohol.
Environmental/Community Involvement
The business has a history of supporting local non-profits through free pizza and gift
certificates to various charity groups, n,on-profit organizations and local schools.
Items to Address:
1. The projected annual sales for the pedestrian mall location are estimated at
$600,000. How was this figure estimated?
December 2007
December 18, 2007 Council Economic Development Committee
The Wedge Pizzeria, Inc.
Staff Recommendation:
The Wedge Pizzeria was founded in 1999. The owner has made a significant investment
into the company and has managed the existing business well. The business cost of
goods over sales (margins) is stable and the business controls overhead expenses.
Although sales have been stable to slightly lower over the past two years, the business
has seen rising operating profit. The business has maintained little to no debt. The
applicant has an excellent credit history and is current with all supplier and bank
payments.
Due to the collateral shortfall, the bank requests outside financing to mitigate the risk for
the expansion. The loan through First American Bank has a 50% SBA guaranty.
The business anticipates $600,000 in annual sales from the pedestrian mall location.
The location is favorable and they will not sell alcoholic beverages. The anticipated
revenue and cash flow generated will exceed debt service.
Staff funding recommendation: $40,000 loan with a maximum term of seven years at
3% interest for working capital only to limit risk/exposure and not subject the project to
additional federal regulations. Any funds used for construction would require that the
applicant comply with federal labor provisions, including Davis Bacon prevailing wages.
Using the CDBG funds for permanent working capital requires that all other financing,
including owner investment, is used first. The line of credit from First American Bank
could be moved into permanent financing to cover the cost of build-out and equipment.
Job creation would require four full-time positions that are paid $10.00 per hour or more.
The loan would be partially secured by a second mortgage on the owner's rental
property and a UCC financing statement filed on both business locations.
December 2007
Iowa Cill CDBO Economic Development Funds
Application for Business Financial
Assistance
Business Requesting Financial Assistance:
Individual-Steve Harding
Home Address-4625 Sharon Center Rd Iowa City, IA 52240
Name of Applicant Business - The Wedge Pizzeria, Inc.
Full Street Address of Business-517 S Riverside Dr. Iowa City, IA 52246
Phone Number & Email Address - 319-936-7532 sharding123@yahoo.com
DUNS Number (If awarded funds, applicant must obtain a DUNS number):
Type of Business- Pizzeria
Date Business Established- 6/4/1999
Bank of Business Account and Address (if applicable): First American Bank 640 Highway 1 West Iowa
City IA 52246
NOTE:
The City will not provide assistance in situations where it is determined that any repre-
sentation, warranty or statement made in connection with this application is incorrect,
false, misleading or erroneous in any material respect. If assistance has already been
provided by the City prior to discovery of the incorrect, false or misleading
representation, the City may initiate legal action to recover City funds.
Revised 11/15/06
1
Section 1: Description of Business and Proposed Project
1.1. Describe the proposed "project" (for example, company relocation, building expansion,
remodeling, new product line, number of new jobs, amount of investment in machinery and
equipment) and the expected benefits it will receive from the financial assistance requested:
Borrower is requesting funds to purchase $125,000 in prior leasehold improvements of the
location that will house a new restaurant, The Wedge Downtown, Inc. in the Iowa City Ped
Mall. The borrower is also requesting funds to initiate an additional $20,000 of build-out
and $30,000 to purchase equipment for the new location.
This new restaurant will employ 4 full time managers, 5 part time managers, and up to 22
service workers. Management will make between $10-$121hr. Most employees are
expected to be low to moderate income individuals.
First American Bank and SBA are supportive of this venture if financial assistance from the
City of Iowa City is awarded.
1.2. Provide a brief history of your company:
Steve Harding founded The Wedge Pizzeria, Inc. in 1999. The Wedge is known for their
specialty pizzas and was voted Iowa City's Best Pizza just 6 months after they opened their
doors.
The Wedge Pizzeria, Inc currently offers pizza by the slice and delivery service. They have
no seating in their location on Riverside. The Wedge Downtown, Inc. will have seating,
which should bring a large lunch crowd. Steve predicts that 80-90% of his business will be
pizza by the slice.
1.3. Describe the organizational structure of the business:
Steve Harding owns and manages The Wedge Pizzeria, Inc. A long time employee, Jaqlene
Drulis will manage The Wedge, Downtown.
1.4. Management
(Proprietor, partners, officers, directors, all holders of outstanding stock, 100% of
ownership must be shown)
Name & Position/Title Complete Address %
Owned
Steve Harding- Owner 4625 Sharon Center Rd Iowa City, IA 100%
52240
Revised 11/15/06
2
Attach a brief description similar to a resume of the education, technical and business
background for all the people listed under Management.
See Attachment
1.5. Will the project involve a transfer of operations or jobs from any other Iowa City or
Johnson County facility or replace operations or jobs currently being provided by another
Iowa City or Johnson County company? If yes, please indicate the facility(s) and/or
company(s) affected.
Jaqlene Drulis, a manager at the Riverside location, will transfer to the downtown
location.
Revised 11/15/06
3
Section 2: Financial Contributions to the Proposed Project
2.1. Use of Proceeds
USE OF Proceeds
Loan Requested
(Enter gross dollar
amount rounded to
Activity the nearest hundreds)
Land acquisition $
New Construction/Expansion Repair $ 175,000
Acquisition and/or Repair of Machinery $
and Equipment
Inventory Purchase $
Working Capital (including accounts $ 40,000
payable)
Acquisition of Existing Business $
All Other (provide description) $
Total Loan Requested (All Sources): $
2.2. Terms of Proposed Financing (Sources)
Proposed Financing
Financial Institution: First American (1)
Amount
Monthly
Payment
$1,742
$279
Type(1)
direct
Rate
Term
See below
Financial Institution : First American (2)
Other : _Owner contribution
Iowa City CDBG Economic Dev. Fund
$ $110,000
$ 40,000
$ 5,000
$ 60,000
$ 215,000
8.5%
LOC
8.5%
See below
$792
3.00%
7 years
TOTAL:
(1)For example: forgivable loan, direct loan, or grant.
First American Bank loan # 1 will be a variable interest rate of Prime + 1 % (Prime is
7.5% currently) The term will be 5 years with a 7 year amortization. First American Bank
will have a 50% SBA guaranty on this loan.
First American Bank loan # 2 will be a variable interest rate of Prime + 1%. This will
be a revolving operating line of credit and will renew annually. Payment on this loan will
be interest only, due monthly. First American Bank will have a 50% SBA guaranty on this
loan.
2.3. Explain why assistance is needed from the City, and why it cannot be obtained
elsewhere. If the applicant did not apply for a loan through a private financial institution,
Revised 11/15/06
4
please explain why. If denied assistance through a financial institution, please attach
the letter of denial.
First American Bank is supportive of Steve and his business. Assistance from the City
would help to cover the collateral shortfall in this loan.
2.4. Indicate the owner's contribution (cash, assets for the operation of the business, etc.) to
this project.
Steve will contribute $5,000 of his own cash towards this purchase. He will also give all
business assets as collateral, as well as 2nd mortgages on 2 properties.
2.5. Identify all agencies or institutions involved in the project (financial, technical assistance,
etc.) and what their involvement is:
First American Bank, Small Business Administration
2.6. What type of security will the assisted business provide the City? If no security or less
than the dollar amount requested is offered, an explanation must be provided.
Corporate Guaranty / ~
UCC Financing Statement
Irrevocable Letter of Cregji.
Personal Guarantee"""""""-
Surety Bonds
Mortgage on Real Estate (2) V--
Escrow Account
Other:
Before execution of a COBG agreement, if the collateral consists of machinery and equipment,
inventory, or other, the applicant must provide an itemized list that contains serial and
identification numbers for all articles that had an original value of greater than $5,000. Include
a legal description of real estate offered as collateral.
1512 Broadway St
4625 Sharon Center Rd
Legal descriptions attached
2.7 If the City did not provide financial assistance, could the project proceed?
The bank is still in the underwriting process, but believes that city assistance will
be necessary to proceed with this project.
Revised 11/15/06
5
Section 3: Jobs to Be Created/Retained
Special Note: The Community Development Block Grant (CDBG) program requires that
at least 51% of the jobs created or retained must be held by or made available to low-
moderate income persons. The business acknowledges that if it fails to create and/or
retain the jobs identified below by the end of the project period and maintain them for a
period of time (usually 12 months from the date of the award); it may be required to
reimburse City funds for the employment shortfall.
3.1 If an existing business, how many employees are currently employed at your Iowa City
location? Please attach a copy of the company's quarterly Iowa "Employer's Contribution
and Payroll Report" for the most recent quarter.
The Wedge Downtown, Inc will be a new entity. The Wedge Pizzeria, Inc currently
employs 27 employees, including 5 FTE, all low to moderate income individuals.
3.2 Complete the following chart identifying the number of jobs to be created and/or retained
based on this specific project.
Type of Job and Hourly Rate for Created and/or Retained Positions in First 12
Months of Project Award (please see attached Job Category Definitions)
# of Jobs # of Jobs No. Hours Hourly Fringe
Created Retained Type of Job Per Week Rate of Pay Benefits*
9 Officials & Managers 20-40 $10-12/hr
Professional
Technicians
Sales
Office & Clerical
Craft Workers (Skilled)
Operatives (semi-skilled)
Laborers (unskilled)
22 Service Workers 20-40 $8-10/hr
*If fringe benefits are provided, please attach a description of all employee benefits provided
by and paid for (in full or in part) by the business.
3.3 What is the estimated annual payroll for the new employees resulting from this project?
$250,000
Revised 11/15/06
6
3.4 If an existing business, will any of the current employees lose their jobs if the project does
not proceed? If yes, how many? Explain why:
Section 4: Economic & Environmental Impact
4.1. What other Johnson County companies could be considered to be your competitors?
Pizza restaurants in downtown Iowa City.
4.2. Please describe the energy and resource efficiency programs, waste reduction, waste
exchange, and recycling programs at your Iowa City operation.
The Wedge currently recycles all cardboard, aluminum and plastic waste.
Section 5: Community Involvement, Compliance with Law
5.1 In addition to your normal business activities, does your business contribute or have plans to
contribute to the community through volunteer work, financial contributions, or through other
means? Please describe.
See attached
5.2 Has the business been cited or found to violate any federal or state statute or regulation
within the last five years (including, but not limited to environmental regulations, payroll
taxes, Occupational Safety and Health Administration laws, Fair labor Standards, the
National labor Relations Act, the Americans with Disabilities Act)? If yes, please explain the
circumstances of the violation(s).
No
5.3 Has the company or any officer of your company been involved in bankruptcy or
insolvency proceedings during the past 7 years from the date of this application? If so,
provide the details.
No
5.4 Are you or your business involved in any pending lawsuits? If yes, provide the case name of
the lawsuit, docket number, and city and state where it is pending.
Revised 11/15/06
7
No
Section 6: Summary of Required Attachments
Check off each attachment submitted. If not submitted, explain why.
[] Business plan (if start-up business)
[] Balance Sheet (3 year historical if an existing business. Start-ups must provide a pro-
forma balance sheet)
[] Profit and loss statements (3 year historical if an existing business, 3 year projection for
start-ups)
[] 12 month cash flow statement (if the business does not expect to turn profitable within the
first 12 months, provide a cash flow statement extended to the year the business expects
to turn profitable)
[] Description of fringe benefits provided to employees, if applicable
[] Brief description of the education, technical and business background for all the persons
listed under Management (Question #1.4)
[] Please provide the social security numbers for all the persons listed under Management
(Question #1.4)
[] If an existing company, copy of the company's quarterly Iowa "Employer's Contribution and
Payroll Report" for the most recent quarter.
[] Construction loans only: Cost estimates for construction and a statement of the source of
any additional funds
[] Include a list of any machinery or equipment or other non-real estate assets to be
purchased with the financial assistance and the cost of each item as quoted by the seller.
Include the seller's name and address.
Upon review of a submitted application, the City reserves the right to request additional
information in order to assist the City with its evaluation of an application.
Revised 11/15/06
8
[] Please provide the social security numbers for all the persons listed under Management
(Question #1.4)
[] If an existing company, copy of the company's quarterly Iowa "Employer's Contribution and
Payroll Report" for the most recent quarter.
[] Construction loans only: Cost estimates for construction and a statement of the source of
any additional funds
[] Include a list of any machinery or equipment or other non-real estate assets to be
purchased with the financial assistance and the cost of each item as quoted by the seller.
Include the seller's name and address.
Upon review of a submitted application, the City reserves the right to request additional
information in order to assist the City with its evaluation of an application.
Release of Information and Certification
NOTE: Please read carefully before signing
I hereby give permission to the City of Iowa City (the City) to research the company's history,
make credit checks, contact the company's financial institution, and perform other related
activities necessary for reasonable evaluation of this proposal. I understand that all information
submitted to the City relating to this application is subject to the Open Records Law (1994 Iowa
Code, Chapter 22) and that confidentiality may not be guaranteed. I hereby certify that all repre-
sentations, warranties or statements made or furnished to the City in connection with this
application are true and correct in all material respects. I understand that it is a criminal violation
under Iowa law to engage in deception and knowingly make, or cause to be made, directly or
indirectly, a false statement in writing for the purpose of procuring economic development
assistance from a state agency or political subdivision.
If applicant is a proprietor or general partner, sign below.
By:
Date:
If applicant is a Corporation, sign below:
Attested by:
I ~ J-q --O-t-
Date
By:
Revised 11/15/06
7
Section 1.4
Steve Harding graduated from high school in 1986 and completed one year of
school at the University of Florida. He started working in the pizza industry in 1987, and
has been involved in opening three pizzerias. His most recent project, the Wedge
Pizzeria, opened on June 4, 1999, and has become both a local favorite and a profitable
endeavor.
Section 5.1
The Wedge donates pizza each year to groups like The Dance Marathon, Systems
Unlimited, local schools including The City High Party After Prom, West High, Regina,
and Grantwood Elementary, the Iowa City Homeless Shelter on N. Gilbert, University
affiliated groups including the Univ. Parent's Care Collective Daycare, Univ. oflowa
Homecoming Council, Dept. of Nursing, School of Law, and the Gay Lesbian Bisexual
Transgender Union, the Evert Conner Center for Independent Living, the American
Diabetes Association, the Leukemia and Lymphoma Society, the Women's Resource and
Action Center, the Rape Victim's Advocacy Program, the Iowa Midwives Association,
Hills Elementary, the Just Us Girls Charity GolfToumament, and many more. Our
policy is to donate two pizzas or gift certificates to any charity group or local school who
asks for help.
COUNTY OF
On this day of
and state, personally appeared
" 1)yoad w~
(Page 7 of 7)
STATE OF
. _ , before me, the undersigned. a Notary Public In and for said county
to me personally known, who betng by me dUly swom, did say that they are the
respectively, or said corporation executing the within and foregoing Instrumen~ thai said instrument was signed on behalf of said
corporation by authority of lIS Board of Directors; and that the said
as such officers acknOWledged the execution 01 said Instrument to be the volunlary act and deed of said corporation by It and by them
voluntarily executed.
, Notary Public
In and for said County and Slale
j.........ri..QIftl.A\...
~&{!~ 1~fiof ~~'~8~1~1e) jirRBBT
IOWA CITY, IA 52240
The permanent tax identification number of the Properly is:
The following described real properly located in the County of Johnson
Slale of :Iowa :
LOT on (1) :I1II BLOClt lIIID (9) IJI StJllllllYSIOB AnOITIOlll TO :IOWA
CITY, IOWA, ACCORD:IlIIG TO THB RBCORDBO PLAT THBRBOF.
1(~..jJ
LPIA440G ~ Harland Fina..la' Solutio",. Inc. (mlO4)(SOO) ;:)7oG7Illl
Pago1~~---
(Page 3 of 17)
s1JMlJYl CtrL~
(0) "RESPA" means the Real Estate Settlement Procedures Act (12 V.S.C. Section 2601 et seq.) and its
implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to
time, or any additional or successor legislation or regulation that governs the same subject matter. As used
in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard
to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage
loan" under RESPA.
(P) ''Successor in Interest of Borrower" means any party that has taken title to the Property, whether or
not that party has assumed Borrower's obligations under the Note and/or this Security Instrument.
TRANSFER OF RIGHTS IN THE PROPERTY
This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and
modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this
Security Instrument and the Note. For this purpose, Borrower irrevocably mortgages, grants and
conveys to Lender, with power of sale, the following described property located in the
COUNTY of JOHNSON
[Type of Recording Jurisdiction] [Name of Recording Jurisdictionl
COMMENCING AT THE INTERSECTION OF THE CENTER LINE OF PUBLIC HIGHWAY #1
AND THE WEST LINE OF THE EAST 37.14 ACRES OF THE NORTHEAST FRACTIONAL
QUARTER OF THE NORTHWEST FRACTIONAL QUARTER OF SECTION 2, TOWNSHIP 78
NORTH, RANGE 7 WEST OF THE 5TH P.M., ALSO DESCRIBED AS STATION 350+45.5
ON SAID PUBLIC HIGHWAY U, THENCE EASTERLY ALONG THE CENTER LINE OF SAID
HIGHWAY 625.02 FEET TO THE POINT OF BEGINNING; FROM SAID POINT OF
BEGINNING; THENCE NORTH 905 FEET, THENCE EAST 554.31 FEET, THENCE SOI'J'l'H
1 DEGREE 41 MINUTES EAST 654.75 FEET TO THE CENTER LINE OF SAID HIGHWAY,
THENCE SOUTHWESTERLY ALONG THE CENTER LINE OF SAID HIGHWAY 625.1 FEET TO
THE PLACE OF BEGINNING.
Parcel ID Number:
which currently has the address of
[Street}
(City), Iowa 52240 (Zip Code]
4625 SHARON CENTER RD SW
IOWA CITY
("Property Address"):
TOGETHER WITH all the improvements now or hereafter erected on the property, and all
easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and
additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this
Security Instrument as the "Property."
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has
the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances
of record. Borrower warrants and will defend generally the title to the Property against all claims and
demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
property.
_-6(IA) (0005)
Page 30115
Initills:-6
Form 3016 1/01
3:04 PM
11/27/07
Accrual Basis
Wedge Pizzeria, Inc.
Balance Sheet
As of October 31, 2007
ASSETS
Current Assets
Checking/Savings
First American Bank
First American Credit Card Acco
Savings Account
Total Checking/Savings
Accounts Receivable
Accounts Receivable
Total Accounts Receivable
other Current Assets
Inventory
Food
Inventory - other
Total Inventory
NIR - The Pit
Total other Current Assets
Total Current Assets
Fixed Assets
Fixed Asset Cost
Equipment
Furniture
Leasehold Improvements
Vehicles
Total Fixed Asset Cost
Total Fixed Assets
other Assets
Accumulated Depreciation
AID - Furniture & Fixtures
AID - Improvements
AID - Machinery & Equipment
AID . Vehicle
Total Accumulated Depreciation
Organizational Costs
AlA - Organizational Costs
Organizational Costs - other
Total Organizational Costs
Total other Assets
TOTAL ASSETS
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable
Total Accounts Payable
other Current Liabilities
Gift certificates
Payroll Liabilities
Sales Tax Payable
Total other Current Liabilities
Total Current Liabilities
Total Liabilities
Oct 31, 07
-7,970.14
4,087.15
483.52
-3,399.47
1,197.72
1,197.72
2,100.00
-200.00
1,900.00
5,000.00
6,900.00
4,698.25
62,703.88
6,361.04
19,470.60
3,760.00
92,295.52
92,295.52
-6,361.00
-10,111.00
-59,590.00
-7,051.00
-83,113.00
-937.10
937.10
0.00
-83,113.00
13,880.77
1,141.47
1,141.47
-130.60
5,801.40
2,649.19
8,319.99
9,461.46
9,461.46
Page 1
3:04 PM
11/27/07
Accrual Basis
Wedge Pizzeria, Inc.
Balance Sheet
As of October 31, 2007
Equity
Additional Paid in Capital
Capital Stock (Capital Stock)
Retained Earnings (Retained Earnings)
Steve Harding Equity
Steve's Dividends
Steve Harding Equity. Other
Total Steve Harding Equity
Net Income
Total Equity
TOTAL LIABILITIES & EQUITY
Oct 31, 07
1,328.00
14,000.00
49,728.40
-86,418.44
-9,524.51
-95,942.95
35,305.86
4,419.31
13,880.77
Page 2
4:02 PM
12/06107
Accrual Basis
Wedge Pizzeria, Inc.
Balance Sheet
As of December 31, 2006
ASSETS
Current Assets
Checking/Savings
First American Bank
First American Credit Card Acco
Hills Bank
Total Checking/Savings
Accounts Receivable
Accounts Receivable
Total Accounts Receivable
other Current Assets
Inventory
Food
Inventory. other
Total Inventory
NlR . The Pit
Undeposited Funds
Total other Current Assets
Total Current Assets
Fixed Assets
Fixed ASset Cost
Equipment
Furniture
Leasehold Improvements
Vehicles
Total Fixed Asset Cost
Total Fixed Assets
other Assets
Accumulated Depreciation
AlD . Furniture & Fixtures
AlD . Improvements
AID . Machinery & Equipment
AID . Vehicle
Total Accumulated Depreciation
Organizational Costs
AlA. Organizational Costs
Organizational Costs - other
Total Organizational Costs
Total other Assets
TOTAL ASSETS
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable
Total Accounts Payable
other Current Liabilities
Payroll Liabilities
Sales Tax Payable
Total other Current Liabilities
Total Current Liabilities
Total liabilities
Dee 31, 06
2,083.24
-1,101.35
673.82
1,655.71
760.39
760.39
2,100.00
-200.00
1 ,900.00
5,000.00
835.30
7,735.30
10,151.40
61,534.63
6,361.04
19,470.60
3,760.00
91 ,126.27
91 ,126.27
-6,361.00
-10,111.00
-59,590.00
-7,051.00
-83,113.00
-937.10
937.10
0.00
-83,113.00
18,164.67
-180.30
-180.30
4,509.85
1,748.01
6,257.86
6,0n.56
6,On.56
Page 1
4:02 PM
12/05/07
Accrual Basis
Wedge Pizzeria, Inc.
Balance Sheet
As of December 31, 2006
Dee 31, 06
Equity
Additional Paid in Capital
Capital Stock (Capital Stock)
Retained Earnings (Retained Earnings)
Steve Harding Equity
Steve's Dividends
Total Steve Harding Equity
Net Income
Total Equity
TOTAL LIABILITIES & EQUITY
1,328.00
14,000.00
-4,461.03
-39,855.29
-39,855.29
41,075.43
12,087.11
18,164.67
Page 2
4:02 PM
12/05/07
Accrual Basis
Wedge Pizzeria, Inc.
Balance Sheet
As of December 31, 2005
ASSETS
Current Assets
CheckinglSavings
Credit Card Income
Hills Bank
Total Checking/Savings
Accounts Receivable
Accounts Receivable
Total Accounts Receivable
other Current Assets
Employee Advances (Employee Advances)
Inventory
Food
Total Inventory
NIR - The Pit
Total other Current Assets
Total Current Assets
Fixed Assets
Fixed Asset Cost
Equipment
Furniture
Leasehold Improvements
Vehicles
Total Fixed Asset Cost
Total Fixed Assets
other Assets
Accumulated Depreciation
AID - Furniture & Fixtures
AID -Improvements
AID . Machinery & Equipment
AID - Vehicle
Total Accumulated Depreciation
Organizational Costs
AlA . Organizational Costs
Organizational Costs. other
Total Organizational Costs
Total other Assets
TOTAL ASSETS
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable
Total Accounts Payable
other Current Liabilities
Payroll Liabilities
Sales Tax Payable
Total other Current Liabilities
Total Current Liabilities
Total Liabilities
Equity
Additional Paid in Capital
Dee 31, 06
361.18
-6,412.79
-6,051.61
449.47
449.47
2,378.71
2,100.00
2,100.00
5,000.00
9,478.71
3,876.57
59,826.98
6,361.04
19,470.60
7,260.00
92,918.62
92,918.62
-5,972.00
-9,203.00
-54,642.00
-6,785.00
-76,602.00
-937.10
937.10
0.00
-76,602.00
20,193.19
3,197.79
3,197.79
4,490.43
1,636.00
6,128.43
9,326.22
9,326.22
1 ,328.00
Page 1
4:02 PM
12/05/07
Accrual Basis
Wedge Pizzeria, Inc.
Balance Sheet
As of December 31, 2005
Capital Stock (Capital Stock)
Retained Earnings (Retained Earnings)
Steve Harding Equity
Steve's Dividends
Total Steve Harding Equity
Net Income
Total Equity
TOTAL LIABILITIES & EQUITY
Dee 31, 05
14,000.00
25,997.26
-62,500.00
-62,500.00
32,041.71
10,866.97
20,193.19
Page 2
4:01 PM
12/06/07
Accrual Basis
Wedge Pizzeria, Inc.
Balance Sheet
As of December 31, 2004
ASSETS
Current Assets
Checking/Savings
Hills Bank
Total Checking/Savings
Accounts Receivable
Accounts Receivable
Total Accounts Receivable
other Current Assets
Inventory
Food
T otallnventory
Total other Current Assets
Total Current Assets
Fixed Assets
Fixed Asset Cost
Equipment
Furniture
Leasehold Improvements
Vehicles
total Fixed Asset Cost
Total Fixed Assets
other Assets
Accumulated Depreciltion
AID - Furniture & Fixtures
AID -Improvements
AID - Machinery & Equipment
AID - Vehicle
Total Accumulated Depreciation
Organizational Costs
AlA - Organizational Costs
Organizltional Costs - other
Total Organizltional Costs
Total other Assets
TOTAL ASSETS
LIABILmES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable
Total Accounts Payable
other Current Liabilities
Payroll Liabilities
Sales Tax Payable
Total other Current Liabilities
Total Current Liabilities
Total Liabilities
Equity
Additional Paid in Capital
Capital Stock (Capital Stock)
Retained EarnIngs (Retained Earnings)
Net Income
Dee 31, 04
16,855.11
16,855.11
1,434.21
1,434.21
2,476.00
2,476.00
2,476.00
20,765.32
57,004.95
6,361.04
19,470.60
7,260.00
90,096.59
90,096.59
-5,199.00
-8,267.00
-45,793.00
-6,362.00
-65,621.00
-937.10
937.10
0.00
-65,621.00
45,240.91
557.80
557.80
1,481.13
1,876.72
3,357.85
3,915.65
3,915.65
1 ,328.00
14,000.00
-5,772.07
31,769.33
Page 1
4:01 PM
12105107
Accrual Basis
Wedge Pizzeria, Inc.
Balance Sheet
As of December 31, 2004
Total Equity
TOTAL LIABILITIES & EQUITY
Dee 31, 04
41,325.f6
45,240.91
Page 2
3:01 PM
11/27/07
Accrual Basis
Wedge Pizzeria, Inc.
Profit & Loss
January through October 2007
Ordinary Income1Expense
Income
Arts Fest Income
Hobo Income
Sales (Sales)
Catering Income
Food
Sales (Sales) - other
Total Sales (Sales)
Total Income
Cost of Goods Sold
Food
Total COGS
Gross Profit
Expense
Advertising
Bad Checks
Bank Service Charges (Bank Service Charges)
Catering Expenses
Credit Card Fees
Fees (Fees)
Garden
Insurance (Insurance)
Work Comp (Workman.s Compensation)
Insurance (Insurance) . other
Total Insurance (Insurance)
Interest Expense (Interest Expense)
Finance Charge (Finance Charge)
Total Interest Expense (Interest Expense)
Mileage Reimbursement
Office Supplies (Office Supplies)
Officer Wages
Over/Short
Payroll Expenses
Payroll Taxes
Postage and Delivery (Postage and Delivery)
Professional Fees (Professional Fees)
Accounting (Accounting Fees)
Total Professional Fees (Professional Fees)
Reconciliation Discrepancies
Rent (Rent)
Repairs (Repairs and Maintenance)
Signage
Small Equipment
Soda Reimbursement
Supplies
Taxes (Taxes)
Federal (Federal Taxes)
State (State Taxes)
Total Taxes (Taxes)
Telephone (Telephone)
Travel & Ent (Travel and Entertainment)
Entertainment (Entertainment)
Meals (Meals)
Travel & Ent (Travel and Entertainment) - other
Total Travel & Ent (Travel and Entertainment)
Uniform
Jan - Oct 07
1,659.00
2,624.68
4,090.60
381,750.28
-63.92
385,776.96
390,060.64
132,188.04
132,188.04
257,872.60
14,879.17
187.32
797.77
4,317.98
8,385.98
1,335.00
451.54
79.16
5,551.78
5,630.94
13.39
13.39
5,791.52
791.97
19,800.00
-7,797.82
125,931.13
13,596.87
139.48
2,295.82
2,295.82
293.29
17,217.50
621.73
2,085.99
2,224.60
664.50
1,780.98
-404.00
34.26
-369.74
3,961.00
547.13
109.39
1,755.08
2,411.60
1,103.73
Page 1
3:01 PM
11/27/07
Accrual Basis
Wedge Pizzeria, Inc.
Profit & Loss
January through October 2007
Total Expense
Net Ordinary Income
otherlnc~xpense
other Income
other Income (other Income)
Total other Income
other Expense
other Expenses (other Expenses)
suspense
Total other Expense
Net other Income
Net Income
Jan - Oct 07
228,543.24
29,329.36
6,303.50
6,303.50
370.00
-43.00
327.00
5,976.50
35,305.86
Page 2
3:01 PM
11/27/07
Accrual Basis
Wedge Pizzeria, Inc.
Profit & Loss
January through December 2006
Ordinary IncomelExpense
Income
Hobo Income
Sales (Sales)
Food
Total Sales (Sales)
T otallncome
Cost of Goods Sold
Discounts
Food
Total COGS
Gross Profit
Expense
Advertising
Automobile Expense (Automobile Expense)
Bad Checks
Bank Service Charges (Bank Service Charges)
Contributions (Contributions)
Credit Card Fees
Depreciation Expense (Depreciation Expense)
Equipment Rental (Equipment Rental)
Fees (Fees)
garbage
Garden
Insurance (Insurance)
Interest Expense (Interest Expense)
Finance Charge (Finance Charge)
Interest Expense (Interest Expense) - other
Total Interest Expense (Interest Expense)
lawn care
Licenses and Permits (Licenses)
Mileage Reimbursement
Miscellaneous (Miscellaneous)
Office Supplies (Office Supplies)
Officer Wages
OVer/Short
Payroll Expenses
Payroll Taxes
Postage and Delivery (Postage and Delivery)
Professional Fees (Professional Fees)
Accounting (Accounting Fees)
Total Professional Fees (Professional Fees)
Rent (Rent)
Repairs (Repairs and Maintenance)
Equipment Repairs (Equipment Repairs)
Repairs (Repairs and Maintenance) - other
Total Repairs (Repairs and Maintenance)
Salaries and wages
Small Equipment
Soda Reimbursement
Supplies
Telephone (Telephone)
Trash/Snow Removal
Travel & Ent (Travel and Entertainment)
Entertainment (Entertainment)
Travel & Ent (Travel and Entertainment) - other
Total Travel & Ent (Travel and Entertainment)
Total Expense
Jan - Dee 06
5,368.80
438,020.57
438,020.57
443,389.37
21.43
133,572.66
133,594.09
309,795.28
19,962.82
10,424.04
458.84
605.66
10.00
5,994.26
6,511.00
287.25
1,285.00
275.00
1,462.49
10,066.30
31.05
57.52
88.57
110.00
38.72
13,171.82
1 ,362.89
881.27
22,050.00
-8,181 .59
140,156.34
15,204.40
181.16
2,401.14
2,401.14
21,300.00
411.08
1,269.01
1,680.09
-564.81
8n.14
1,070.99
1 ,236.58
5,144.28
203.00
163.50
350.02
513.52
276,268.17
Page 1
3:01 PM
11/27/07
Accrual Basis
Wedge Pizzeria, Inc.
Profit & Loss
January through December 2006
Net Ordinary Income
~herlnc~xpense
~her Income
GainILoss on Sale of Fixed Asse
~her Income (~her Income)
Total ~her Income
Net ~her Income
Net Income
Jan - Dee 06
33,527.11
599.16
6,949.16
7,548.32
7,548.32
41,075.43
Page 2
3:02 PM
Wedge Pizzeria, Inc.
Profit & Loss
January through December 2005
11127/07 I
~crual Basis
Ordinary IncomeJExpense
Income
Hobo Income
Sales (Sales)
Food
Sales (Sales) - Other
Total Sales (Sales)
Total Income
Cost of Goods Sold
Cost of sales
Food
Total COGS
Gross Profit
Expense
Advertising
Automobile Expense (Automobile Expense)
Bad Checks
Bank Service Charges (Bank Service Charges)
Contributions (Contributions)
Depreciation Expense (Depreciation Expense)
Equipment Rental (Equipment Rental)
Fees (Fees)
Garden
Insurance (Insurance)
Interest Expense (Interest Expense)
Finance Charge (Finance Charge)
Total Interest Expense (Interest Expense)
Mileage Reimbursement
Miscella'leous (Miscellaneous)
Office Supplies (Office Supplies)
Officer Wages
OVer/Short
Payroll Expenses
Payroll Taxes
Postage and Delivery (Postage and Delivery)
Professional Fees (Professional Fees)
Accounting (Accounting Fees)
Legal Fees (Legal Fees)
Total Professional Fees (Professional Fees)
Rent (Rent)
Repairs (Repairs and Maintenance)
Sman Equipment
Soda Reimbursement
Supplies
Telephone (Telephone)
Travel & Ent (Travel and Entertainment)
Entertainment (Entertainment)
Travel & Ent (Travel and Entertainment) - Other
Total Travel & Ent (Travel and Entertainment)
Uniform
Total Expense
Net Ordinary Income
Other IncomeJExpense
Other Income
Other Income (Other Income)
Total Other Income
Jan - Dee 06
2,651.21
443,847.61
0.00
443,847.61
446,498.82
376.00
149,137.04
149,513.04
296,985.78
10,594.01
6,949.17
1,451.98
7,249.98
110.00
10,981.00
689.40
700.00
607.48
10,988.27
8.05
8.05
8,586.21
194.16
84.46
16,996.13
-4,135.24
146,961.40
15,513.85
88.32
3,388.00
645.00
4,013.00
18,000.00
1,999.30
180.14
1,217.92
1,088.13
4,988.06
1,761.29
1,347.98
3,109.27
120.73
269,335.18
27,650.60
4,391.11
4,391.11
Page 1
3:02 PM
11/27/071
'Accrual Basis
Net other Income
Net Income
Wedge Pizzeria, Inc.
Profit & Loss
January through December 2005
Jan - Dee 06
4,391.11
32,041.71
Page 2
3:02 PM
11/27/07
Accrual Basis
Wedge Pizzeria, Inc.
Profit & Loss
January through December 2004
Ordinary IncomelExpense
Income
Sales (Sales)
Food
Sales (Sales) - other
Total Sales (Sales)
Total Income
Cost of Goods Sold
Discounts
Food
Total COGS
Gross Profit
Expense
Advertising
Amortization Expense (Amortization Expense)
Automobile Expense (Automobile Expense)
Bad Checks
Bad Debt
Bank Service Charges (Bank Service Charges)
Depreciation Expense (Depreciation Expense)
Dues and Subscriptions (Dues and Subscriptions)
Equipment Rental (Equipment Rental)
Fees (Fees)
Insurance (Insurance)
Interest Expense (Interest Expense)
Finance Charge (Financ:e Charge)
Interest Expense (Interest Expense) - Other
Total Interest Expense (Interest Expense)
Mileage Reimbursement
Miscellaneous (Miscellaneous)
Office Supplies (Office Supplies)
Officer Wages
Over/Short
Payroll Expenses
Payroll Taxes
Postage and Delivery (Postage and Delivery)
Professional Fees (Professional Fees)
Accounting (Accounting Fees)
Professional Fees (Professional Fees) - other
Total Professional Fees (Professional Fees)
Rent (Rent)
Repairs (Repairs and Maintenance)
Building Repairs (Building Repairs)
Equipment Repairs (Equipment Repairs)
Repairs (Repairs and Maintenance) - Other
Total Repairs (Repairs and Maintenance)
Soda Reimbursement
Supplies
Taxes (Taxes)
Federal (Federal Taxes)
State (State Taxes)
Total Taxes (Taxes)
Telephone (Telephone)
Travel & Ent (Travel and Entertainment)
Entertainment (Entertainment)
Total Travel & Ent (Travel and Entertainment)
Total Expense
Jan - Dee 04
474,528.49
70.55
474,599.04
474,599.04
39.25
143,755.96
143,795.21
330,803.83
24,374.25
80.10
4,758.20
2,335.02
148.82
5,439.65
16,599.00
419.19
962.90
200.00
9,550.62
6.58
140.42
147.00
8,696.89
818.58
620.62
8,397.01
-2,595.79
165,492.33
15,190.45
257.58
3,713.00
160.00
3,873.00
18,000.00
2,839.28
165.49
6,566.66
9,571.43
1,633.26
1 ,861 .43
233.63
1,046.00
1,279.63
3,453.34
1,574.12
1 ,574.12
303,138.63
Page 1
3:02 PM
11/27107
Accrual Basis
Wedge Pizzeria, Inc.
Profit & Loss
January through December 2004
Net Ordinary Income
other IncomelExpense
other Income
GainILoss on Sale of Fixed Asse
other Income (other Income)
Total other Income
Net other Income
Net Income
Jan - Dee 04
27,665.20
2,457.00
1,647.13
4,104.13
4,104.13
31,769.33
Page 2
FIRST
AMERICAN
BANK
CASH FLOW ANALYSIS:
Traditional Cash Flow:
Net Income
Add: Depreciation! Amort.
Interest Expense
Rent Expense
Less: Withdrawals
Gain on Asset Sale
Cash Flow Available for D/S
Debt Service:
Interest)
Total Debt Service
Cash Flow Available After D/S
Debt Coverage Ratio
The Wedge Pizzeria, Inc.
10 months
2004 2005 2006 10/3 l/2007
$31,770 $33,955 $45,202 $36,324
11,949 8,181 4,808 0
147 8 89 0
(30,199) (58,039) (39,855)
$13,667 ($15,895) $10,244
1,350
1,350
1,350
1,350
$12,317
($17,245)
10.12
1 Value includes full utilization of$15K RLOC at 9.50% (rate shocked 1.50%)
- 8 -
Commercial and Industrial Loan Application
FIRST
AMERICAN
BANK
PROJECTIONS:
Monthly Annualized
Monthly Sales 50,000 600,000
Cost of Food 15,000 30.0% 180,000 30.0%
Gross Margins 35,000 70.0% 420,000 70.0%
Expenses
Insurance 1,500 3.0% . 18,000
Officer Wages 2,000 4.0% 24,000
Payroll 14,000 28.0% 168,000
Rent 2,750 5.5% 33,000
Utilities 300 0.6% 3,600
Taxes 500 1.0% 6,000
Telephone / Cable 120 0.2% 1,440
Payroll Taxes 1,500 3.0% 18,000
Bank Fees 50 0.1% 600
Credit Card Fees 500 1.0% 6,000
Advertising 500 1.0% 6'
,
Professional Fees 400 0.8% 4,8
Total Expenses 24,120 48.2% 289,4
Total Monthly Income 10,880 21.8%
Traditional Cash Flow:
Net Income
Cash Flow Available for
Debt Service:
F AB New Req
F AB RLOC
Total D
Debt Coverage
3.59
-4-
Commercial and Industrial Loan Application
INITIAL REVIEW OF HOME EC WORKSHOP LLC
WORKING CAPITAL
Business Proposed:
Applicants, Alisa Weinstein and Codi Josephson, owners of Home Ec. Workshop are
requesting funds for a new business startup. The business is a retail craft supply store,
workshop space and kitchenette. Besides the retail portion of the business, the owners
will provide classes, party packages, a workshop for rental use with sewing machines,
printing materials, utility sink, cutting table, book making equipment, etc. and will sell
their own line of artistic products called Home Ec. Handmade. The business also
proposes a kitchenette for drinks, tea and baked goods. The owner requests $35,000
for working capital and equipment.
The business qualifies as a micro-enterprise under the CDBG program. Both owners
qualify as low-to-moderate income persons. A micro-enterprise is a commercial
enterprise that has five or fewer employees, one or more whom owns the enterprise.
Budget & Private Financial Contribution
The applicant has secured a $15,000 private loan with Hills Bank through the State of
Iowa Treasurer LIFT Program and a $20,000 loan from a private investor. The
collateral for the Hills loan consists of a business security agreement on all business
assets and the unlimited guaranty(ies) of the owners. The owners estimate that start up
expenses will total $90,000. This includes build out, machinery and equipment,
inventory and working capital. The owners will contribute $20,000 to the project.
Comprehensive Plan/CITY STEPS Plan
The project does not require public infrastructure and is located in a CB-2 zone (central
business service). CITY STEPS notes a high priority for micro-enterprise assistance.
Quality of Jobs
The two owners will operate the business. No additional employees will be hired. Job
creation/retention is not required under micro-enterprise assistance.
Economic Impact
The proposed CDBG funds will provide a small, women owned business with access to
low interest working capital. The owners will pay themselves $9.00 per hour with the
anticipation of increasing their wage as sales and operating profits rise. The business
will be located in the northside marketplace and offers creative services and products in
the Old Capitol Cultural district. Hills bank referred the owners to the CDBG fund in
order to access additional working capital.
Environmental/Community Involvement
The business anticipates supporting public radio and plans to participate in the gallery
walk. They will also donate items from the business for targeted community fund-raising
events such as for senior citizens, disadvantaged youth, IC Hospice and Mercy Hospital.
Items to Address:
1. Collateral. If awarded funding, a UCC financing statement will placed on all business
assets, however the City will be In second position and little to no collateral will be
available. Are any other forms of collateral available? Please discuss if owner will
accept a lien on her private residence.
December 2007
December 18, 2007 Council Economic Development Committee
Home Ec. Workshop LLC
Home Ec. Workshop is a new business start-up. The owners are willing to make
a significant investment into the company and combined they have over 20 years
experience in arts education and making crafts. Both owners have an excellent
credit history. The owners qualify as low-to-moderate income and the business
qualifies as a micro-enterprise. One of the owners previously had a home-based
business. The owners have been working with Paul Heath, Small Business
Development Center, and have solicited input and advice from professional
advisers.
Staff recommendation: $15,000 for working capital to limit risk/exposure with a
maximum term of 7 years at 2% interest. A start up business is inherently more
risky than a business that has been in operation. Staff recommends as a
condition of the award the owners receive additional business assistance
regarding items such as financial management, merchandising and marketing.
The training required would be based on an evaluation by the Small Business
Development Center. A UCC statement will be filed for all business assets.
December 2007
Iowa City CDBG Economic Development Funds
Application for Business Financial
Assistance
Business Requesting Financial Assistance:
Individual: Alisa Weinstein & Codi Josephson
Home Address: 232 S. Summit St. #C2, Iowa City, IA 52240 & 1912 D Street, Iowa City, IA 52245
Name of Applicant Business: Home Ec. Workshop LLC
Full Street Address of Business: 207 North Linn Street, Iowa City, 52245
Phone Number & Email Address: homeecworkshop@yahoo.com
DUNS Number (If awarded funds, applicant must obtain a DUNS number):
Type of Business :Craft supply boutique and Workshop
Date Business Established: 11/20/07
Bank of Business Account and Address (if applicable): Hills Bank,1401 South Gilbert Street, Iowa City, IA
52240
NOTE:
The City will not provide assistance in situations where it is determined that any repre-
sentation, warranty or statement made in connection with this application is incorrect,
false, misleading or erroneous in any material respect. If assistance has already been
provided by the City prior to discovery of the incorrect, false or misleading
representation, the City may initiate legal action to recover City funds.
Revised 11/15106
1
. Section 1: Description of Business and Proposed Project
1.1. Describe the proposed "project" (for example, company relocation, building expansion,
remodeling, new product line, number of new jobs, amount of investment in machinery and
equipment) and the expected benefits it will receive from the financial assistance requested:
We are seeking start-up assistance for a retail craft supply store, workshop space and kitchenette
where people can purchase select fabric, yam, threads, pattems and other fine craft supplies,
work on creative projects using our tools and equipment, and relax and enjoy coffee, tea and fresh
baked goods.
1.2. Provide a brief history of your company:
This is a new business aimed at serving the needs of textile artists and crafty people in Iowa City
and surrounding areas. The owners, Codi Josephson and Alisa Weinstein have over 20 years
collective experience in Arts Education and making unique crafts. Codi Josephson previously had
her own home-based business, Codirodeo, where she produced handmade gift items and sold
them seasonally in Iowa City. Additionally, she has been an Arts Programming Specialist at
United Action for Youth in Iowa City for seven years. She earned a 8.S.S. from Cornell College
and is currently earning her M.A. in Arts Education at the University of Iowa, where she also
teaches undergraduate classes in addition to teaching part-time at Cornell College. Alisa
Weinstein has a 8.F.A. in Drama and M.A. in Educational Theatre from New York University. She
taught drama at the Robert A. Lee Recreation Center, and planned and taught after-school
workshops in drama and art at Hills Elementary School. Since 2000, Alisa has worked part-time
as a costume stitcher on dance and opera productions. Alisa spent the last two years in Delhi,
India, where she took M.A. courses in Indian Arts and Aesthetics at Jawaharlal Nehru University
and worked as a scriptwriter for the Sesame Street India TV show, Galli Galli Sim Sim.
1.3. Describe the organizational structure of the business:
Home Ec. Workshop is an LLC.
1.4. Management
(Proprietor, partners, officers, directors, all holders of outstanding stock, 100% of ownership
must be shown)
Name & Positionffitle Complete Address %
Owned
232 S. Summit Street, #C2, Iowa City, IA 50
Alisa Weinstein 52240
1912 D Street, Iowa City, IA 52245 50
Codi Josephson
Revised 11/15106
2
Attach a brief description similar to a resume of the education, technical and business
background for all the people listed under Management.
1.5. Will the project involve a transfer of operations or jobs from any other Iowa City or Johnson
County facility or replace operations or jobs currently being provided by another Iowa City
or Johnson County company? If yes, please indicate the facility(s) and/or company(s)
affected.
No.
Section 2: Financial Contributions to the Proposed Project
2.1. Use of Proceeds
USE OF Proceeds
Loan Requested
(Enter gross dollar
amount rounded to
Activity the nearest hundreds)
Land acquisition $
New ConstructionlExpansion Repair $ 4,325
Acquisition and/or Repair of Machinery $ 17,685
and Equipment
Inventory Purchase $ 46,600
Working Capital (including accounts $'11,390
payable)
Acquisition of Existing Business $
All Other (provide description) $
Total Loan Requested (All Sources): $'0,000
2.2. Terms of Proposed Financing (Sources)
Proposed Financing
Financial Institution: Hills Bank
Owners :
Other: Private Lender: Michael Brockman
Iowa City COSG Economic Dev, Fund
TOTAL:
Amount
$ 15,000
$ 20,000
$ 20,000
$ 35,000
$ 90,000
Revised 11/15106
Monthly Type(1)
Payment Rate Tenn
$216 Loan 5.5% 7
$ 212 Loan 5% 10
$447 Loan 2% 7
$875
3
(1)For example: forgivable loan, direct loan, or grant.
2.3. Explain why assistance is needed from the City, and why it cannot be obtained
elsewhere. If the applicant did not apply for a loan through a private financial institution,
please explain why. If denied assistance through a financial institution, please attach the
letter of denial.
We were referred by Hills Bank because they could only fund a portion of our loan
request.
2.4. Indicate the owner's contribution (cash, assets for the operation of the business, etc.) to
this project.
$20,000
2.5. Identify all agencies or institutions involved in the project (financial, technical assistance,
etc.) and what their involvement is:
Hills Bank is providing financial assistance with the help of the LIFT Small Business Program.
Paul Heath at the Small Business Development Center has provided assistance with our
Business Plan.
2.6. What type of security will the assisted business provide the City? If no security or less
than the dollar amount requested is offered, an explanation must be provided.
€ Corporate Guaranty
€ UCC Financing Statement
€ Irrevocable Letter of Credit
X Personal Guarantee
€ Surety Bonds
€ Mortgage on Real Estate
€ Escrow Account
X Machinery, Equipment and Inventory valued at $17,000
Before execution of a CDBG agreement, if the collateral consists of machinery and equipment,
inventory, or other, the applicant must provide an itemized list that contains serial and
identification numbers for all articles that had an original value of greater than $5,000. Include a
legal description of real estate offered as collateral.
2.7 If the City did not provide financial assistance, could the project proceed?
Without financial assistance from the City, we would hope to still proceed with the project, but
we would not be able to carry it out with the quality and quantity of inventory, equipment and
services that we feel are essential to making our shop outstanding and unique.
Section 3: Jobs to Be Created/Retained
Special Note: The Community Development Block Grant (CDBG) program requires that at
least 51 % of the jobs created or retained must be held by or made available to low-
moderate income persons. The business acknowledges that if it fails to create and/or
Revised 11/15/06 4
retain the jobs identified below by the end of the project period and maintain them for a
period of time (usually 12 months from the date of the award); it may be required to
reimburse City funds for the employment shortfall.
3.1 If an existing business, how many employees are currently employed at your Iowa City
location? Please attach a copy of the company's quarterly Iowa "Employer's Contribution
and Payroll Report" for the most recent quarter.
3.2 Complete the following chart identifying the number of jobs to be created and/or retained
based on this specific project.
Type of Job and Hourly Rate for Created and/or Retained Positions in First 12 Months of
Project A ward (please see attached Job Category Definitions)
# of Jobs # of Jobs No. Hours Hourly Fringe
Created Retained TVDe of Job Per Week Rate of Pay Benefits*
2 Officials & Managers 40+ * **
Professional
Technicians
Sales
Office & Clerical
Craft Wokers (Skilled)
Operatives (semi-skilled)
Laborers (unskilled)
Service Workers
*If fringe benefits are provided, please attach a description of all employee benefits provided
by and paid for (in full or in part) by the business.
3.3 What is the estimated annual payroll for the new employees resulting from this project?
$15,800 for the first year,
*Starting at $9.00 per hour with hopes of increasing depending on sales and profits brought
in by the business.
**Will add fringe benefits and pay as business can afford it.
3.4 If an existing business, will any of the current employees lose their jobs if the project does
not proceed? If yes, how many? Explain why:
Revised 11/15/06
5
. Section 4: Economic & Environmental Impact
4.1. What other Johnson County companies could be considered to be your competitors?
Jo-Ann Fabrics, Hobby Lobby, Ben Franklin, Crazy Girl Yarn, The Knitting Shoppe.
4.2. Please describe the energy and resource efficiency programs, waste reduction, waste
exchange, and recycling programs at your Iowa City operation.
We will keep our energy and resource use to a minimum by using a programmable thermostat,
florescent lights and recycling.
Section 5: Community Involvement, Compliance with Law
5.1 In addition to your normal business activities, does your business contribute or have plans to
contribute to the community through volunteer work, financial contributions, or through other
means? Please describe.
We plan to have "make and take" craft activities that people can come in and do free of cost. We
hope to support public radio, and participate in the Gallery Walk. We would like to donate
handmade goods, craft supplies and workshop space to community fund-raising events. We
would like to reach out to Senior Citizens, disadvantaged youth, IC Hospice and Mercy Hospital
and do special programs with these populations.
5.2 Has the business been cited or found to violate any federal or state statute or regulation
within the last five years (including, but not limited to environmental regulations, payroll
taxes, Occupational Safety and Health Administration laws, Fair Labor Standards, the
National Labor Relations Act, the Americans with Disabilities Act)? If yes, please explain the
circumstances of the violation(s).
No.
5.3 Has the company or any officer of your company been involved in bankruptcy or
insolvency proceedings during the past 7 years from the date of this application? If so,
provide the details.
No.
5.4 Are you or your business involved in any pending lawsuits? If yes, provide the case name of
the lawsuit, docket number, and city and state where it is pending.
No.
Section 6: Summary of Required Attachments
Check off each attachment submitted. If not submitted, explain why.
Revised 11/15/06
6
[ x] Business plan (if start-up business)
[ x] Balance Sheet (3 year historical if an existing business. Start-ups must provide a pro-
forma balance sheet)
[ x] Profit and loss statements (3 year historical if an existing business, 3 year projection for
start-ups)
[ x] 12 month cash flow statement (if the business does not expect to tum profitable within the
first 12 months, provide a cash flow statement extended to the year the business expects
to tum profitable)
[] Description of fringe benefits provided to employees, if applicable
[ x] Brief description of the education, technical and business background for all the persons
listed under Management (Question #1.4)
Revised 11/15/06
7
[ x] Please provide the social security numbers for all the persons listed under Management
(Question #1.4)
[] If an existing company, copy of the company's quarterty Iowa "Employer's Contribution and
Payroll Report" for the most recent quarter.
[] Construction loans only: Cost estimates for construction and a statement of the source of
any additional funds
[ x] Include a list of any machinery or equipment or other non-real estate assets to be
purchased with the financial assistance and the cost of each item as quoted by the seller.
Include the seller's name and address.
Upon review of a submitted application, the City reseNes the right to request additional
information in order to assist the City with its evaluation of an application.
Release of Information and Certification
NOTE: Please read carefully before signing
I hereby give permission to the City of Iowa City (the City) to research the company's history,
make credit checks, contact the company's financial institution, and perform other related activities
necessary for reasonable evaluation of this proposal. I understand that all information submitted to
the City relating to this application is subject to the Open Records Law (1994 Iowa Code, Chapter
22) and that confidentiality may not be guaranteed. I hereby certify that all representations,
warranties or statements made or fumished to the City in connection with this application are true
and correct in all material respects. I understand that it is a criminal violation under Iowa law to
engage in deception and knowingly make, or cause to be made, directly or indirectly, a false
statement in writing for the purpose of procuring economic development assistance from a state
agency or political subdivision.
roprietor or general partner, sign below.
Date: J'2' 5 -of-
/(3-" 3-() 7
By:
Corporate Name and Seal
Date
By:
Signature of President
Attested by:
Revised 11/15/06
8
Home Ec. Workshop LLC
December 2007
Business Plan
Prepared by:
Alisa Weinstein & Codi Josephson
Table of Contents
1. Executive Summary.. ........... ..................... ........_..... .........3
2. Objectives........................................................ ................3
3. Mission................................................................ ............3
4. Keys to Success........... ....... ....... ........... ......... ............. .....4
5. Company Ownership.. ............. ...................... ..... .............4
6. Marketing Plan.......... ............. ............. ..... .... .... ...............4-8
7. Start-up Costs..................................................................8-10
8. Sales Rationale..................... .......... .................. ................11
9. Products........................................................... ................11-15
10. Professional Advisors....................................................15
11. Year One Financial Statements.....................................l-11
12. Year Two Financial Statements....................................1- 12
13. Year Three Financial Statements................................. 1- 10
2
1. Executive Summary
Home Ec. Workshop plans to open its doors in early January 2007, at 207 N.Linn Street
in Iowa City, IA. This unique shop will have eight main features:
1.) a craft supply boutique selling select fabrics, yarns, threads, patterns,
notions, books and other fme quality craft supplies with sample projects displayed
throughout the space.
2.) a workshop for rental use with sewing machines, a cutting table, industrial
iron, washer/dryer, printing materials, utility sink, book-making equipment, and
project storage space. ,
4.) an inspiring public area with comfortable seating, craft books and a
kitchenette serving Espresso drinks, tea and fresh baked goods.
5.) Home Ec. Workshop will sell its own line of artistic products called Home Ec.
Handmade including fashion accessories and items for the home.
6.) Classes, workshops, and guest artists will offer instruction in making projects
using the following skills: sewing, knitting, crochet, embroidery, screen-printing,
book making and more. Additionally free make and take events and regular
themed gatherings such as Knitter's Breakfast on Saturday mornings.
7.) Party packages at Home Ec. Workshop will be available for craft-themed
entertainment gatherings of all occasions including birthday parties for kids
and adults, wedding and baby showers, holiday parties for families, friends,
community groups, and offices.
8.) Home Ec. Workshop will offer a small range of custom sewing and artistic
services including some alterations and screen-printing orders.
2. Objectives
We will provide friendly and knowledgeable customer service highlighting'the THREE
most important features of Home Ec. Workshop:
1. Select, high quality materials and supplies including yarns, fabrics, thread,
patterns, needles, scissors, kits, etc.
2. Scheduled classes and workshops, and anytime in-the-shop guidance for adults
and young people renting the workshop to make a project. .'
3. A comfortable, inspiring community space where you can relax, work on a
project, brainstorm your next craft ideas and take breaks while enjoying coffee,
tea and fresh baked goods from our kitchenette.
3. Mission
The mission of Home Ec. Workshop is to provide an inspiring and supportive
environment filled with unique, high quality craft supplies, tools and equipment for
making creative projects.
3
4. Keys to Success
Quality Supply Availability: Offering to the customer those supplies and instruction,
which they currently cannot obtain anywhere else locally will make Home Ec. Workshop
the number one place to purchase craft supplies and to learn how to make quality
handmade goods.
Handmade items: For those who are not as crafty, we will sell unique homemade items
for the home, self, family and friends.
Workshops, Classes and Anytime In-Shop advice: Offering scheduled classes and
anytime workshop rental space, tools, and equipment. We will also be one of the few
places in downtown Iowa City where adults and kids can come in and do a fun, creative
activity together without a mess to clean up at home.
Services: We will also do some alterations, such as mending and hemming of garments.
Custom design orders for screen-printing and home decorating.
Kitchenette: Offering espresso drinks, tea and fresh baked goods in a comfortable
atmosphere.
Location: Our shop is located in the fast-growing, eclectic North side neighborhood of
Iowa City.
5. Company Ownership
Home Ec. Workshop is an LLC. The co-owners are investing $20~000 of their own
money to start the business.
6. Marketing Plan
Market Analysis Summary
There is an all over resurgence in craft-making and a flourishing market of hip Do-It-
Y ourselfers and novice needle workers, eager to learn and be creative. More and more
people are rejecting the manufactured, generic aesthetic of poorly made store-bought
goods in favor of making their own unique, quality, handcrafted products or buying those
handmade by others.
In January 2006, Marilyn Murphy from Interweave Press reported that active US needle
artists spent and estimated $1.07 billion in 2004-about $760 million on knitting and
crochet supplies, $230 million on needlepoint, and $80 million on counted thread and
4
embroidery. Nearly 1 in 3 US women know how to knit or crochet according to the Craft
Yam Council of America's consumer research study, released in February 2005. This
change represents a 51 percent increase in the past ten years and significant gains since
2002. The biggest gains are in the 25-34 age group, where the percentage jumped from
13 percent to 33 percent between 2002 and 2004, more than a 150 percent increase in two
years. The 25-34 age range is the second highest in Iowa City at 10,218 and growing
with the largest population being 20-24 year olds numbering 14,872. Statistics show that
craft making hobbies are primarily enjoyed by women. With the Iowa City population
totaling 62,220, 31,712 are female. This gives our business an estimated 51 percent of
the total potential market.
The average "Home Ec." crafters are women from the age of20 to 35 years old (and up.)
Along with this group, Home Ec. Workshop will target the teen, pre-teen, and youth
market. With special classes and special discounts on supplies families can afford, Home
Ec. Workshop hopes to draw this group into Home Ec.'s range of activities. Home Ec.
Workshop believes this will also service the community by teaching them craft-making
and showing them how to be proud of what they accomplish and building self-esteem.
Additionally, we would like to offer a weekly early morning toddler hour where little
ones can make crafts and young moms can mingle. The over 45 age group will also be
targeted, urging them to brush up on those skills they may not have used in a while, or
never learned in order to make things for themselves and heirlooms for the younger
generations in their families.
Home Ec. Workshop aims to provide inspiring and quality materials and instruction to
encourage positive experiences in sewing, knitting, embroidery, screen-printing, and
bookmaking for both women and men. We will be able to retain customers because our
quality supplies, comfortable workspace, and knowledgeable instruction will help people
have a pleasurable creative process resulting in a successful handmade product. Home
Ec. Workshop will also be a gift destination where customers will be able to purchase gift
cards for craft supplies, classes and fmished handmade products.
The people most likely to buy our products and services are those who want to learn how
to make things and those who are already make things and want to broaden their range of
projects using unique, high quality materials. These kind of Oo-It- Yourself types include
University students lacking creative workspace and sewing machines in their home
situation, parents/grandparents looking to spend quality time with their kids, and women
of all ages and levels of experience. We would also like to pursue the goal of bringing
men into these activities.
Although quite far from Home Ec. Workshop in location and merchandise, an
overlapping need is being met by Crazy Girl Yam Shop in Coralville, The Knitting Shop
on the Eastside ofIowa City, and Common 1breads in North Liberty. We would like to
differentiate our products from those found at Hobby Lobby, Wal-mart, Jo-Ann's, and
Ben Franklin, by our superior quality materials and customer service, instruction, and
5
trendy displays full of refreshing, colorful, inspiring, stylish projects and materials,
previously unavailable in Iowa City.
People will buy our products and services because we are going to make these age-old
work/crafts modern, hip, fun, low-stress and empowering for all people, not just women.
People will be using their creativity and gaining the skills needed to bring their visions to
life. The space itselfwill display sample craft items in an inviting way and offer baked
goods, coffee, and tea in a cozy place to hang out. There will be sewing machines and
tools that customers can rent to use in the shop and storage where people can keep their
projects-in-progress. Parent/kid classes and parties will provide creative recr~ation that is
educational, skill-building and quality family time. Bookmaking, embroidery, and
screen-printing classes are not being offered anywhere else in Iowa City (outside ill).
We will reach our customers by our great location and storefront window on N. Linn
Street that is approachable by foot and car, with metered parking on the block and across
the street We will have a website, blog, brochures, mailing list and a calendar of classes.
MARKET SEGMENTATION
The following groups are most likely to offer the best opportunity for current and new
market segmentation:
Teen, Pre-Teen and Youth (ages 8 -18)
University students (ages 19-25)
Avid crafters (ages 25-34)
Families
Over 35
Hipster Males
The only group currently targeted is the avid knitters, quitters, and needle workers, but
they do not have local access to quality, innovative supplies. This group already knows
the basics of their hobbies and what most of the products are used for. However, they are
also most likely to want to learn new techniques and to branch out into new craft areas.
We would like to make Home Ec. Workshop inviting to beginners, including the new
market segmentation of hip DIYers including University students and younger
populations who will need to buy tools along with their yarn and fabric or rent our
workshop space.
TARGET MARKET SEGMENT STRATEGY
Potential Customers
Teen, Pre-Teen, Youth: We plan on staying in touch with this age group on a regular
basis by keeping up to date on teen activities going on in the community, such as Spring
Break, a great time for craft classes, or school. proms where girls can embellish store
6
bought dresses with personal touches or accessories. We will use the information about
youth activities in special mailings and classes geared for their specific age group. All
class registrants will receive a discount coupon for their supplies.
University Students: We will target these customers by offering them a space to work
and hang out, filled with supplies, equipment, and workshops and classes offering
instruction for beginners that includes working with the latest design trends.
Avid erafters, 2S and up: We will target these customers by staying up to date on the
newest craft trends and more advanced techniques to keep these customers informed and
to offer classes to demonstrate new techniques and materials, often with guest artists.
Families: We will target families by providing a creative space and materials for parents
and kids to come in and work on project kits together by purchasing Do It Y ourself Kits
like Make Your Own Teddy Bear Kit or Dream Pillow kit.
Over 65: This group will be targeted by special programming that emphasizes sharing
their craftwork and skills with the younger generations and seeing what new spins they
can put on their potentially more traditional craft-making. We will also have great
project ideas for them to do with grandchildren.
Male Hipsters: More men than ever before are knitting and sewing and we will attract
men by having special workshops just for men!
Strategy and Implementation Summary
The main [mancial goal for Home Ec. Workshop is to increase sales by 33% in year two
and then an additionall 0% for year three. This will be accomplished through regular
advertising and mailings to our target markets, plus monitoring our competitor's pricing
and our supplier's costs to help maintain a competitive edge. '
Competitive Edge
Larger craft supply chains in Iowa City like Jo-Ann Fabrics and Ben Franklin may be
able to offer the customer lower prices and a large selection, BUT Home Ec. Workshop
will offer:
1.) A wider selection of higher quality, specialty craft supplies, and tools not available at
big chain stores.
2.) Feature designs and kits by other independent artists, which are also not available in
chain stores.
3.) A comfortable workshop space with tools and equipment available for rental use.
7
4.) A community living room space (fIlled with craft books) and a kitchenette serving
coffee, tea and fresh baked goods.
5.) Superior customer services including free advice (like how to bind-off your knitting)
and fee-based classes and workshops often offered on weekends and evenings. (Learn
how to screen-print that T-Shirt design you've imagined.)
6.) A prime location accessible by both car and foot near downtown.
7.) Our customers will have more influence on Home Ec. Workshop than they can at a
major chain retailer. We can respond to the demands of our customers and anticipate
new trends in craft-making through reading craft blogs, websites and magazines and
introducing our customers to these inspiring resources. Our own blog and website
updated weekly, featuring new products, Home Ec. Handmade work, the work of our
customers, class information and links to other craft sites.
8.) Take special interest in the children of our community by offering special classes and
projects tailored to their age group and interests. Both owners of Home Ec. Workshop
have many years of experience creating creative programming in art and drama for young
people.
Marketing Strategy
We will be promoting the store via the local newspaper. We will also have a grand
opening "Make and Take" party where we will offer our fresh baked goods and
refreshments, introduction to our staff, and tours of our store and workshop.
We keep in touch with our customers by collecting emails, and sending out monthly e-
mailings and class offers to promote our services and products. Our website and blog
will be updated weekly featuring new products and projects. Our large storefront
window will have a regular makeover with displays that will entice passersby, even if
they have never done craft-making before.
In the future, we will be pursuing mailings to our regular customers and special mailings
to potential customers in our target market areas.
We plan to donate handmade items to fundraisers for non-profIts such as Riverside
Theatre's Diamonds or Denim annual event. We would like to offer special promotions
to clients, families, and staff at Mercy Hospital since activities such as knitting, due to
their repetitive nature cause relaxation and promote health and overall wellbeing.
We plan to carry a selection of wool and yarn from Iowa wool and sheep growers in
order to support our local industries.
8
r
7. Start-up Summary
Home Ec. Workshop requires $90,000 for start-up capital to d~sign the space, acquire
equipment and inventory, and provide sufficient working capital for the new venture. A
listing of start-up costs are provided below:
Start-Up Costs:
Initial capital requirements
Advertising
Grand Opening
Newspaper
Signs
Brochures
Webslte
500
100
700
300
100
1700
Building
2634
2634
Deposits
phone/internet
Rent
Utilities
100
2000
250
Insurance
350
2350
350
Licenses
Name Registration
Food Service
Food Retail
5
50
50
105
Professional Services
legal
accounting 200
Graphic Designer 500
700
Remodeling
Ceiling
Plumbing
Snack bar/Cabinets
Bathroom
Convection oven
electric
Paint
1000
250
1000
200
1000
300
575
Working Capital
10,000
43~5
10,000
Equipment
9
Cost estimates for furnishing the space and equipment were obtained from vendors in
Iowa City and Chicago as listed below. Estimates for the other start-up costs were
obtained from quotes of wholesale suppliers over the internet. The company will require
capital for improving the space including the installation of a kitchenette with convection
oven, utility sink, home-style furnishings, application of fresh paint, signage, etc.
10
Equipment
4 Sewing Machines (Bernina) 3000
Industrial Iron, (Naomoto) 750
Ironing board (will build) 200
workshop sink (will find used) 100
board shear kutrimmer 2035
(www.onlineskyline.com) 350
book press
(www.Hollanders.com) 300
light box (Dick Blick) 300
button maker (ebay.com) 300
Computer (Best Buy, Coralville
Mall) 1000
Printer (Best Buy, Coralville
Mall) 150
Convection oven (Sears) 350
espresso machine (ebay.com) 700
tea percolator (apothecary, IC) 35
Sources ofInitial Capital
The owners of Home Ec. Workshop will inject $20,000 in the venture. The money
comes from personal savings from the owners. The company will seek a $70,000 loan
for the remainder of the capital requirements. The equipment will serve as a portion of
the collateral for the bank loan. The owners will guarantee the remainder of the loan with
personal assets. The company is seeking a 7-year note of$15,000 at the rate of5.5
percent per annum from Hills Bank, a 7-year note for $35,000 from Iowa City CDBG
Economic Dev. Fund at the rate of 2% per annum and a 1 O-year note for $20,000 at the rate
of 5 percent per annum from Michael Brockman. Payments on the interest will begin the
fIrst month of operation. Payments on the principal of the loans will start after six
months of operation, with the exception of the payments to Michael Brockman, which
will also begin the frrst month of operation. The company will have the option to pre-pay
the note if sufficient cash flow exists prior to the stated maturity date.
8. Sales Rationale
These projections are based on an average sale of 25 dollars, the average number of
customers each day (10 at the beginning of year 1, 15-20 by the beginning of year two)
and the number of days open each month (average 30).
The projections also include the income from the number of classes being taught per
month (an average of 3-6 classes per month) and an average of five participants per class.
The increase and decrease in sales reflects an increase in the purchases of supplies and
classes during September-December. In March, June and July we expect to increase our
children's classes in anticipation of Spring and Summer Breaks.
11
From year one to year two we increased sales by 32 percent and then an additional ten
percent in year three. We increased expenses by 5 percent each year. Our sales
projections also include income from the rental of our workshop space, machine rentals,
kitchen rental, and alterations and custom sewing work. The income from these venues is
also increased approximately 10% each year.
9. Products and Services
Home Ec. Workshop will continually strive to offer the highest quality and unique
selection of craft supplies as well as instruction and guidance to achieve the project
design that the customer has envisioned.
Products:
The following is a list of some of the supply categories that will be stocked for sewing,
knitting, crochet, embroidery, screen-printing, book-making, etc. projects:
Yarns
A variety of weights and fibers for knitting and crochet:
Wool
Cotton
Bamboo
Soy
Acrylic (From India)
Alpaca
Mohair
Needles
Tercel-Circular
Clover
Apple
Cable
Crochet hooks
Notions
Stitch holders
Needle cases
Point protector
Porn-porn maker
Row counter
Ring markers
Fabrics
Knit and woven fabrics in a range of natural fibers and weights:
12
Cotton Prints
Linen
Organics
Silk
Bamboo
Wool Felt
Embroidery
Crewel Wool
Pearl Cotton
Silk Ribbon
Patterns
Sublime Stitching
Wool and Hoop
Wee W onderfuls
Hoops
Needles
Linen
Mark Be Gone Pens
Transfer Paper
Patterns
Knitting
Sewing
Amy Butler
Oliver + S
Wee W onderfuls
Betsy Ross
Favorite Things
Indigo Junction
Felting
Wool Roving
Felting Needles
Felting Foam
F~lting Kits
Books
Chronicle Books
Potter Craft
Interweave Press
Magazines
Adorn
13
Craft
Simply Sewing
Interweave Press
V ogue Knitting
Notions
Pins
Scissors
Batting
Stuffing
Marking Pens
Nippers
Buttons
Trims
Measuring Tape
Rotary cutters
Cutting Mats
Zippers
Screen Printing/Dyeing
Screens
Procion Dyes
Sodium Alginate
Squ~egees
Emulsion
Bookmaking
Decorative Paper
Glue Brushes
Book Board
Mohawk Paper
Bone Folders
Dividers
Awl
Children's Kits .
Harrisville Designs
Home Ee. Handmade
Consigned Handmade Goods
Home Be. Handmade
Gypsy Cat
14
Blue Thimble
Codirodeo
Kitchenette
Baked Goods
Coffee
Tea
Classes
Knitting
Sewing
Screen Printing
Yam Dyeing
Fabric Dyeing
Bookmaking
Children's Classes
Children and Adult Parties
10. Professional Advisors
Barry Weinstein, Lawyer
Gene Anderson, Lawyer
Paul Heath, Iowa Small Business Development Center
Ryan Olson, Building Inspector
Beth Weber, Public Health Dept.
Cindy Kubu, Costume Shop Supervisor, VI
Michael Hampton, Fashion Designer
Don Naughton, Farmer's Insurance
Karina Cutler Lake, Graphic Designer
Latta Harris Hanon & Penningroth, LLP:
Payroll and Bookkeeping Services with Mike Molzen.
Rachel Knebel, Quickbooks set-up and training
15
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CITY OF IOWA CITY
MEMORANDUM
Date:
To:
From:
Re:
December 14, 2007
Economic Development Committee
Wendy Ford
Requests for Economic Development funding
Small Business Development Center, $2,000.
The University of Iowa Small Business Development Center (SBDC) has requested
$2,000 in local match funds for a $20,000 increase in funding available to them through the
Iowa Values Fund.
Paul Heath, Director, and his office have been of substantial assistance to both the
Economic Development and Community Development Divisions at the City. They provide on-
on-one business development counseling, training, and access to information for start-ups and
expanding local businesses.
The services they provide include working with clients to develop business plans;
assistance to more thoroughly develop commercial loan applications; assistance with financial
projections; keeping unfeasible concepts from approaching the for city assistance; saving loan
officers' time and effort; keeping existing clients businesses profitable and growing; maintaining
realistic expectations; education about compliance with EPA, IRS, and OSHA regulations.
The return on this investment can be measured in hours of staff time saved discussing
underdeveloped business plans and requests for city assistance for underdeveloped projects.
Additionally, there is assurance that projects coming forth from the SBDC have had at least a
minimum of the counseling they need to be more successful as a business, and in some cases,
in their requests for Economic Development Assistance funding.
Entrepreneurial Development Center, $15,000.
The Entrepreneurial Development Center, Inc. (EDC) is a community sponsored non-
profit business accelerator based in Cedar Rapids. The EDC's vision is to provide economic
growth in the Cedar Rapids/Iowa City Technology Corridor through the development and
expansion of entrepreneurial enterprise, especially for businesses than can scale to $10 million
in annual sales and beyond.
The EDC's function is to connect entrepreneurial needs with qualified community and
state resources and to provide guided professional and business direction. They have access to
the $1.25 million Iowa Seed Fund and the $22 million Iowa Farm Bureau venture capital fund
(for rural communities), along with other capital resources. The EDC helps entrepreneurs
navigate resources, strengthen knowledge, improve skills, form strategic alliances, and secure
proper capitalization.
The Iowa City Economic Development Division has had one opportunity to work with the
organization in the past year. EDC was assisting an Iowa City business in an application for
state funding. In this case, neither the client nor EDC had addressed the issue of collateral with
in advance, a key component of the state application. The application was postponed.
Currently, 16% of EDC clients are from the Iowa City area. They include businesses
such as Breads by Anna, Asoyia, and Bochner Chocolates.
In a discussion with Curt Nelson, he explained that EDC staff is eligible for incentives,
which are tied to capital they can raise for their clients and the performance of client companies.
He suggested if the incentive program was an issue for a government funder, then government
funds could be earmarked.
EDC suggests one return on investment measurement should be the report back from
Iowa City-based companies who have sought the expertise and services of EDC.
Nelson has also indicated the $15,000 request is a suggested amount and what is more
important than the amount is the participation of the City of Iowa City at any level.
SBD(L--)
IOW.\ S\IAU. BIiSINESS mVE!OI'.\IENT CENTERS /
The University of Iowa
Small Business Development Center
IOWA Centers for Enterprise
2660 University Capitol Centre, Suite 2673
Iowa City, IA 52242-5500
(319) 335-3742
Fax: (319) 353-2445
Monday, November 26,2007
Mr. Dale Helling, Interim City Manager
City of Iowa City
410 E. Washington Street
Iowa City, IA 52240
Dear Mr. Helling:
On behalf of The University of Iowa Small Business Development Center and its
Advisory Board I would like to thank the City of Iowa City for its financial support. The
SBDC is a unique program that requires local financial match. Most of our funding
comes from the federal and state governments. To maximize this funding, however, The
University of Iowa SBDC must come up with $20,000 in local match each year. With the
$2,000 from the Cities of Iowa City and Coralville in addition to the help from some of
the area banks and~p area economic development agency we hope to meet this
requirement for state fiscal year 2008.
If you have any questions, please give me a call. Iowa City is blessed with a very
entrepreneurial environment that includes its competitive banks, well educated citizens,
diversified population, competitive spirit and desirable amenities. The result is that this
office has the most clients per area population of any of the 15 Small Business
Development Centers in the state.
I have enjoyed working with Wendy Ford and Tracy Hightshoe in the City's Economic
Development office and with the Community Development Block Grant program. If
there is anymcre the SBDe can help \vitb as far as start-ups or existing busines~cs, please
let me know.
SinCereIY,~
tfY~ei
Director
The University of Iowa · IOWA Centers for Enterprise · Iowa City, Iowa
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186
171
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fntrepreneurial
Ueueloprnent
Center, InC:M
"building wealth in our community"
December 3, 2007
o IICE.VIE n
DEe - 4 2007 U
Mr. Dale Helling, City Manager
City of Iowa City
410 E. Washington Street
Iowa City, IA 52240
Dear Mr. Helling:
I am writing to request a time when we can present a $15,000 request to the City Council for funding
support of the !=ntrepreneurial Development Center (EDC).
About the EDC:
As you may be aware, the EDC is a non-profit 501(c)(6) founded in 2003 as a Corridor and Iowa
Department of Economic Development (IDEO) initiative to focus assistance on interstate commerce
businesses that can scale to $10M and beyond. With a staff of seven recruited directly out of the private
sector, we provide very high-level, hands...on business acceleration services to existing and start-up
businesses and fit a niche that otherwise is not addressed in the corridor. Our staff includes: Two
business specialists, a marketing specialist, a capital formation specialist, a market researcher, a
business plan consultant and a business development consultant. We focus primarily on life sciences,
software/information technology, advanced manufacturing, and value-added agriculture companies. Our
services are free to the client.
Our vision is to:
· increase the number of successful Corridor targeted business start-ups;
. improve the expansion rate of existing targeted businesses;
· increase company revenues that result in Corridor business reinvestment; and
· increase the executive-level talent pool in the region.
To date the EDC has helped clients:
· raise over $20M in debt, grant and equity capital;
. create over 250 jobs;
. secure 12+ key client employees including CEOs;
. create 22 new companies; and
. commercialize over 26 new products.
Our clients also have a direct link to the $1.25M Iowa Seed Fund LLC and the $22M Iowa Farm Bureau
VC fund.
Our current $1.2M annual operating budget is partially funded by the City of Cedar Rapids ($40,000),
Marion ($5,000), Hiawatha ($10,000), Cedar Rapids Chamber ($75,000), Cedar Rapids Downtown
District ($10,000) and Linn County ($5,000). . We also receive funding from the Iowa Farm Bureau, USDA,
area banks, law firms, businesses as well as the IDEO.
222 Third Ave. SE, Suite 290 . Cedar Rapids, IA 52401 . T: 319.369.4955 . F: 319.364.8914 . W: www.edcinc.org
It is our sincere hope that you will support our organization as our efforts are positively impacting Iowa
City and Johnson County. Sixteen percent of our clients are located in Iowa City and/or Johnson
County. Our clients include VIDA, Bochner Chocolates, Asoyia, Atlas Ergonomics, K2
Technologies, and Bio Neos. We also are scheduled to present to Johnson County and th.e City of
Coralville for funding support yet this yea'r.
We look forward to making a formal request to you and the City Council at your earliest convenience.
Sin/? ._.._
L----------
Curt Nelson
PresidenUCEO
cnelson@edcinc.org
~.,,"
.9j1lnll'P,,",un'l
0""'1,,,,1
111In." Center,loc.
Locally Founded M&A's
. Collins Avionics
(Rockwell)
. Life Investors
. Amana Refrigeration
(Maytag)(Whirlpool)
. Square D (Schneider)
. North
,....,.
........ /F]i:;p!ntr~prpnet.m,ll
".,,' "UeuRllI!lmenl
":1,. Lenin. lor.
Recruitment
· Priority One IICAD I
- Successful established
~,"""
.' w~;,\j): [lIlJeprenBIJTidl
....,/... 'Dellel8{JffiHfl1
:/~:, [pntm, lor.
Expansion (Strategic)
· For those that CAN'T: Emmu~
- SBDC's - bandwidth I experience
- JPEC's - campus focus
U.",.;:I~~In"'P"n",ria'
.1,,1:"' "'I'Ol!Uallijlrnellt
:'i~ld;: r.enter. lne
Emmu~
· Recruitment
· Expansion
~lnl"pre"'IUTial
'::"";1:.:.:1' ;':Ol!lttl~mBnl
:iilll::: Cenler.loe
Expansion
iit'''Tf
~.. ili:i!l.tl;[nlTeprHnelJTiotl
ii..:;: fieuelapmenl
II!f"il,' Center. 1m:
Creation
, Community
. Educa tlonal support & small 1
business mentoring: -
- SBDC, JPEC, SCORE
. Experienced support of high-
impact b s?
- Busine 'ng
ce
2
[nlr2prllll8urid[
Ol!uellGlmenl
Ceoter.lnc.
Historically Unbalanced
E. mmu~
· Strong recruitment .'. . .I.
· Partial expansion
· Partial creation
"1'"""'1
. '''~ nlreprelleurial
I, ..""" O,u,llIIlmenl
,:' [,nt'T,I"
EDC's Function
(1) Connect entrepreneurial needs with
qualified community resources
(2) Provide guided professiohalahd
business direction
(3) Providen~~()rki
gJ:lpgrtunities "
~""'I
. ;;,.i"a/:lllreprenelJTidt
, OI!U,llIIlm,,1
;'!jiC' tl!ntgr. tnc.
Stool With EDC Emmu~
· Improved balance:
-Recruitment
~'I I
,!!iiili!~:)ntmprenel!rj~
':l~mi!\> " ~:~e~~~t
EDC Organization
. 501c6 Not For Profit
. 12 person board of directors
· 12 full-time or contract staff members
... Annual operating budg~t $lmillion
..,...,IIIITOP"",UTjal
" "eu,IOjIm'"1
ildlij! CenteLlnc
Performance to Date
. Over 300 businesses assisted
· 22 new companies created:
- Over $20MM debt, grant and equity capital
- Over 250 new jobs
- Over $75 million in new revenue
- Over 25 new products, '
ear1x 300 referrals to area v
'ing & education
3
tj"1"m'fntffiJl",,"rI'l
"....1" "De~el&plllenl
;,:)' rJ!lIlef,lnc.
Examples ISS
SENSR ~~R!~LtVER~
In1Jlrumenh thai make ser\!(t ,.....'''."....''''._...",..
". ,:::!m:,r~(ntmPIp.lmuriill
.",.,,,,,,,,,j"UeIll116!1ml!nl
ffi.Ut!i"CP.nl1!T.lnc
Iowa's Challenge
· Embrace the
entrepreneu rial
. Balancing the use of
development
...:j:f"l1,p",,"riilt
, '6",I'IIm"t
11:::;:, [enteT;lnc
Thank You
g:~i,iifnh,p"n,"rldl
_":,!li'i'i,""Dell!lll!Iment
I",,,:, [enler,lnc
EDC's Challenge
ti,....;J!~~rilfntTepreneUridl
iii"..I,A.,LOeup.liIf\melll
i~~h; Conler. 111(;,
To build a sol.ideconomic
f()und~tionfor generations to
come, we. must plant the
seeds for fhisgrowth in our
own soil.
r:li~ii~l"ltePI'enl!UTidl
;~,I hJI~ Deue-ll{flftf!nl
Center,l"
Board of Directors
. Mary Quass
- ',Pl'ftId.m"CEO, 'New Radio Group
Larry Helling
- Prnldent&CEO, CRB&T
. Charles Rohde
- _!dent, king. M-'''"
. Jon Dusek
. _!dent,
. B
. David Rusch
- President & coO, eRST
. Charles Klasson
- CIO,CIVCO
. Steve Schoenauer
-,,~,p.......~
'. p
4
. ~ 1
--= -u:t....
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- ...
CITY OF IOWA CITY
MEMORANDUM
DATE:
RE:
December 1 , 2007
United Natural Foods Developer's Agreement Status
(Heinz Rd. URA)
The following table provides a review of the United Natural Foods Inc. (a.k.a. Blooming
Prairie) TIF project, associated property values, taxes collected and taxes rebated. The
Council, by resolution, adopted the United Natural Foods Inc. Agreement for Private
Redevelopment on July 1, 2003. The agreement rebates the value of property taxes paid
in excess of the base year's assessed value. The January 1, 2003 assessment is the
base year for this agreement.
Valuation Fiscal Assessed Property Taxes
Year Year Value Taxes Paid Rebated
Jan-02 2003-04 $4,351,170 $142,426 NA
Jan-03 a 2004-05 $4,653,740 b $155,308 NA
Jan-04 2005-06 $6,203,550 $227,272 NA
Jan-05 2006-07 $12,947,600 $486,067 $169,784 c
Jan-06 2007 -08 $12,947,600 $494,932 $267,577 de
Jan-07 2008-09 $13,094,510 $500,548 $270,612 f
Total $707,973
Rebate
Pay
dates
Net Taxes
Paid
6/1/07
6/1/08
6/1/09
NA
NA
NA
$316,283
$227,355
$229,936
$773,574
Property Taxes Paid Include the City, County and School District.
Rebate Schedule:
6 Year-100%, $1,000,000 maximum
The original United Natural Foods TIF agreement was to reach employment of 300 full
time equivalents with an average wages of at least $11.75/hour. Prior to the development
project, they employed 218 full-time equivalents. The agreement was amended on April 4,
2006, to a) extend the time frame to reach employment levels and b) to institute a
c1awback provision if employment levels fell short of 300. As of Nov. 2007, there were 249
full time equivalents. A new count will be taken June 1, 2008 to determine clawback on
the June, 2008 rebate. United Natural Foods Iowa City annual payroll exceeds $8.19
million.
Parcel # as of 2004: 10-24-178-012
a Base year.
b Each year the base value will be modified to remove the increased assessed value due to the
original investment. The original investment accounts for 35.94% of the full assessed value.
C At the time of the first rebate in June, 2007, 100% of the rebate would have been $256,468, but
actual employment was at 248. Clawback was instituted as per agreement: 300-248 = 52 x
$1667 = reduction of 100% rebate by $86,684, for $169,784.
d Estimate. Calculated (($12,947,600 - 4,653,740 [base])/1,OOO * Est. 08-09 TIF Debt Levy of
32.26199). Estimate does not factor in clawback.
e Does not include anticipated clawback figure. Will more likely be a similar rebate to year prior.
I Estimate. Calculated (($13,094,510 - 4,706,544 [adjusted base])/1,000 * Est. 08-09 TIF Debt
Levy of 32.26199). Estimate does not factor in clawback.
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CITY OF IOWA CITY
MEMORANDUM
DATE:
RE:
December 1 , 2007
Owens-Brockway (formerly Graham Packaging) Developer's Agreement
Status
(Scott Six Urban Renewal Area)
The following table provides a review of the Owens-Brockway (formerly Graham
Packaging) TIF project, associated property values, taxes collected and taxes rebated.
The Council, by resolution, adopted the Owens-Brockway Agreement for Private
Redevelopment on October 8, 2001. The agreement rebates the value of property taxes
paid in excess of the base year's assessed value. The January 1, 2001 assessment is
the base year for the Scott Six Urban Renewal area and this redevelopment agreement.
Valuation Fiscal Assessed Property Taxes Rebate Net Taxes
Year Year Value Taxes Paid Rebated Pay dates Paid
Jan-01 a 2002-03 $30,010 $858 NA NA
Jan-02 2003-04 $2,398,650 $89,342 NA NA
Jan-03 2004-05 $5,037,870 $186,536 $150,656 6/1/05 $35,880
Jan-04 2005-06 $5,346,840 $205,080 $167,442 6/1/06 $37,638
Jan-05 2006-07 $5,471,100 $209,137 $170,786 6/1/07 $38,351
Jan-06 2007 -08 $5,510,030 $210,625 $176,796 6/1/08 $33,830
Jan-07 2008-09 $5,816,790 $222,351 $29,871 b 6/1/09 $192,480
Total $695,550 $338,179
Property Taxes Paid Include the City, County and School District.
The January 1, 2007 assessment is a $5.7 million increase from the January 1, 2001
assessment.
Owens Brockway agreed to maintain 22 full time equivalent positions at an average of at
least $13.43/hour when the agreement was written. In Nov. 2007, they employed 56 full
time equivalents and the average hourly wage was $16.75. Owens Brockway's annual
payroll in Iowa City for the preceding twelve months was more than $1.9 million.
Owens Brockway elected to forego the rebate for the January 1, 2002 assessment, as
they had not completed all proposed improvements. They requested that the 5-year
100% rebate apply to the full value of the proposed Minimum Improvements. The
contract specifies that the City will make five consecutive annual payments commencing
June 1, 2005.
Rebate Schedule
5 Yrs - 100% with a $695,550 maximum
Parcel # 09-19-327-016
a Base Year.
b Final Rebate Estimate. Calculated (($5,816,790-30,010)/1,000)* Est. 08-09 TIF Debt
Levy of 32.26199). However, the final rebate is estimated at $29,871, the maximum
rebate allowable without surpassing the cap of $695,550.
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CITY OF IOWA CITY
MEMORANDUM
DATE:
RE:
December 1, 2007
Plamor property (Gerry Ambrose) Developer's Agreement Status
(Sycamore & First Avenue Urban Renewal Area)
The following table provides a review of the Plamor property TIF project, associated
property values, taxes collected and taxes rebated. The Council, by resolution, adopted
the Ambrose Agreement for Private Redevelopment on September 10, 2002. The signed
agreement rebates the value of property taxes paid on the Minimum Improvements.
Valuation Fiscal Assessed Property Taxes Rebate Net Taxes
Year Year Value T axes Paid Rebated Pay dates Paid
Jan-OO 2001-02 $951,973
Jan-02 a 2003-04 $972,150 $36,210 NA NA
Jan-03 2004-05 $966,070 $35,504 NA NA
Jan-04 2005-06 $1,847,110 $70,848 $27,555 6/1/06 $43,293
Jan-05 2006-07 $2,008,020 $76,106 $32,514 6/1/07 $43,592
Jan-06 2007-08 $2,008,020 $76,758 $34,025 6/1/08 $42,733
Jan-07 2008-09 $1,992,840 $76,178 $32,929 b 6/1/09 $43,248
Total $126,418 $130,224
Property Taxes Paid Include the City, County and School District.
The January 1, 2000 assessment is the base year for the Sycamore & First Ave. Urban
Renewal Area. The Agreement states the City will rebate the taxes only on the
Minimum Improvements listed in the Developer's Agreement. The Agreement was
executed 9/10/2002. The 2002 assessment reflects the assessed value before any
improvements and will be used to calculate increment for this project.
The January 1, 2007 assessment is an approximate $1.0 million increase from the 2002
assessment.
Rebate Schedule
7 Years - 100%, $400,000 maximum
2003 forward - 2 new parcels
10-14-486-007
10-14-486-008
a Base Year.
b Estimate. Calculated (($1,992,840 - 972,150)/1,000) x Est. 08-09 TIF Debt Levy
(32.26199).
1 ~ i
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CITY OF IOWA CITY
MEMORANDUM
DATE:
RE:
December 1, 2007
Seabury & Smith Developer's Agreement Status
(Northgate Corporate Park Urban Renewal Area)
The following table provides a review of the Seabury and Smith (Mercer) TIF project,
associated property values, taxes collected and taxes rebated. The Council, by resolution,
adopted the Seabury & Smith and Southgate Agreement for Private Redevelopment on
December 11, 2001. The agreement rebates the value of property taxes paid in excess of
the base year's assessed value. The January 1, 2002 assessment is the base year for the
Northgate Corporate Park Urban Renewal Area and this redevelopment agreement.
Valuation Fiscal Assessed Property Taxes Rebate Net Taxes
Year Year Value Taxes Paid Rebated Pay dates Paid
Jan-01 2002-03 $208,250 $9,248 NA NA
Jan-02 a 2003-04 $264,520 $9,852 NA NA
Jan-03 2004-05 $4,722,360 $173,554 $134,109 6/1/05 $39,445
Jan-04 2005-06 $5,205,680 $199,666 $140,050 6/1/06 $59,616
Jan-05 2006-07 $5,881,350 $222,910 $141,042 6/1/07 $81,869
Jan-06 2007-08 $5,922,890 $226,407 $127,785 6/1/08 $98,622
Jan-07 2008-09 $6,040,690 $230,910 $111,810b 6/1/09 $119,110
Total $654,796 $398,651
Property Taxes Paid Include the City, County and School District.
The January 1, 2007 assessment is an approximate $5.8 million increase from the
January 1, 2002 assessment.
Rebate Schedule:
1st Year 100%
2nd Year 90%
3rd Year 80%
4th Year 70%
5th Year 60%
6th Year
ih Year
ath Year
9th Year
10th Year
50%
40%
30%
20%
10%
$781,200 maximum:
Parcel #: 07-36-303-003
07 -36-303-004
a Base year
b Estimate. Calculated ((($6,040,690-264,520)/1,000) x Est. 08-09 TIF Debt Levy of
32.26199 x 60%
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CITY OF IOWA CITY
MEMORANDUM
DATE:
RE:
December 1, 2007
Alpla of Iowa Inc. Developer's Agreement Status
(Heinz Rd. Urban Renewal Area)
The following table provides a review of the Alpla TIF project, associated property values,
taxes collected and taxes rebated. The Council, by resolution, adopted the Alpla of Iowa
Inc. Agreement for Private Redevelopment on March 19, 2003. The agreement rebates
the value of property taxes paid in excess of the base year's assessed value. The
January 1, 2003 assessment is the base year for the Heinz Road Urban Renewal Area
and this specific redevelopment agreement.
Valuation Fiscal Assessed Property Taxes Rebate Net Taxes
Year Year Value Taxes Paid Rebated Pay dates Paid
Jan-02 2003-04 $6,966 $150 NA NA
Jan-03a 2004-05 $3,594,340b $39,242 NA NA
Jan-04 2005-06 $6,358,420 $166,110 $87,049 6-1-06 $79,061
Jan-05 2006-07 $6,760,750 $199,652 $92,247 6-1-07 $107,405
Jan-06 2007 -08 $6,760,750 $222,714 $94,815 6-1-08 $122,713
Jan-07 2008-09 $6,842,210 $261,549 $95,957c 6-1-09 $165,592
Total $370,068 $479,957
+ grant in fy04 $35,000
Total $405,068
Property Taxes Paid Include the City, County and School District.
The January 1, 2007 assessment is an approximate $3.24 million increase from the
January 1, 2003 assessment.
Alpla agreed to maintain or retain 35 full time jobs. As of Nov. 2007, they reported
158 full time equivalents. Their total Iowa City payroll exceeds $4.3 million per year.
Rebate Schedule: 5 Year - 100%
Maximum $510,000 including the $35,000 Grant
Parcel #: 10-24-151-002
a Base year.
b Each year the base value is modified to remove value included in partial property tax
exemption (to avoid giving tax rebate on already exempted value) and to remove
increased value over proportion of the original investment. The original investment
accounts for 56.53% of the full assessed value.
c Estimate. Calculated using ({6,842,210-3,821 ,772)/1 ,000)* Est. 08-09 TIF Debt Levy of
32.26199).
& ~ 1
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DATE:
RE:
CITY OF IOWA CITY
MEMORANDUM
December 1, 2007
MGD L.C. (Sycamore Mall) Developer's Agreement Status
(Sycamore & First Avenue Urban Renewal Area)
The following table provides a review of the MGD L.C. (a.k.a. Sycamore Mall) TIF project,
associated property values, taxes collected and taxes rebated. The Council, by
resolution, adopted the MGD L.C. Agreement for Private Redevelopment on September
19, 2000. The signed agreement rebates the value of property taxes paid in excess of the
base year's assessed value. The January 1, 2000 assessment is the base year for the
Sycamore & First Avenue Urban Renewal Area and this specific private redevelopment
agreement.
Valuation
Year
Jan-98
Jan-99
Jan-OO a
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Fiscal
Year
99-2000
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007 -08
2008-09
Assessed
Value
$9,879,450
$7,500,000
$4,662,900
$4,662,900
$10,168,280
$11,073,730
$11,457,180
$12,696,150
$14,610,400
$15,051,730
Property
Taxes Paid
$317,256
$245,238
$152,958
$163,000
$378,736
$406,796
$439,444
$481,200
$558,494
$575,634
T etal Rebate
Taxes
Rebated
NA
NA
NA
NA
$167,957
$192,862
$213,971
$252,149
$320,926
$335,164 b
$1,483,030
Rebate
Pay
dates
6/1/04
6/1/05
6/1/06
6/1/07
6/1/08
6/1/09
Property Taxes Paid Include the City, County and School District.
Net Taxes
Paid
NA
NA
NA
NA
$210,779
$213,934
$225,473
$229,050
$237,568
$240,200
$1,357,004
After the adoption of the Sycamore and First Avenue Urban Renewal Area, over $7.1 million
in building permits were issued for the Sycamore Mall. The January 1, 2007 assessment is
an approximate $10.3 million increase from the January 1,2000 assessment.
Rebate Schedule:
7 Years - 100%, $2,000,000 maximum
Parcel #: 10-14-457-004
a Base year.
b Estimate. Calculated (($15,051,730-4,662,900)/1,000) x Est. 08-09 TIF Debt Levy of
32.26199).
I ~ 1
~~S_~...
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~~ ~~.~
.... ..
CITY OF IOWA CITY
MEMORANDUM
DATE:
RE:
December 1, 2007
Southgate Development Company (Pepperwood) Developer's
Agreement Status (Hwy 6 Commercial URA)
The following table provides a review of the Southgate Development Company's Pepper
Plaza TIF project, associated property values, taxes collected and taxes rebated. The
Council, by resolution, adopted the Southgate Development Company Agreement for Private
Redevelopment on August 19, 2003. The agreement rebates the value of property taxes paid
on the Minimum Improvements.
Valuation Fiscal Assessed Property Taxes
Year Year Value Taxes Paid Rebated
Jan-02 03-04 $8,653.870 $322.328 NA
Jan-03 a 04-05 $8.677.520 $318,912 NA
Jan-04 05-06 $8.677,520 $332,830 NA
Jan-05 06-07 $10.896.530 $412,992 $69.637
Jan-06 07 -08 $11,773.880 $450.066 $99.895
Jan-07 08-09 $11.824,170 $451,988 $101.517 b
T atals $271.049
Rebate
Pay dates
6/1/07
6/1/08
6/1/09
Net Taxes
Paid
NA
NA
NA
$343.355
$350.171
$350,471
$693.526
Property Taxes Paid Include the City, County and School District.
The January 1, 2003 assessment is the base year for the Hwy 6 Commercial Urban Renewal
Area. The agreement states the City will rebate the taxes only on the Minimum
Improvements listed in the Developer's Agreement.
Parcel#s: 1022101003
1022101018
1022101015
1022101017
1023236002
Rebate Schedule
7 Years -100%, $1,725,000 maximum
a Base year.
b Estimate. Calculated (((11,824,170 - 8,677,520)/1,000) x Est. 08-09 TIF Debt Levy of 32.26199)