Minutes - 12/19/2014

DECEMBER 19, 2014 - SPECIAL MEETING OF THE WOODBURY COUNTY BOARD OF SUPERVISORS

The Board of Supervisors met on Friday, December 19, 2014, at 10:00 a.m. Board members present were Smith, Monson, Boykin, Clause, Ung. Staff members present were Karen James, Board Administrative Coordinator, Dennis Butler, Finance/Operations Controller, Joshua Widman, Assistant Count y Attorney and Patrick Gill, Auditor/Clerk to the Board. Rural Economic Development Director David Gleiser presented by telephone.

Motion by Ung second by Monson to approve and authorize the Chairperson to sign a Resolution Approving and Authorizing the Execution Agreement and Approving Property Valuation Exemption for Ag Processing Inc Related to State of Iowa High Quality Jobs Program. Carried 5-0.

RESOLUTION #12,111

APPROVING AND AUTHORIZING EXECUTION OF DEVELOPMENT AGREEMENT AND APPROVING

PROPERTY VALUATION EXEMPTION FOR AG PROCESSING INC RELEATED TO STATE OF IOWA HIGH

QUALITY JOBS PROGRAM

WHEREAS, Ag Processing Inc (the “Company”) has proposed to construct a facility (the “Project”) on certain property (the “Property”) located within Woodbury County, Iowa (the “County”); and

WHEREAS, the Iowa Economic Development Authority (“IEDA”) has approved an application from the Company for financial assistance pursuant to the State’s High Quality Jobs Program; and

WHEREAS, the County, the Company and the IEDA have entered into an Economic Development Financial Assistance Contract (the “State Agreement”), pursuant to which the County has agreed to adopt a resolution, in accordance with Section 15.332 of the Code of Iowa, that will exempt the Property and the Project from property taxes levied on a percentage of the actual value added by improvements to the Property for a period of nine years (the “Property Valuation Exemption”); and

WHEREAS, in connection with the Project, the County has also determined to enter into a development agreement with the Company in the form set out as Exhibit A to this Resolution (the “Development Agreement”), pursuant to which the Company agrees to construct the Project and the County agrees to approve the Property Valuation Exemption;

NOW, THEREFORE, IT IS RESOLVED by the Board of Supervisors of Woodbury County, Iowa, as follows:

Section 1.             The Development Agreement is hereby approved, and each member of the Board of Supervisors is hereby authorized to execute the Development Agreement on behalf of the County, and the County Auditor is hereby authorized to attest to such signatures.

Section 2.             Pursuant to authority provided to the County in Section 15.332 of the Code of Iowa, the Board of Supervisors hereby approves the property valuation exemption schedule attached to this Resolution as Exhibit B, which authorizes and exempts from taxation a percentage of the actual value added by improvements constructed by the Company on the Property, as defined in the Development Agreement, for a period of nine years, beginning in the 2016 assessment year, subject to the Company’s continued compliance with the State Agreement and the Development Agreement.

Section 3.             As set out in the Development Agreement, all improvements completed by the Company shall be eligible for exemption from property taxation, and the exemption period for each of the improvements completed by the Company shall begin on the date such improvements are first assessed for taxation, provided that, regardless of the date on which a particular exemption begins, all exemptions shall terminate on the date that the initial exemption has been in effect for nine years.

Section 4.             All resolutions or parts of resolutions in conflict herewith are hereby repealed.

Passed and approved December 19, 2014.

WOODBURY COUNTY BOARD OF SUPERVISORS

Copy file.

Motion by Ung second by Monson to approve and authorize the Chairperson to sign a Proposed Expansion Project and Development Agreement – Ag Processing Inc. Carried 5-0. Copy filed.

The Board adjourned the meeting.