Res 072-2015 8/4/2015Resolution No. _72-2015___
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation (WFEDC) and amending
the budget to include up to $2,010,750 for the American Fuel Cell and
Coated Fabrics (AMFUEL) Project
W HEREAS, Texas Local Gov’t. Code § 501.073(a) provides “The corporation's
authorizing unit will approve all programs and expenditures of a corporation and
annually review any financial statements of the corporation ”; and,
WHEREAS, on July 15, 2015, the WFEDC approved the Project listed below
and as stated in its agenda.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
1. The Wichita Falls Economic Development Corporation ’s approval and funding
of the following programs and expenditures for the AMFUEL Project, as described
below and in said corporation’s agenda, are approved:
No Interest, Forgivable Loan of $800,000 for the purchase of an
autoclave, valued at $1.2 million, that is used in the manufacturing
process. The loan is forgivable over a period of ten years should
the company maintain the jobs as stipulated in the agreement.
Cash for jobs in the amount of $844,7 50 for creating and retaining
280 jobs in Wichita Falls.
A grant up to a maximum of $366,000 for skills development
training should a grant application to the Governor’s Economic
Development and Tourism Department not be approved.
2. The current fiscal year budget of the WFEDC is amended to provide for the
aforementioned expenditures and changes thereto.
PASSED AND APPROVED this the 4th day of August, 2015.
______________________________
M A Y O R
ATTEST:
____________________
City Clerk
Performance Agreement between the Wichita Falls Economic Development Corporation
and American Fuel Cell and Coated Fabrics Company, an Arkansas Corporation
(“AMFUEL”) for Incentives to Create Primary Jobs at 8600 Central Freeway North in
Wichita County, Texas
This Performance Agreement (“Agreement”) is entered into on ___________________,
2015, by and between the Wichita Falls Economic Development Corporation (“WFEDC”), a
Texas development corporation authorized under the Texas Development Corporation Act of
1979, Section 4A, (“Act”), and American Fuel Cell and Coated Fabrics Company, an
Arkansas corporation (“Company”).
Whereas, the Act authorizes the WFEDC to contract with companies whose activities are
defined as manufacturing and classified as 326299 by the North American Industry Classification
System (NAICS); and
Whereas, Company seeks to open a business to manufacture crash resistant fuel cells for
commercial and military aircraft at 8600 Central Freeway North, Wichita Falls, Texas 76305 (the
“Facility”), and represents that the Company’s Facility will involve a capital investment of
approximately $12,100,000 and employment of approximately 280 new full-time positions with
benefits; and,
Whereas, Company estimates it will complete its project by January 15, 2016; and,
Whereas, Company and the WFEDC mutually find that the project could be located in
alternative facilities outside the Wichita County region, and is expected not to occur in the local
area unless it receives the support and investment from the City of Wichita Falls and t he use of
Type A sales tax proceeds; and,
Whereas, Company will secure specified obligations herein with a guaranteed note to the
WFEDC, secured by a purchase money security interest against the Equipment purchased with
WFEDC proceeds.
Now, therefore, be it resolved, subject to the approval of the Wichita Falls City Council
and the execution of subsequent agreements to memorialize and obligate funds provided
hereunder in the form to be provided by the WFEDC, the parties agree as follows:
Definitions. As used in this Agreement, the following terms have the following meanings:
“New Position” means a permanent, full-time, Company, benefit-eligible employee
working at least 37.5 hours per week at the Facility who receives full-time wages paid by
Company for a period of at least 6 months at the Facility. To be a New Position, an employee
must represent an increase in the total, permanent level of employment at the Facility. Positions
shall not be considered New Positions if they replaced occupants of New Po sitions or full-time
positions from an earlier reduction in the number of full-time employees in Wichita County. New
Positions must be Primary Jobs.
“Payroll Statement ” means (i) a written statement setting forth the monthly, quarterly and
annual (as applicable) payroll at the Facility and the amount of wages paid to each full-time
employee at the Facility, and (ii) such other documentation as reasonably determined to be
necessary by the WFEDC to verify the number of New Positions created and continuing financial
condition of the Company. Such other documentation that Company may be required to provide
to the WFEDC shall include compiled income and expense statements for each quarter, balance
sheets effective at the end of each quarter, and copies of the Company’s tax returns, income
statements, state unemployment tax submissions, and federal unemployment tax submissions. The
aforementioned documents may be redacted, modified, or summarized by Company as reasonably
necessary to protect the privacy of individuals and prevent the disclosure of the Company’s
confidential and/or proprietary information.
“Primary Job” means a primary job as defined in Texas Local Gov’t Code 501.002.
Incentives:
Cash for Jobs WFEDC’s Total Maximum Obligation: $844,750
a. Payment for New Positions
Subject to the WFEDC’s Total Maximum Obligation, the WFEDC will pay
Company cash for each New Position employed by Company at Facility as set by
the table shown below. New Positions eligible to receive cash for jobs payment
must be in existence for a minimum of six months before payment will be rendered.
Wages to be Paid Incentive Per
Position
Jobs Created Total Incentive
$9.50 to $10.49 per
hour
$2,000 198 $396,000
$10.50 to $11.49 per
hour
$2,500 11 $27,500
$11.50 to $12.49 per
hour
$3,000 1 $3,000
$13.50 to $14.49 per
hour
$4,000 6 $24,000
$14.50 to $15.49 per
hour
$5,000 10 $50,000
$18.01 to $24.99 per
hour
$6,375 54 $344,250
280 Total $844,750
b. Each New Position must be filled by one or mor e employees continuously during
the time period for which funds are requested.
c. This incentive will only be available for New Positions who are initially employed
by Company at the Facility prior to September 15, 2025.
d. These funds received pursuant to this Section may be used for any business
purpose in the Facility in Wichita Falls, Texas. Payments will be made after a
presentation by Company has been made to the WFEDC evidencing the New
Positions have been in place for at least 6 months. Applications for payment may
only be made once every 6 months following start -up. The WFEDC intends to
only pay for each New Position one time. In no event will a position be
reimbursable if it merely replaced a position that was earlier eliminated. Payment
obligations will be subject to the obligation of Company to provide Payroll
Statements to the WFEDC as required by the WFEDC.
e. The Cash for Jobs incentive available pursuant to this agreement may not exceed
the amount of the WFEDC’s Total Maximum Obligation stated above.
Skills Development Training Funds: WFEDC’s Total Maximum Obligation:
$366,000
An application to the Texas Workforce Commission has been made for a Skills
Development Fund grant. If the grant is not funded by the Texas Workforce Commission
or other government entity in an amount of at least $366,000, then the WFEDC will
provide funding for training under the grant conditions in an amount sufficient to make up
the amount of funds not provided, in a total amount not to exceed the low er of (1) the
amount to be provided if the grant were successfully funded, (2) $1,200 per trainee, or (3)
$366,000. This reimbursement does not include the wages of the trainees, but can include
the wages of Company employees involved in the training of those employees.
Loan WFEDC’s Total Maximum Obligation: $800,000
The WFEDC agrees to provide to Company up to $800,000 to assist in purchasing
equipment for Facility in the form of loans that the WFEDC will forgive in their entirety if
Company meets it s obligations under this Agreement as set out below. Company shall execute a
Purchase Money Security Agreement for each piece of equipment purchased using WFEDC
loans. Such security agreement will give WFEDC a first lien on said equipment.
Company shall pay back this loan by paying WFEDC $80,000 annually until the debt is
entirely paid off. Said first payment will be due September 15, 2016 and every year thereafter,
with a final payment due September 15, 2025. Should Company create and maintain the new
positions with benefits shown in Exhibits A and B, the loan will be forgiven at the rate of $80,000
annually, so that after 10 years, the loan will be forgiven in its entirety. Should Company fail to
create or fail to maintain the new positions shown in Exhibits A and B, Company will pay all or a
portion of the annual loan payment then due as follows:
Actual jobs created/retained (minus) jobs promised to be created/retained x $80,000 =
annual amount to be repaid
1. Documentation. Prior to receiving payment from the WFEDC pursuant to
this Agreement, Company shall submit a Payroll Statement and other documentation as
required by the WFEDC to verify and document such request, including forgivable notes
covering the amounts provided hereunder providing the following minimum provisions
and other provisions required by the WFEDC to adequately secure and document
payments and provide for forgiveness:
Terms of Payment (principal and interest): The Principal Amount will be due and
payable in 10 annual installments of $80,000 of the obligated amount beginning 1 year
from the execution of the document.
Forgiveness of Payments: Payments to be forgiven upon compliance with employment
obligations under this Agreement.
Loan Disbursements: The WFEDC may disburse the loan amount as reimbursements to
Company based on invoices related to the purchase of the following equipment: 1.
Autoclave (estimated price: $1,200,000). Such equipment shall be used at Company’s
Wichita Falls Facility. Such disbursements shall not exceed $800,000. In regard to such
disbursements, the WFEDC will provide all disbursements subject to such supporting
documentation as required by the Assistant City Manager of the City of Wichita Falls,
including cancelled checks, purchase orders, invoices, receipts, waivers of liens, and other
documents reasonably necessary to ensure funds are expended for equipment for Wichita
Falls, Texas. Such disbursements will not be paid until the Purchase Money Security
Agreement for said equipment is fully executed.
General Conditions:
1. Maintenance of Operations. The WFEDC intends for any incentives to be used
to ensure that Company continues to operate in Wichita Falls. In addition to other repayment
provisions herein, if Company reduces its employment by more than 50% from its employment
level at the time of execution of this agreement (currently 4 permanent Company positions) or
ceases operations in Wichita Falls prior to 12 months from the date of receipt of any incentives
payment, Company shall, within 60 days, repay the WFEDC the full amount of the applicable
incentive paid by the WFEDC to Company.
2. Use of Proceeds. Company agrees to use all of the funds received from WFEDC
pursuant to this Agreement for (or as reimbursement for) the “costs” (as that term is defined in
Tex. Loc. Gov’t Code Ann. § 501.152, as of the date of this Agreement) of this project related to
the creation or retention of primary jobs as provided by Tex. Loc. Gov’t Code Ann. § 501.101.
3. Compliance with Tex. Gov’t Code § 2264.001. In accordance with Tex. Gov’t
Code §§ 2264.001 through 2264.101, Company does not and will not knowingly employ an
undocumented worker during the term of this Agreement in violation of Texas or federal law. If,
during the term of this Agreement, Company or a br anch, division, or department of Company is
convicted of a violation under 8 U.S.C. Section 1324a(f), Company shall repay the entire amount
of the public subsidy with the addition of interest at the rate of 5% simple annual interest as
required by Tex. Gov’t Code § 2264.053, not later than the 120th day after the date the WFEDC
notifies the business of the violation.
4. Compliance with Tex. Gov’t Code §§ 501.156 through 501.158. The parties
agree this Agreement complies with Tex. Loc. Gov’t Code §§ 501.1 56 through 501.158, by: (1)
being intended to benefit the WFEDC, (2) providing that default on this Agreement is enforceable
as provided by Tex. Loc. Gov’t Code § 501.157, in addition to retaining other enforcement
remedies provided by Texas law, and (3) providing a schedule as stated in this Agreement for
additional jobs and capital investment as consideration for direct incentives provided herein and
providing for repayment obligations.
5. No Waiver. No delay or omission by WFEDC in exercising any right that may
accrue to it pursuant to this Agreement will operate as a waiver of any other WFEDC right that
may accrue pursuant hereto.
6. Disputes. In the event of a dispute, (1) neither party will be entitled to attorney's
fees incurred or paid in the enforcement of any provision of this Agreement, regardless of any
provision authorizing attorney’s fees in Texas Local Gov’t Code § 271.153(a)(3) or other statute,
and (2) sole venue for any action based on this Agreement or promise ancillary thereto shall be in
Wichita County, Texas.
7. The WFEDC shall not be the guarantor of Company’s success, and shall not be
liable for any failure to provide incentives not specifically set forth in this Agreement. Any
representations by WFEDC, the City, or the Wichita Falls Chamber of Commerce and Industry
concerning the availability of incentives hereunder are subject to the approval of the governing
bodies entrusted by law to issue said incentives. Company certifies the truth of the representations
by its representatives to the WFEDC, the City, and the Wichita Falls Chamber of Commerce and
Industry. Company agrees to release the WFEDC, the City, and the Wichita Falls Chamber of
Commerce and Industry from any and all claims, suits, and actions for damages, costs, and
expenses to persons or property (collectively “Claims”) that may arise out of, or be occasioned by
or from any act, error or omission of the WFEDC, the City, and the Wichita Falls Chamber of
Commerce and Industry in the execution or performance of this contract. The aforementioned
release does not encompass Claims attributable to the negligence or willful misconduct of the
WFEDC, the City, and/or the Wichita Falls Chamber of Commerce and Industry.
8. Term. The Term of this Agreement shall be from its execution until the later of:
a. September 15, 2025, or
b. One year after the WFEDC’s payment to the Company of the final
incentive payment described in this Agreement.
9. Default. During the Term of this Agreement, Company shall promptly notify
WFEDC if Company learns of the occurrence of: (i) any event which constitutes an Event of
Default; or (ii) any legal, judicial or regulatory proceedings affecting Company and/or the Facility
in which the amount involved is in excess of $50,000 and is not co vered by insurance.
10. Indemnity. Company shall indemnify, save and hold harmless WFEDC and the
City of Wichita Falls and their respective officers, directors, employees, representatives and
agents (collectively, the "Indemnified Parties") from and against: (i) any and all claims, demands,
actions, or causes of action that are asserted against any Indemnified Party by any person or entity
if the claim, demand, action or cause of action directly or indirectly relates to a claim, demand,
action, or cause of action attributable to the acts or omissions of Company, any affiliate of
Company or any officer, employee or partner of Company; (ii) any and all claims, demands,
actions or causes of action that are asserted against any Indemnified Party if the claim, demand,
action or cause of action directly or indirectly relates to funds received by Company pursuant to
this agreement, Company’s use of the proceeds of funds received pursuant to this agreement or
the relationship of Company and WFEDC pursuant to this agreement; and (iii) any and all
liabilities, losses, costs or expenses (including attorneys' fees and disbursements) that any
Indemnified Party suffers or incurs as a result of any of the foregoing; provided, however, that
Company shall have no obligation pursuant to this provision to any Indemnified Party with respect
to any of the foregoing arising out of the negligence or willful misconduct of such Indemnified
Party. To the extent necessary to provide the Indemnified Parties full protection in accordance
with the terms of this Section, the indemnity provisions set forth herein shall survive the
termination of this Agreement.
11. Events of Default. Each of the following events shall be considered an Event of
Default of this agreement:
a. The failure of Company to pay any payment due to the WFEDC pursuant
to this agreement when due and the continuation of such failure for a period of
10 days after written notice thereof from WFEDC; or
b. If any representation or warranty by Company set forth herein o r in any
certificate, report, request or other document furnished pursuant hereto is
incorrect in any material respect as of the date when made or deemed made; or
c. The failure of Company in its due observance and performance of any of
the covenants or agreements set forth in this agreement or any of documents
associated with this agreement and the continuation of such failure for a period
of 30 days after written notice thereof from WFEDC; or
d. If an involuntary case or other proceeding shall be commenced against
Company that seeks liquidation, reorganization or other relief pursuant to any
bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of it or them or any substantial portion of its or their property,
and if such involuntary case or other proceeding shall remain undismissed or
unstayed for a period of 30 days; or if an order for relief against Company shall
be entered in any such case under the Federal Bankruptcy Code; or
e. If Company shall commence a voluntary case or other proceeding seeking
liquidation, reorganization or other relief under any bankruptcy, insolvency or
other similar law now or hereafter in effect or seeking the appointment of a
trustee, receiver, liquidator, custodian or other similar official or shall consent
to any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other proceeding commenced against it, or if
Company shall make a general assignment for the benefit of creditors or shall
fail generally or shall admit in writing its inability to pay its debts as they
become due; or
f. If Company shall fail within 30 days to pay, bond or otherwise discharge
any judgment or order for the payment of money in excess of $50,000 that is
not otherwise being satisfied in accordance with its terms and is not stayed on
appeal or otherwise being appropriately contested in good faith; or
g. If there shall be a disso lution of Company or a cessation of business
operations at the Facility; or
h. If the Company is determined by WFEDC to be continually or repeatedly
violating a City ordinance or state law or regulation related to the operation of
the Facility.
12. Remedies. Following the occurrence of any Event of Default described above
during the Term of this Agreement, the obligations of WFEDC to the Company shall terminate
and the entire amount of the funds provided by WFEDC to the Company within one year prior t o
the default shall become immediately due and payable to the WFEDC if Company fails to cure the
Event of Default within ten (10) days of receipt of written Notice of Default (the “Notice
Period”). Following the occurrence of any other Event of Default sp ecified in this section,
WFEDC may by written notice to Company and if Company fails to cure the Event of Default
within ten (10) days of receipt of written Notice of Default: (i) declare the entire amount of any
obligation to the WFEDC then outstanding, together with interest (if any) then accrued thereon,
to be immediately due and payable to the WFEDC, and/or (ii) terminate all obligations of
WFEDC to the Company unless and until WFEDC shall reinstate the same in writing; and/or (iii)
reduce any claim to judgment; and/or (iv) without notice of default or demand pursue and enforce
any of WFEDC's rights and remedies pursuant to this Agreement or any document ancillary to it.
13. Further approvals required. Any representations by WFEDC, the City of
Wichit a Falls or the Wichita Falls Chamber of Commerce and Industry (or any representatives of
any of the foregoing) concerning the availability of incentives hereunder are subject to the
approval of the governing bodies entrusted by law to issue said incentives.
14. This agreement and said attachments, if any, may only be amended, supplemented,
modified or canceled by a duly executed written instrument agreed to by both parties.
15. Company’s maximum aggregate liability under this Agreement to WFEDC, the
City of Wichita Falls, the Wichita Falls Chamber of Commerce and Industry, any third party,
and/or any Indemnified Party identified in Section 10 shall not exceed the amount of funds
provided to Company pursuant to this Agreement.
Wichita Falls Economic Development Corporation
______________________________________
Dick Bundy, President
American Fuel Cell and Coated Fabrics Company
______________________________________
Mike Viscosi
_____________________,_________________
Name President and CEO
AMFUEL MANUFACTURING LABOR
PAY SCALE EMPLOYMENT WAGES*
Entry
Wage
Progressio
n Wage
Final
Wage
After 12
Months
After 24
Months
After 36
Months
After 12
Months
After 24
Months
After 36
Months
Job
Code
Job Classification Labor
Grade
0-6 Months 6-12 Months 12
Months+
Year 1 Year 2 Year 3 Year 1 Year 2 Year 3
001
003
103
105
108
111
115
202
401
101
102
104
106
107
109
110
113
201
203
204
002
301
302
116
402
Maintenance – Skilled
Maintenance – Utility
Autoclave Operator
Cutting Table
Wash Pit
Cement House
Utility Worker
Receiving/Stores
Tooling – Property
Builder
Fuel Cell Post Cure Operator
CNC Knife Operator
Calendar Unit/Dip Unit Operators
Spray & Vac Bag
Fittings
CAS
Forms
Shipping
Trucker/Fork Lift Operator (CDL)
Fork Lift Operator (No CDL)
Maintenance
Inspection (Quality)
Fuel Test (Quality)
Coated Fabrics
Tooling - Builder
A,B
5
3, 4, 5
4, 5
4, 5
3, 4, 5
5
4, 5
3, 4, 5
2, 3, 4
2, 3, 4
2, 3, 4
2, 3, 4
2, 3, 4
2, 3, 4
2, 3, 4
2, 3, 4
2, 3, 4
2, 3, 4
3, 4
1, 2, 3
1, 2, 3
1, 2, 3
C, 1, 2
C, 1, 2
$15.00
$9.50
$9.50
$9.50
$9.50
$9.50
$9.50
$9.50
$9.50
$10.25
$10.25
$10.25
$10.25
$10.25
$10.25
$10.25
$10.25
$10.25
$10.25
$10.25
$11.00
$11.00
$11.00
$12.00
$12.00
$16.00
$9.50
$10.25
$10.25
$10.25
$10.25
$9.50
$10.25
$10.25
$11.00
$11.00
$11.00
$11.00
$11.00
$11.00
$11.00
$11.00
$11.00
$11.00
$11.00
$12.00
$12.00
$12.00
$13.00
$13.00
$16.00
$9.50
$11.00
$10.25
$10.25
$11.00
$9.50
$10.25
$11.00
$12.00
$12.00
$12.00
$12.00
$12.00
$12.00
$12.00
$12.00
$12.00
$12.00
$11.00
$13.00
$13.00
$13.00
$14.00
$14.00
0
1
2
1
2
3
2
3
2
35
30
1
0
4
32
0
18
1
1
1
2
7
2
0
1
0
2
3
1
2
6
5
4
1
53
44
1
6
7
32
2
24
2
1
2
4
10
2
3
2
0
2
3
1
2
6
5
4
0
53
44
1
6
7
32
2
24
2
1
2
4
19
2
3
2
$0
$21,138
$48.950
$22,806
$45,613
$73,425
$42,275
$68,419
$48,950
$934,500
$801,000
$26,700
$0
$106,800
$854,400
$0
$480,600
$26,700
$26,700
$24,475
$57,850
$202,475
$57,850
$0
$31,150
$0
$42,275
$73,425
$22,806
$45,613
$146,850
$105,688
$91,225
$24,475
$1,415,100
$1,174,800
$26,700
$160,200
$186,900
$854,400
$53,400
$640,800
$53,400
$26,700
$48,950
$115,700
$289,250
$57,850
$93,450
$62,300
$0
$42,275
$73,425
$22,806
$45,613
$146,850
$105,688
$91,225
$0
$1,415,100
$1,174,800
$26,700
$160,200
$186,900
$854,400
$53,400
$640,800
$53,400
$26,700
$48,950
$115,700
$289,250
$57,850
$93,450
$62,300
Total 151 219 218 $4,002,775 $5,812,256 $5,787,781
*Wages include 7% OT
Labor Grade Proposed Rate
A $16.00
B $15.00
C $14.00
1 $13.00
2 $12.00
3 $11.00
4 $10.25
5 $9.50
Hourly Wage Count
$9.50 24
$10.25 174
$11.00 16
$12.00 5
219
Notes:
1) An employee is hired in at the lowest (pay) labor grade for their job code and automatically progresses
to the next higher labor grade every six months until the top of the labor grade is reached. For example, a
Labor Code 101 Builder hires in a $10.25/hr. and after 6 months is automatically moved to $11.00/hr.
and after another 6 months automatically moves to top of grade at $12.00/hr.
2) An incentive bonus plan will be offered to all hourly employees. For every point of efficiency earned
over 100%, the employees will receive a $0.10/hr. bonus (paid monthly). We believe, based on past
performance in Magnolia, that at least 120% efficiency is very doable. For example, an employee who
works 168 hours/mo. at 120% efficiency would receive 120%-100% = 20 pts., 20 x $0.10 = $2.00,
$2.00 x 168 = $336 Bonus. A standards review may be performed which would adjust actual hours;
however, the bonus amount would remain basically unchanged.
3) A semi-annual profit sharing plan will pay hourly employees equally (based on actual hours worked
during the month) out of a 7.5% of profits pool.
4) A 401K plan will be offered at a 100% match to 3%.
AMFUEL Salaried Labor
Job Classification Starting
Wage
Minimum
Hourly
Wage
Starting
Wage
Maximum
Existing
Position
#
Employed
Year 1
#
Employed
Year 2
#
Employed
Year 3
$
Employed
Year 1
$
Employed
Year 2
$
Employed
Year 3
Materials
Production Control
AP/AR
HR Generalist
Supplier Mgmt
Exec. Admin. Asst.
Payroll
OPS Supervision
Sales Administrator
Cost Accountant
Liquid Logistics Sales
QA
Manufacturing Eng
Engineers
HR Manager
QA Manager
Mfg Engr Manager
EH&S/Facility Mgr
Materials Manager
Controller
Engineering Mgr
VP Operations
VP Bus Dev
President
$28,000
$30,000
$35,000
$35,000
$35,000
$35,000
$40,000
$40,000
$45,000
$45,000
$50,000
$50,000
$50,000
$50,000
$60,000
$60,000
$60,000
$60,000
$65,000
$75,000
$85,000
$14
$15
$18
$18
$18
$18
$20
$20
$23
$23
$25
$25
$25
$25
$30
$30
$30
$30
$33
$38
$43
$60
$60
$85
$48,000
$42,000
$50,000
$45,000
$75,000
$50,000
$55,000
$80,000
$60,000
$75,000
$75,000
$75,000
$80,000
$95,000
$85,000
$85,000
$90,000
$85,000
$90,000
$90,000
$115,000
$46,000
$36,000
$39,000
$40,000
$40,000
$45,000
$65,000
$52,000
$63,000
$70,000
$65,000
$65,000
$65,000
$65,000
$82,500
$120,000
$120,000
$170,000
2
3
1
1
1
1
1
8
1
1
1
3
5
4
1
1
1
1
1
1
0
1
1
1
3
4
1
1
1
1
1
12
1
1
1
4
8
6
1
1
1
1
1
1
1
1
1
1
3
5
1
1
1
1
1
12
1
1
1
4
10
10
1
1
1
1
1
1
1
1
1
1
$92,000
$108,000
$39,000
$40,000
$40,000
$42,500
$45,000
$520,000
$52,500
$52,000
$62,500
$189,000
$350,000
$260,000
$65,000
$65,000
$65,000
$72,500
$82,500
$82,500
$0
$120,000
$120,000
$170,000
$138,000
$144,000
$39,000
$40,000
$40,000
$42,500
$45,000
$780,000
$52,500
$52,000
$62,500
$252,000
$560,000
$390,000
$65,000
$65,000
$65,000
$72,500
$82,500
$82,500
$100,000
$120,000
$120,000
$170,000
$138,000
$180,000
$39,000
$40,000
$40,000
$42,500
$45,000
$780,000
$52,500
$52,000
$62,500
$252,000
$700,000
$650,000
$65,000
$65,000
$65,000
$72,500
$82,500
$82,500
$100,000
$120,000
$120,000
$170,000
Total 42 55 62 $2,735,000 $3,580,000 $4,016,000
Hourly Wage Count
$14 3
$15 5
$18+ 54
62
Notes:
1) A semi-annual profit sharing plan will pay non-bonus eligible salaried employees
equally (based on actual hours worked during the month) out of a TBD% profits pool.
2) A 401K plan will be offered at a 100% match to 5%.
3) Company/employee paid medical will be offered as well as employee paid Dental
and Vision plans.
4A Corporation Financial Statement
7/28/2015 Adopted Adopted YTD
Previously FY 13 FY 14 FY 14 FY 15 FY 15
Approved Actual Budget Actual Budget Actual
Revenue
Sales Taxes 3,677,061$ 3,634,248$ 3,732,923$ 3,798,949$ 2,440,123$
Other Rents (ATCO Lease)106,800$ 106,800$ 106,800$ 106,800$ 80,100$
Reimbursements 35,062$ 28,711$ 649,096$ 29,750$ 29,061$
Interest 14,844$ 16,500$ 5,114$ 5,000$ 6,067$
Project Repayment (Travel Center)81,327$ 81,327$ 81,327$ 67,773$
Sale of Assets 367,430$ -$
Total Revenues 3,833,767$ 3,867,586$ 4,942,690$ 4,021,826$ 2,623,124$
Completed / Closed Projects
Wichita Clutch (09/2014) 740,000$ 300,000$
WF Downtown Travel Center 243,980$ 243,980$
Cryovac (12/2014) 272,000$ 252,000$
PITF Community Promo - Phase 1 750,000$ 123,556$ 70,026$
PPG Reclaim Water Facilities 1,145,000$ 1,145,000$
Carter Copter Aircraft Devt (10/2013) 4,000,000$ 545,016$ -$
Ameri-Kal Vitamin Manufact. (09/2014) 75,000$ 18,000$ -$
Tobol Industries (1/2014) 196,750$ 123,199$ -$
Ulm Corp. (4/2016) 2,396,400$ 600,000$ -$
Annual Programs
Ad Valorem Tax 29,705$ 28,711$ 28,752$ 29,750$ 29,237$
Professional Fees 24,844$ 30,000$ 9,599$ 30,000$ 5,668$
CCI-Contract 341,314$ 401,895$ 381,905$ 405,742$ 192,423$
Regional Marketing Taskforce 100,000$ 100,000$ 100,000$ 124,474$ 62,237$
SMAC 100,000$ 100,000$ 100,000$ 100,000$ 75,000$
Downtown WF Devlpmt, Inc. (NOTE 1) 75,000$ 75,000$ 75,000$ 100,000$ 100,000$
Business Plan Contest (Lalani) 27,500$ 30,000$ 30,000$ 30,000$ 30,000$
Business Park Maintenance 82,116$ 97,281$ 79,216$ 99,023$
Water/Sewer Sanitation 5,102$ 7,500$ 2,675$ 7,500$ 2,806$
Electricity 338$ 600$ 261$ 600$ 90$
City Administrative Expense 50,000$ 50,000$ 50,000$ 50,000$
WF Regional Airport Facilities (2033) 140,000$ 140,000$ 140,000$
Open Projects (Termination Date: MM/YYYY)
PITF Community Promo - Phase 2 200,000$ 200,000$ 42,090$
ED Strategic Planning 20,000$
Excalibur Paint and Coatings (02/2017) 1,500,000$ 115,722$ (500,000)$ -$
Arrow Manufacturing (01/2015) 178,250$ 70,000$
Tryer Process Equipmt 2012 (12/2014) 112,000$ 28,000$ -$
Hlth Care Svcs Corp (BCBS) (12/2018) 820,000$ 670,000$
Nocona Transport (3/2019) 216,000$ 24,000$ 24,000$
Eagle Rail Car Services (10/2020) 928,800$ 500,000$ 352,000$
Lone Star Milk Producers (01/2016) 116,000$
Cryovac -- Printer Install (4/2016) 304,280$
Arrow MP Downhole Project 208,250$ 118,750$
Hunting Titan 185,500$
Lone Star Milk Transport (06/2017) 310,364$
Safety Design USA (06/2018) 688,500$
Alcoa Water Treatment Project 1,200,000$
Sealed Air - Cryovac IP Water Reuse 300,000$
Eagle Rail Car -- Project II 928,800$
Cobra Kai Simulator Project 140,000$ 140,000$
Pratt & Whitney Technology 1,815,000$
AMFUEL Project 2,010,750$
Total Expenditures 3,627,392$ 2,720,017$ 3,058,434$ 8,730,503$ 1,150,301$
Revenues Less Expenses 206,375$ 1,147,569$ 1,884,256$ (4,708,677)$ 1,472,823$
Beginning Cash Balance 15,364,061$ 16,473,255$ 15,570,434$ 17,490,716$ 17,454,690$
Ending Cash Balance 15,570,434$ 17,620,824$ 17,454,690$ 12,782,039$ 18,927,513$
Reserved For Encumbrances 7,618,935$ 9,164,865$ 2,453,080$ 2,453,080$ 10,032,769$
Unreserved Fund Balance 7,951,499$ 8,455,959$ 15,001,610$ 10,328,959$ 8,894,744$