Attached files
| file | filename |
|---|---|
| EX-10.2 - REDEVELOPMENT PROJECT AGREEMENT DATED MAY 15, 2017 - FLEXSTEEL INDUSTRIES INC | flexsteel171759_ex10-2.htm |
| EX-10.1 - DEVELOPMENT AGREEMENT DATED JUNE 5, 2017 - FLEXSTEEL INDUSTRIES INC | flexsteel171759_ex10-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 6, 2017
FLEXSTEEL INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
| Minnesota | 0-5151 | 42-0442319 |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |
| 385 Bell St, Dubuque, Iowa | 52001 |
| (Address of principal executive offices) | (Zip Code) |
| Registrant’s telephone number, including area code 563-556-7730 |
| (Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 1.01 | Entry into a Material Definitive Agreement |
Between May 15 – June 6, 2017, Flexsteel Industries, Inc. (“Flexsteel”) entered into a series of interconnected agreements with various government entities and an Iowa not-for-profit organization regarding real estate property transactions in Dubuque, Iowa.
As set forth below, the brief descriptions of the two significant agreements do not purport to be complete and are qualified in their entirety by reference to the full text of the agreements, which are filed as Exhibit 10.1 and Exhibit 10.2 attached hereto.
The agreements were contingent upon each being approved by The City of Dubuque (“City”), Dubuque County (“County”), Iowa Economic Development Authority (“IEDA”) and Dubuque Initiatives (“Initiatives”), a not-for-profit organization, prior to being signed.
Development Agreement – Dubuque Development South, Dubuque, Iowa
On June 5, 2017, the City completed final approval of the Development Agreement. Flexsteel will construct a 250,000 square foot manufacturing facility at approximate cost of $25 million. Flexsteel has agreed to maintain 200 full-time employees and will receive tax incremental finance with an estimated value of $4.1 million over 10 years. Construction is to begin Fall 2017 and is expected to take approximately 1 year to complete.
Redevelopment Agreement – Dubuque Operations
On June 5, 2017, the City approved the final agreements required for the Redevelopment Agreement between Flexsteel, the City and Initiatives. Under the terms of the Agreement Flexsteel will donate approximately 43 acres of land and buildings with nominal net book value in Dubuque, Iowa to Initiatives and will contribute $2,660,000 toward demolition and above ground remediation following acceptance of the donation by Initiatives. The City and County will contribute $2,660,000 toward demolition and remediation. Flexsteel will be responsible for all subsurface remediation to prepare the ground for light industrial use, the cost of which is indeterminable at this time. Initiatives will pursue additional grants and funding for the redevelopment project.
| Item 9.01 | Financial Statements and Exhibits. |
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
| Exhibit No. | Description |
| Exhibit 10.1 | Development Agreement, dated as of June 5, 2017, among The City of Dubuque, Iowa and Flexsteel Industries, Inc. |
| Exhibit 10.2 | Redevelopment Project Agreement, dated as of May 15, 2017, among The City of Dubuque, Iowa, Dubuque Initiatives and Flexsteel Industries, Inc. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FLEXSTEEL INDUSTRIES, INC. | ||
| (Registrant) |
| Date: | June 12, 2017 | By: | /s/ Timothy E. Hall | |
| Timothy E. Hall | ||||
| Senior Vice President-Finance, CFO, and Secretary | ||||
| Principal Financial and Accounting Officer |