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A motion to advise the Town Council that granting this tax abatement for Mt. Olive has no negative impact on the TIF Allocation area was made by Commissioner Corman, second by Commissioner Boyd and carried 4-0, with 1 abstention. (George Watkins) Town Attorney, Tim Corms advised the Commission that Town Councilman,Tony Langley(Business Manager of Mt. Olive Manufacturing)had'filed a conflict of interest statement and won't be participating in the meeting when it is heard by the Town Council. He was present tonight for informational purposes only. The next item was a tax abatement request for"Project Vegas". Chairman Gutzwiller stated that this is a confidential project and for competitive reasons the company asked not to be identified and to be given a code name. The company will be identified at the Town Council meeting. This project is broken down into two pieces and required two SB1's due to the fact that it covers two parcels of ground. Piece one contains a capital investment totaling $6,710,000.00 for real property and an equipment investment totaling $400,000 for personal property, for a total of$7,110,000. Piece one would add 20 jobs. Piece two contains a capital investment totaling$20,316,900 for real property and $43,450,000 for personal property,for a total of$63,766,900. Piece two would add 200 jobs. Both pieces together have a grand total of$70,876,900. Commissioner Waticins made a motion to advise the Town Council that granting this tax abatement for Project Vegas would not have a negative impact on the TIF allocation areas. Motion was second by Commissioner Stultz and carried 5-0. Attorney, Tim Currens presented the members with a memorandum of understanding to go along with Project Vegas concerning jobs and training assistance. It contains underwriting for the new jobs, up to a maximum investment of$300,000, designed to get local people trained for these positions to stay local. Chairman Gutzwiller stated they would be given$50,000 within 30 days of breaking ground on the project and they could request in$50,000 increments the remaining$250,000 each time they hire 50 permanent full time employees and keep them on the payroll for a minimum of 60 days, This would expire December 31, 2018. If the company should move or close within a ten year period the commission may request repayment of the funds that were allocated for training. He stated he felt this was an investment in the people of the town and the employees of this company. A motion was made by Commissioner Corman, second by Commissioner Watkins to approve the Memorandum of Understanding and make Chairman Gutzwiller the signatory. Motion carried 5-0. The next meeting will be held on Thursday,May 1,2014 at 6:00 p.m. at the Government Center. • Meeting was adjourned. r �