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C • TOWN OF MOORESVILLE REDEVELOPMENT COMMISSION MINUTES THURSDAY, MAY, 19, 2011, 7:30 A. M. The Mooresville Redevelopment Commission met on Thursday, May 19, 2011, at 7:30 A. M. at the Mooresville Government Center. Redevelopment Commission members present were: I[arold Gutzwiller, Tim Corman, Mike Haskins, and George Watkins. Brian Nelson was absent. Town attorney Tim Currens was present. Morgan County Economic Development Director Joy Sessing and Assistant Jeff Pipkin were present. Chairman Gutzwiller made a modification on the agenda to say May instead of January. A motion was made by Commissioner Watkins with a second by Commissioner Conuan to approve the minutes of April 21, 2011. Motion carried 4-0. Jason Semler from Umhaugh gave the annual report. (A copy is attached to the minutes). 'Hie report obtains information and helps the commission to make a determination to retain or pass thru any excess tax increment. A few highlights from the report: In TIF 1 the TOA rebate of property taxes has two years left as of this year. '17re rebate for 2011 is $133,000 and for 2012 $140,000. The taxes collected in TIF I last year was approximately $1,151,000 out of$1,166,000 to he collected. For 2011 we should collect$1,198,410 and by 2019 when abatements roll off should collect$1,276,000 on an annual basis. Out of TIE I $200,000 has been pledged for the SRF bonds this year. This would make $864,000 left for 2011 to spend on projects, in 2012 $882,000, and in 2013 a little over 1 million dollars to spend on projects. Each ten million dollar pass thru equals a 2 cent reduction in tax rate and reduces the tax increment by $185,000. In TIF 2 for 2010 $606,000 was expected to be collected but$601,000 was the actual amount. In 2011 $664,000 is expected to be collected and with the $100,000 obligation to the SRF bonds for sewer expansion that will leave $564,000 for projects. The expected tax collection for 2012 is $703,230 and for 2013 $725,300. The tax increment is gradually increasing. Joy Sessing asked about Sun Polymers improvements to the building of$3,830,000. That is the assessed value not the amount of taxes. She also referred to the advertisement in the paper listing companies that had abatements. Residents were confused thinking the assessed value was the tax amount abated. Jason reported both areas are healthy and collection rates are good.