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h MOORESVILLE (INDIANA) REDEVELOPMENT COMMISSION Mooresville Allocation Area No. 1 GENERAL COMMENTS Background Information Concerning Mooresville Allocation Area No. l On February 20, 1990,the Mooresville Redevelopment Commission(the"Commission"),acting on behalf of the Town of Mooresville (the "Town") adopted a declaratory resolution to establish the Mooresville Tax Allocation Area No. 1 for the purpose of capturing Tax Increment on the incremental assessed value of real property. Mooresville Allocation Arca No. 1 was expanded through an amending resolution on November 13, 1990. (The Mooresville Allocation Area No. 1,as amended,will be referred to herein as the"Area"or"Arca No. I"). The base dates of the Area are March I, 1989 and March I, 1990. The Arca is located in and encompasses most of downtown, including residential,commercial,and industrial developments. It was created to enable the'Fawn to capture Tax Increment from new developments in the Arca to help pay for the costs of rehabilitating and expanding infrastructure in the Area. In 1992, the Mooresville Redevelopment Authority issued $1,070,000 of Lease Rental Revenue Bonds (the "1992 Bonds") to finance a sewer rehabilitation project in the Area. The lease rental payments due on the Bonds were paid by the Commission from Tax Increment from Area No. 1.The 1992 Bonds matured in 2007. In 2008, the Commission used $1.1 million of Tax Increment on hand to assist in the funding of a fire station, which serves the Area. As an incentive for Toa Industry Co. Ltd.("TOA")to locate its manufacturing facility into the Area, the Commission offered to reimburse TOA for a portion of the acquisition and site preparation costs associated with the facility. TOA also received payments fbr equipment and employee training from /I Tax Increment generated in the Area until 2006. TOA receives a tax rebate on taxes paid after tax abatements are applied. This rebate ends in 2012. The Town is constructing approximately$15.3 million of sewer works improvements (the"Sewer Project") to increase the sewer treatment plant capacity. Approximately 27% of the TIF Areas overlap the Mooresville Sewage District. The Commission believes that the Sewer Project will facilitate economic development in the Town by improving sewer capacity for existing businesses and help to attract new business to locate in Mooresville. On June 21, 2010, the Commission adopted two Pledge Resolutions,pledging a portion of Tax Increment from Allocation Areas No. 1 and No. 2 to repay the Town of Mooresville Sewage Works Revenue Bonds of 2010. l f (Continued on next page) _1_ 4