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TOWN OF MOORESVILLE REDEVELOPMENT COMMISSION MINUTES TI IURSDAY, JUNE 16, 2011, 7:45 A. M. The Mooresville Redevelopment Commission was to meet in Executive Session on Thursday, June 16, 2011 at 7:30 A. M. but it was cancelled. They met in regular session at 7:45 A. M. Commission members present were: Chairman Harold Gutzwiller, Brian Nelson, and Tim Connan. Mike I laskins and George Watkins were absent. Attorney Tim Currens was absent. Chairman Gutzwiller called the meeting to order. A motion was made by Commissioner Nelson with a second by Commissioner Corman to approve the minutes of May 19, 2011. Motion carried 3-0. Morgan County Economic Development Director, Joy Sessing,presented a request for an abatement on equipment costing $300,000.00 for Mt. Olive Manufacturing, Inc. Steve Langley, owner, reported to the commission this equipment was similar to the two pieces they have now but capable of inure capacity. The company has three large accounts and they are in need of this piece of equipment. They are now using split shifts and added hours. There will be five employees added. The equipment makes large surgery drapes and this equipment is built to suit at Nemoth Engineering in Kentucky. Chairman Gutzwiller commented it's good to see local companies grow and thrive. A motion was made by Commissioner Gorman with a second by Commissioner Nelson that this abatement would not adversely affect the finances of the TIF 2 District. Motion carried 3-0. Old Business: For the purpose of discussing modifications of the incentive offer for Equipment Technologies. Chairman Gutzwiller felt the changes were different than the conversation. He wanted an explanation of the proposed changes. Chad Sweeney, consultant for Equipment Technologies, replied his proposed changes in the repayment section were modified. His client wanted more certainty of what the repayment would be as opposed to leaving that up to the Redevelopment Commission. His client thought the claw back was perfectly reasonable and Equipment Technologies plan to fully comply with their expansion as planned. Commissioner Corman commented the original intent was, if the company did not meet the goals set forth, the redevelopment commission would have the decision to demand payment. Commissioner Nelson said if they couldn't meet their goals the grant would become a loan the company would repay, with interest, back to the Commission. Chairman Gutzwiller asked Mr. Sweeney when he received a copy of the incentive document. Mr. Sweeney said he received it in March. Chairman Gutzwiller asked why it took so long to get the document with changes back to the Redevelopment Commission.