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MOORESVJ 1.1 Ji REDEVELOPMENT COMMISSION MINUTES THURSDAY, MARCH 10, 2011, 7:30 A. M. The Mooresville Redevelopment Commission met on Thursday, March 10, 2011 at 7:30 A. M. at the Mooresville Government Center. Commission members present were: Harold Gutzwiller, Mike Haskins, Tim Corman, George Watkins,Brian Nelson, and attorney Tim Cutrens. Joy McCarthy Sessing and 1i Jeff Pipkin were also present. Chairman Gutzwiller called the meeting to order. A motion was made by Commissioner Nelson with a second by Commissioner Corman to approve minutes of the last meeting. Motion carried 4-0. Joy Sessing presented Project Red Bird. The company will do improvements and equipment purchases at its current site totaling approximately $600,000 which would include two overhead cranes and some outside concrete work. Fifty-four jobs would he retained at the current site plus 60 new employees at the expansion site which is on a different property outside of the district. The capital investment at the new property site is $3.6 million for construction of a training facility and warehouse along with$640,000 in personal property and equipment. The first phase at the new site is the construction of a 10,000 square foot training facility. Under the matrix for abatement the site within the district would qualify for a 10 year abatement. Commissioner Nelson asked Chad Swinney from Gnovis how the $350,000 was going to he used. Mr. Swinney said concrete, some cranes, and some building repurposing to the assembly area. Joy Sessing also stated the Town Council had approved providing extension of water and sewer for the future development at the new site at its March 1, 2011 meeting. The permit fees are going to be offset by the Morgan County Economic Development Corporation. The grant request for the Redevelopment Commission is for $100,000 to cover equipment and improvements on the existing plant site. The Redevelopment Commission then entered into a discussion on how to insure that the equipment and improvements to the new site and other commitments stated in the SB-ls would be complied with in the event the Redevelopment Commission commits these monies. Commissioner Nelson made a motion for the Redevelopment Commission to enter into a grant and/or loan of$100,000 to be used for the equipment and improvements at the existing site which is in the tax increment finance district with the company being required to meet all of the representations made in the SB-]s filed on both the current sire and proposed site by December31, 2015 and if the objectives set out in the respective SB- Is are not met at the time of compliance required by the filing of the CF-ls in 2016 then all or a portion of the $100,000 will be paid back to the Redevelopment Commission. Final approval is also subject to a financial review of the last 3 years of the company's ti