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MOORESVILLE REDEVELOPMENT COMMISSION MEETING MINUTES MONDAY, APRIL 19T2, 2010, 7:00 A. M. Commission members present were: Chairman Harold Gutzwiller, Brian Nelson, and George Watkins. Mike Haskins was absent. Town attorney Tim Currens was present. First on the agenda: Agreement with Indy Tractor deeding the property in exchange for them constructing a road. Attorney Currens stated the extension of the,road will be done when Mr. Adams sells more of the lots or more development is done. Toa will get lot 4b and Indy Tractor lot 4a. The road will go to the Adams property eventually. Commissioner Gutzwiller had a concern about the entrance to the industrial area and combines and other equipment setting out. He would like a nice entrance to the park and asked if there was anything in writing. Attorney Currens answered, No there isn't, The whole discussion centered on the road, Attorney Currens asked the commissioners what their intentions were. Commissioner Gutzwiller thought about landscaping, setbacks, use, etc, Commissioner Watkins asked about a right of way with signage. Attorney Currens said at this point these restrictions were not part of the original deed. It would be unfair to say to them you can't display the equipment. This will be tabled until some infonral discussion can be dune. Joy Sessing, Morgan County Economic Director, handed out TIF maps for all the new members. Scott Miller, Umbaugh & Assoc., brought a draft of the financing, latest options, and adjustments to the commissioners. The draft included four options for the $18,161,000.00 expansion. Option 1 was a one million dollar up front contribution and $300,000 annually for 20 years. The OCRA grant we were approved for could either be 4.5 million or 6 million dollars depending on the sewer rate. Under$30 a month the grant would be 4.5 million, over $30 a month the grant would be 6 million. Options 2, 3, and 4 get us over the $30.00 threshold. Option r calls for $506,000 per year and no upfront money from the TIF funds. Commissioner Nelson's concern was with the amount of money pledged going forward for twenty years from the revenue stream. A motion was made by Commissioner Nelson to pledge $1,250,000 cash up front and $300,000 annually for the bond payment from the State Revolving Loan. Commissioner Watkins seconded the motion. Motion carried 3-0. Other business: Joy Sessing reported she is working on two projects. She requested an executive session to discuss what may or may not be available for the incentive package. The executive session is scheduled for Friday morning, April 23, at 7:30 A. M. There being no further business to come before the Redevelop •ent Commission at this time Chairman Gutzwiller adjourned the meeting, ,t6 411Pl � n Turman A1'lE ": fr