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TOWN Of"MOORESVII,LE REDEVELOPMENT COMMISSION MINUTES MONDAY, JULY 26, 2010, 6:30 P. M. The Mooresville Redevelopment Commission met on Monday, July 26, 2010, at 6:30 1'. M. at the Mooresville Government Center. Commission members present were: Harold Gutzwiler, Mike Haskins, 'Irian Nelson, and George Watkins. Also present: Attorney Tim Currens, Morgan County EDC Director Joy Sessing, Jeff Pipkin, and Sandra Perry, Clerk-Treasurer. A motion was made to approve minutes of the last meeting by Commissioner Haskins with a second by Commissioner Watkins. Motion carried 4-0. Joy Sessing presented Steve Langley, Mt. Olive, with a request for abatement for a new large die-cutting press costing $225,000. Mr. Langley told the commission they have a lot of work and this press will allow them to do large parts. The die-cut they have now is smaller. The new press will be built in Cincinnati, Ohio. Mt. Olive hopes to hire five more employees by the end of the year. All growth of their business is in the medical field. They hope to have the press in operation by December 1". They qualify for a five year abatement. Citizen's Bank has approved the financing. A motion was made by Commissioner Watkins with a second by Commissioner Nelson that this abatement does not adversely affect the TIF 2 allocation area. Motion carried 4- O. This abatement will go before the Town Council on August 3, 2010. Joy Sessing presented Pro-Build Co. L1.0/Carter Lee Building Components request abatement on personal property in the amount of$500,000 and abatement on improvement to real estate in the amount of$2,264,000. They qualify for ten years on equipment and ten years on real estate. This will save twenty jobs and create 40 additional jobs, Tim Warren, general manager,Roger Turpin, Director for northeast company, and Brian Allen, assistant general manager of the lumberyard in Indianapolis were present. Joy reported to the commission the DLGF comes in once a year to the Morgan County Assessor's office and determines what equipment is eligible and what isn't. This project includes a 32,000 square foot building, and paving of gravel lots, drainage and retention ponds. The existing facility is 41,000 square feet and they are currently over capacity. The time table is paving the first ten days after going thru the Town Council, starting in October to build the building with possible completion in April or May. They have plans that arc 80% complete. A temporary gravel drive for construction trucks at first and then no gravel, only paving. They have missed a couple of filings of CF-1's due to being sold to a company from Denver Colorado three years ago. The CF-1's are now completed in Denver and they are now trying to get caught up. A motion was made by Commissioner Nelson, with a second by Commissioner Haskins that this abatement does not adversely affect allocation area TIF 2. Motion carried 4-0. This abatement will go belbre the Town Council on August 3, 2010. An incentive for this project was discussed in executive session to provide some financial assistance to the company, $125,000 by completion of the paving work and a remaining $25,000 to be used for training or any other item they need. In other words, use at their choice. There is an agreement letter to be signed. The commission wanted language changed to have the company repay any or all of incentives should the company not complete the 2.7 million project or the employee count downturns or if the company could not meet the 2.7 million. The commission would meet and would discuss situation. A motion was made by Commissioner