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MOORESV I LEE J? REDEVELOPMENT COMMISSION MINUTES FRIDAY, MAY 8, 2009 7:00 A.M. • The Mooresville Redevelopment Commission met on Friday, May 8, 2009 at 7:00 A.M. at the Mooresville Government Center. Commission members present were: Chairman Jim Ransomc, Mike Haskins and George Watkins. Town attorney Tim Currens was present. Moss Holloway of Holloway Engineering appeared before the Commission to discuss the wad construction from Palaides Drive back to the Adams property with reference to Adams PUL) and Indy Tractor. Originally, the road was to go thru to the Adams property in one construction phase, Due to tough economic times, Mr. Holloway brought in a phase 1 and phase 2 construction of the road. Phase I would get an entrance into lady Tractor and get them back into Mooresville with an agreement that with the sale of lot 1 or lot 3 the road would go all the way thru. Don Adams is on board with doing the two phases but Ross doesn't know if his $25,000. is in phase 1 or phase 2. The cost including the cul-de-sac is $331,000. The first phase cost is $202,000. and the second phase cost is $127,000. The Plan Commission will require a surety bond and Indy Tractor will provide the bond. Town attorney, Tim Currens, said the thinks the base of the bond will be approved on what auio'unt Joe Beikman says is needed. The original commitment was for $100,000. from the Redevelopment Commission for a road to go that to the Adams property. Mr. Cuneus still thinks the completion of the road in phases accomplishes the original intent of having a road that accesses both the hidy Tractor portion of the PUD and the Adams PUD. The bond or letter of credit is required to make sure the road is completed all the way thru to the Adams property as shown on the plat. Commissioner Watkins wanted to know if written confirmation from TOA and Don Adams to pay $25,000. each toward the road was done when the $100,000, was committed by the Redevelopment Commission and i f there was a time schedule. Attorney Currens said there never was a time schedule set as to when the construction would begin; the presentation addressed only • • a road and access to the respective tracts including the Indy Tractor site and out lots and the • Adams PUD. Dennis Seward, 'I' & W Construction, asked if Don Adams and TOA back out on the $25,000. each will the Redevelopment Commission back out. Tim Currens said no, the commitment had already been made by the Redevelopment Commission. The Redevelopment Commission's goal is to get a road that accesses both the Indy Tractor site and the Adams PUD. Ross Holloway said they were not asking the Redevelopment Commission to include more funds. This property is approximately 40 acres and requires extensive grading and storm sewers and a sewer extension. They want to start June 10`1'. T &W Construction will need details worked out on who and when to pay. Indy Tractor's payroll is currently $750,000. a year and they project the payroll to go up to $900,000. plus and sales volume hopefully in the 12 to 15 million dollars. They will have 20-22 employees and they are trying to stay local for the construction work to be done.