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TOWN OF MOORESVILLE REDEVELOPMENT COMMISSION FRIDAY, OCTOBER 2, 2009, 7:00 A. M. The Town of Mooresville Redevelopment Commission met on Friday, October 2, 2009 at 7:00 A. M. at the Mooresville Government Center. Commission members present were: Jim Ransome, Mike Haskins, and George Watkins. The commission still needs two members. Attorney Currens was present. Jeff Pipkin, Morgan County Economic Development Corporation, presented a tax abatement for Overton& Sons Tool& Die Co. for equipment. The equipment is a Mitsubishi FA20S advance wire EDM machine costing $132,100.00. This machine will add one job position. They have 52 employees currently. The matrix score was 14 and qualified them for 3 year abatement. A motion was made by Commissioner Haskins with a second by Commissioner Watkins to recommend to the Town Council this abatement does not adversely affect the TIF Districts. Motion carried 3-0. Next on the agenda was Scott Miller, Jason Semler, and AJ.Amspaugh, l lmbaugh& Associates, to discuss the wastewater rate study and wastewater expansion project. Scott Miller explained Draft 1 and Draft 2 to the commission. Draft 1 is applying the majority of TIF cash on hand that is approximately 4.4 million dollars to pay towards the 16,3 million dollar project. The monthly wastewater bill for a 4000 gallon user now is $19.86 and would need to be $56.30. Draft 2 applies one half of TIF cash on hand roughly 2 million dollars and a$41.00 wastewater bill a month instead of$18.86. limbaugh needs to know from the Redevelopment Commission how much they are willing to apply. Jeff Pipkin, Morgan County Economic Development, said if the Town gets EDA grant that will go towards paying down the debt. Town Council President Mark Harris told the commission he wanted to give the Redevelopment Commission a heads up on what was coming down the road. Preliminary plans had to be in place shovel ready for HNTB to complete the PER to apply for the grants. We will have to turn down a high water industry if the expansion does not get done. Mark Harris went on to say the Town had spent 1.3 million dollars on an ultraviolet system. The application for grants and or State Revolving Loan has to he in by the end of this year. Amy Miller, Cornerstone Grants, and Jill Segasser, River Hills in Southern Indiana District are both grant writers helping with the project. Jason Semler talked to the Redevelopment Commission about the TIF Districts and revenues. 2009 estimated taxes for TIE 1 1.1 million dollars and for$600,000 and for 2010 estimated taxes for TIF 11.2 million dollars and TIF 2 $663,000. TOA taxes pay off in 2012. TIF could be paying$885,000 a year toward the expansion. The bond would go on for 20 years. Keep in mind both of the scenarios do not include grant monies. TIE area 1 and 2 can go on forever. TIF 2 which was created in 2004 will go on for twenty years. TIF 1 and TIP 2 have 27% of wastewater users. Attorney Currens wants to set up another meeting and have HNTI3 appear at that meeting. The wastewater expansion is in the scope of TIF plan for both districts. The State Revolving Fund will require an annual pledge to the debt and he doesn't want to tie all the TIF monies up in case a project wants to come to town.