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MOORESVILLE REDEVELOPMENT COMMISSION MINUTES THURSDAY, OCTOBER 3, 2019 6:00pm Members present: Harold Gutzwiller, Bill Boyd and Don Stultz. School representative Dr. Larry Moore was present. Redevelopment Commission Attorney Adam Steuerwald was present. Project Manager Chelsey Manns was present A public hearing for the Economic Development Plan Amendment, regarding the expansion of the Economic Development Area to create a new Allocation Area was opened. Mike Dellinger with the Morgan County Economic Development Corporation spoke in support of the Plan Amendment. The public heading was closed. A motion was made by Commissioner Stultz to approve Confirmatory Resolution 2019-6 regarding the Economic Development Plan Amendment. The motion was seconded by Commissioner Boyd, which carried 3-0. A motion was made by Commissioner Boyd and seconded by Commissioner Stultz to approve the executive session and public meeting minutes from September 12th. The motion passed 3-0. Financials were provided by the Clerk -Treasurer. Commissioner Boyd made the motion to approve the monthly financials as presented. Commissioner Stultz seconded the motion, which carried 3-0. Public Comment: No public Comment. Gateway Project Update: Resolution 2019-7 was presented to the Commission as an interlocal agreement between the Town Council and the Redevelopment Commission regarding the participation for INDOT's High Street/SR 42 Project. Commissioner Stultz made the motion to approve Resolution 2019-7 as presented. The motion was seconded by Commissioner Boyd, which passed 3-0. Old Business: Manns provided a Statement of Benefits (SB -1) to the Commission which she requested the Commission approve so it can be submitted to the Town Council for a tax abatement on the Shell Building. Commissioner Boyd made the motion to move forward with the filing of the SB -1. Commissioner Stultz seconded the motion, which carried 3-0. Manns noted details of the Financing of the Shell Building. The financing closed September 911, 2019 for an amount of $4,175,000. This is a draw loan which means the Commission will only make interest payments on what has been drawn. It is expected that construction will be pushed to 2020, so the first interest payment due in January is expected to be small. It is 20 -year loan, with the first three years being interest only. The Commission chose to finance the building because there are other projects including associated infrastructure that need to happen to support the project. Manns stated the expected timeline for the improvements for Bethel and Merriman Roads are as follows: • Bid — November 2019 • Opening of Bids — December 5, 2019