Town Council 12-01-2020 Joint Meeting with Redevelopment Commission

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MOORESVILLE TOWN COUNCIL & MOORESVILLE REDEVELOPMENT COMMISSION JOINT MEETING TUESDAY, DECEMBER 1, 2020 6:OOpm Commission Members present: Dustin Stanley, Virginia Perry, Brian Culp and Dana Heidenreich. School representative Dr. Larry Moore was present as well. Redevelopment Commission Attorney Adam Steuerwald and Project Manager Chelsey Manns were in attendance. Town Council Members present: Shane Williams, Tom Warthen, Jeff Cook and Dustin Stanley. Town Council Attorney Chou-il Lee was in attendance. Councilman Williams called the meeting to order and deferred to Chairman Stanley to proceed. Chairman Stanley turned the meeting over to Attorney Steuerwald. Attorney Steuerwald updated the Commission and Council on the status of the Nice -Pak project. In 2019, Nice -Pak announced plans to invest $80M ($43.5M in real property and $36.5M in personal property) to build a 760ksf manufacturing facility on roughly 55.789 acres at the Mooresville Business Center. The project has now evolved, jand Nice -Pak intends to invest $165M ($75M in real property and $90M in personal property) to build and equip a 987ksf manufacturing facility and 309ksf distribution facility. The company will retain 413 existing employees (169 Morgan County residents) and create 250 new jobs within 60 months of the project completion date. The project will now take down roughly 78.489 acres of the Mooresville Business Center. The transfer of the initial +/- 55.789 acres will remain $0 to the company per the 2019 agreement. The transfer of the additional +/-21.399 acres be $1,214,189.10. There will be a Tax Increment Financing (TIF) split of 80/20 (80% to Nice -Pak and 20% to the Commission) of both real and personal property over 22 years. There will be a minimum retainage to the Commission of approximately $328,418.00 annually. The Commission will provide a cash grant of $200,000 for training expenses and will cover the payment of the sewer tap fees. Attorney Steuerwald presented an updated and restated Economic Development Agreement which reflects the changes of the project scope and incentive package forthe Council and Commission's consideration. Councilman Williams asked the timing of the construction which Attorney Steuerwald and Nice -Pak Site Director Matt Litchfield shared the desire to break ground in the Spring of 2020 with estimated completion of June 2022. Councilman Williams noted former Commission members Harold Gutzwiller, Don Stultz and Bill Boyd were in attendance and he wanted to thank them for their work previously on the project. He also thanked Nice -Pak and Mike Dellinger of the Morgan County Economic Development Corporation. Commissioner Perry made the motion to approve the amended and restated Economic Development Agreement with Nice -Pak as presented. Commissioner Culp seconded the motion, which carried 4-0. Councilman Stanley made the motion to approve the amended and restated Economic Development Agreement with Nice -Pak as presented. Councilman Warthen seconded the motion, which carried 4-0. Chairman Stanley thanked Nice -Pak and Matt Litchfield. Commissioner Culp made the motion to adjourn. Commissioner Heidenreich seconded the motion, which carried 4-0. Councilman Warthen made the motion to adjourn. Councilman Stanley seconded the motion, which carried 4-0. Shane B. Williams, Council President EST: zr � L.•Wae7S1e�i—