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<br />'-- <br /> <br />'--- <br /> <br />'-- <br /> <br />particular, that if the bonds were in default the taxpayers would <br />have to pay the difference or if they did not, this would be <br />reflected in future bonds of the Town and the rating they <br />received, resulting in higher interest rates. He felt that if the <br />Town really needed these improvements they should look to the Food <br />and Beverage Tax. He emphasized that Mooresville should not use <br />TIF, and secondly, they should develop a five year plan to deal <br />with their infrastructure problems. <br />Mike Shaver then responded. Mr. Shaver stated that the other <br />alternatives to TIF would be to increase taxes either through <br />general obligation bonds which would have to be paid for with tax <br />dollars or increasing sewer rates. Mr. Shaver stated that the TIf <br />area would not increase fire and police needs since this area was <br />already being served and was within the Town of Mooresville. He <br />further stated that the use of a general obligation bond would <br />increase taxes and this was one of the advantages of using a TIF <br />district. <br />Carl Moldthan then responded, stating that the Food and <br />Beverage Tax is designed for these types of improvements. He also <br />stated that a $25,000,000 development would definitely increase <br />the need for services. Mr. Moldthan then stated that his most <br />important point is that Indianapolis will be joining Mooresville <br />on State Road 67, why should you rush this. Mooresville is unique <br />and you should live with what you have. Do you want to be a <br />Kokomo or a Lafayette or even worse, Indianapolis. In the past <br /> <br />year Indianapolis has issued seven new taxes. He also stated that <br /> <br />-4- <br />