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equipment and help with some of the cost of the relocation and installation of the equipment. She said that was within the law of what could be done with TIF revenue, and she asked Mr. James if he had an estimate on how much it will cost to relocate. He said his contractor had been slow in getting him the figures, but he would have them soon. He said his guess would be that it would cost around $20,000 to relocate. Mr. James said that they would be making their decision within the next three weeks. Mr. Nelson asked when their lease was up on their present location and Mr. James said it was up in December, but they were very flexible. Mr. Nelson asked Ms. Humes to explain the difference between abating property and equipment. Ms. Humes stated that the building had been abated when the building was built. She stated that the taxes that are captured by the TIF district are on the building and the abatement that is granted on equipment is not captured within the TIF revenue, it comes back to the town and can be used with in the general operating budget of the town. Mr. Nelson said he was open to looking at other financial incentives to help a company like this to come into town and asked the other commissioners how they felt. The commissioners said they agreed. Motion was made by Commissioner Nelson, second by Commissioner Haskins, to approve a three-year tax abatement on equipment and will investigate other financial options appropriate in helping to convince Electronics Manufacturing Solutions to move to Mooresville. Motion carried 4-0. Ms. Humes stated the Prodigy Group; located in the old Automotive Armature building is planning to buy new equipment for expansion of their company. She has asked Robert Brewington, President, to come and present plans being considered with this building and site. Mr. Brewington stated the building was an eyesore and one option they are looking at is removing a major part of the existing building. He passed out a sheet showing a range of cost in removing the building, which is quite costly. To get financing for buying the present building and removing two-thirds of the building, what ever is left over will have to have the base equity number. They would have to do a mass renovation of the one-third that is left to bring the net value of the whole property back to where it was originally. This would be a benefit to the town, because what is left will appear to be a new building and a level parking lot. Commissioner Ellis asked if the old Summit Finishing building would stay and Mr. Brewington stated it would. The area that would be involved is over from the comer of Bridge Street and Indianapolis Road and will be approximately 150 ft by 463 ft. long and will be leveled. They will be putting a brick front on the existing building making it look presentable, paint all of the old metal, put on a new roof and it will look like a new building. Mr. Nelson asked if the figures on the sheet were to renovate the "E" buildings and Mr. Brewington said the figures included the demolition and renovation of the "E" buildings. Mr. Brewington said, the building, after the renovation will be 22,000 sq. ft, this would be worth around $1,000,000. Mr. Nelson asked if this would include any environmental studies or removal of any hazardous materials and Mr. Brewington said it did not. He said to his knowledge there is not a record of any environmental studies on the property and there is nothing at IDEM where a study was reported. He said there are a lot of other options in between. Mr. Ellis asked if the McGuire family had agreed to sell the building and he said the property is currently in bankruptcy and they do not have a choice. He is dealing with their primary creditor in purchasing the property. The property is slated for sale at auction in November 2004. There are several other potential proposals for this property and the town would not see this cleaned up. There is a traffic