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ansion and that tax abatement has been approve by the Town Council planning to do as far as e2X~and that has been finalized. We are now at the point of working with on Tuesday, November the Prodigy Group on helping them on possibly making an offer to purchase that building through the bankruptcy court. She asked Robert Brewington to report on the progress they have made and make the Commission fully aware of the options that were given. He stated that at the last meeting he gave the extreme proposal to purchase the building and demolition of two-thirds of the existing building that had frontage on Indianapolis Road. He stated that not much has happened since the last meeting except that the demolition bid came back slightly higher than was proposed by about $10,000.00. He said the current mortgage holder was set on their value and it doesn't look like they can come up with that amount. They have asked an appraiser to come and give them a conservative price for the property. He said as the building stands it does not meet any building codes and the cost of bring the building up to code would cost more than the building is worth. So that is not an option and if they do acquire the building they will demolish the building and put in a parking lot. This would decrease the value of the property, but the financing company is not opposed to this, but they would have to bring the property value back up. They would have to have a plan composed of budget and timetable for the financing company to look at. Ms. Humes said this was a good point for Mike Shaver to explain to the Commission what this might require and what their options might be. Mr. Shaver said that Mr. Brewington had outlined what they had found and if you actually added in the price of the current mortgage and the rehab of the existing building from their estimate the final realistic price would be from $948,000.00 and $1,156,000.00. So basically you have two things going on at the same time, first the business retention and remodeling of building and secondly you have a redevelopment situation, which is more abstract than the business remodeling. The demolition of the building and the road improvement would mean a eyesore being remove, which is a value to the community, but a harder value to measure. The first thing this project means to the commission is the road improvement issue, so if the commission is ever going to improve the intersection on Indianapolis Road at that location, you will have to widen the road. The demolition and the road project can be separated, with the road project being done at a later date. Mike and Helen have been talking to Jeff Quyle, County Commissioner, and he indicated that the county would be interested in the widening of the bridge on Bridge Street. A traffic study in 1999 showed a traffic flow of over 10,000 cars a day going through that intersection and with normal traffic growth over the last five years there would be up to 12,000 to 15,000 cars a day. With an average of 11,000 cars a day going through the intersection you would have 6,000,000 people looking at that building. Mr. Shaver has gone to the county and pulled the card for the assessed value of the building and land. The value of the land and building was $470,000.00. As it stands now the county is saying the taxes owed on this property are $7,697.94 and there will be another bill coming due in November. So right now there is zero tax flow coming out of that building. With the improvements that Mr. Brewington is planning the county estimated the value of the land and building would be $627,240.00. They would have to see the finished project to get the actual value. If you are forced to widen the road, you would have to buy the building and the land and the cost would be from $510,000.00 to $595,000.00. That would probably mean you would not do the project, because of the cost.