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CONTRACT FOR CONSULTING SERVICES This contract is entered into this 23rd day of February, 2004, by and between the Town of Mooresville Redevelopment Commission (hereinafter referred to as the "Owner") and Wabash Scientific, Inc. (hereinafter referred to as the "Consultant"). WHEREAS, the Owner has determined the need for assistance in addressing the issues and problems associated with the continued development and redevelopment of the Town' s Economic Development Plans/Areas, as well as the Town's Redevelopment Plan/Area, and WHEREAS, the Owner has determined that Wabash Scientific, inc., has demonstrated the requisite expertise to assist the Owner in addressing these problems, NOW THEREFORE BE IT AGREED, that the Owner and the Consultant shall enter into this contract wherein the Consultant shall provide services in accordance with the Scope of Services set out below, and for the compensation specified under the section entitled "Compensation for Services," as hereinafter set forth. SECTION I: SCOPE OF SERVICES Amendments to Town Economic Development and Redevelopment Plans The Consultant's primary responsibility under this contract will be to examine the development progress of the TIF areas since inception of the TIF programs, with specific reference to and consideration of the ability of the Town and the Redevelopment Commission to fulfill the projects and improvements initially stated in the Economic Development Plans and Redevelopment Plan. The Consultant will consider whether the Town and Redevelopment Commission have completed the projects originally anticipated and whether those projects continue to be relevant in terms of current needs of the community, and in terms of the current comprehensive plan and other plans of development for the Town, as applied to these specific areas. The Consultant will then recommend any appropriate changes/amendments to these Economic Development and Redevelopment Plans in writing to the Redevelopment Commission for discussion, adjustment and/or approval, prior to amending the Planning documents. The development of possible amendments to these planning documents shall also include elements and work tasks described below. Analysis of TIF Performance The Consultant will work with the Owner to analyze the tax increment revenue performance of the various economic development areas as well as the redevelopment are~ This analysis will include a determination of the tax increment revenue which is accruing to the Mooresville Redevelopment Commission and the uses of those funds over the past 3-5 years. The Consultant will be provided with maps developed by the Town