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C MOORESVILLE REDEVELOPMENT COMMISSION MINUTES TUESDAY, DECEMBER 9, 2003, 6:00 P. M. The Mooresville Redevelopment Commission met on Tuesday, December 9, 2003 at 6:00 P. M. at the Mooresville Town Hall. Commission members present: Dave Kollmeyer, Jim Ellis, Jim Ransome, Mike Haskins, and Brian Nelson. No members were absent. A motion was made by Commissioner Ellis, a second by Commissioner Haskins to approve the minutes of October 6, 2003. Motion carried 5-0. Chairman Kollmeyer told the commission that apparently there was a problem with the notification of the news media, so there would not be any votes taken tonight. A motion was made by Commissioner Nelson, a second by Commissioner Ellis to approve the minutes of October 30, 2003 with a change to the name Bill Haskins to Mike Haskins. Motion carded 5-0. Commissioner Kollmeyer told everyone the purpose of tonight' s meeting was to come to some understanding of the financials and he had asked the Clerk-Treasurer and Lauren Matthes of Umbaugh and Associates to get some reports together. The Clerk-Treasurer gave the financial report (attached), which included the amount of savings if bonds were paid off ahead of time. In order to pay off the 1992 Wastewater Bond, there is a requirement of forty-five days notice. The payoff to Citizens for the ' 1997'Molex Bond there is a requirement of thirty days notice. Chairman Kollmeyer asked what the benefits were to paying the bonds off earlier besides the benefit of saving interest. He said that Lauren would be talking later about the reserves the commission had to keep if they did not pay off the bonds early, so there would be less pass-thru and if they payoff the bonds there would be some pass thru of assessed value on to the Town and other taxing entities. Next, Loren Matthes had Jason Semler, also from H. J. Umbaugh & Assoc., to walk everyone thru their financial report (attached). The report includes obligations the commission has to pay out. Chairman Kollmeyer said he was confused because the Clerk-Treasurer or someone said the commission would receive a million dollars in tax revenue for 2003 and Umbaugh's report is different. Jason said he went to the Auditor's office and obtained all the information. The Clerk-Treasurer asked what year did the payment of TOA's taxes begin which was in an agreement made by the Town Council. Jason Semler answered the year 2007 thru 2011 were the years involved in that agreement for the Redevelopment Commission to pay TOA"s real property taxes. The amount is just an estimate for the five years and the amounts would change because this estimate was based on today's tax rate and assessed valuation. Jason explained that there