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4. Who enforces these provisions? Bruce Dommldson advised that the process of conforming to the TIF law would be enforced by the plan c~dssion. 5. What is the urgency to bring a redevelopment plan (TIF) before the Town Council before the town master plan is approved? Mike Shaver informed the audience that there were three projects, Mooresville Savings Bank, Wooley Lumber, and Pioneer Pointe built this past year and the Redevelopment C~[ssion would like to catch the increment on these projects. 6. Since the school is operating at their maximum levy, if the increment is taken out of the assessed value, will this not decrease the schools ability to raise revenue? Myron Frazier answered tbmt additional assessment would mean additional growth which make the school tax base larger. Council President, Steve Edwards, asked Myron Frazier if he could give some examples of other towns which have successfully used Tax Increment Finance. Mr. Frazier listed the following n~nicipalities: South Bend, Bremmm, Scottsburg, Terre Haute, Bloomington, Crown Point, Richmond, Lafayette, Veetersburg. Mr. Frazier stated that taxes have not raised in those areas. Carl Molthan, Indianapolis Taxpayers Associated asked if TIF Bonds or General obiligation Bonds have a higher interest rate? Myron Frazier replied that TIF Bonds usually have a higher interest rate. Mr. Molthan then asked how the town advisors are paid. Mike Shaver, Wabash Scientific, said he is paid on an hourly basis regardless of the outccme of the TIF project. Bruce Donaldson, Bakers & Daniels, stated he will be paid out of the bond proceeds. Myron Frazier, H.J. Umbaugh, stated his company has a contract with the town of Mooresville, however, if there is a bond issue they are paid a percentage of the issue. Jay Haggerty asked what effect TIF will have on property values in the TIF District. Council President Edwards stated that realtors in the area have assured the Council that the TIF District will not have a negative effect on housing in the area, in fact they should increase in value. Mr. Haggerty asked to have the TIF District boundaries defined. Randy Haymaker explained the districts as East of Indiana Street and So-th of the first alley North of Washington Street, to Maple I~ne, includes Mooresville Block, follows railroad track to Nice-Pak, includes Nice-pac f~llows east & south tk~n~fi~ of town to conrail, goes up r/r track, in- cludes vacant area behind Taco Bell, back to Indiana Street. Sandy Lundy, 324 Northeast Street, asked if the Caperton project was in the TIF District. She was assured tbmt this project is not a part of the district. Cindy Brown, 1048 Delwood Drive, asked why as many tim~s as th~ town was asked to vote on the pool project was the town never asked to vote on the Tax Increment Finance District or the Redevelopment Plan? Town attorney Tim Currens aswered that we did not vote for the ~ pool project. Ail the public meetings are posted aid ~11~ bOJds~ go'~ ~tRir0u~h the samm public process.