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119 May 28, 1991 The Mooresville Town Council and the Mooresville Redevelopment Commission met in joint session, Tuesday, May 28, 1991 at 7:30 p.m. at the Mooresville Town Hall. Mooresville Town Council members present were Steve Edwards, Pat Overholser, Steve Ballard, Jack Forbes and Dick Heald. No Council members were absent. Mooresville Redevelopment Con, mission members present were David Kollmeyer, Bud Swisher and Glen Barron. Redevelopment members absent were Norman Connell and Rebecca Henderson. Advisors present were Mr. Rick Starky - Bakers and Daniels Myron Frazier - H. J. Umbaugh, and Carl Waite - HNTB. ' Redevelopment Commission President Kollmeyer advised those present that the purpose of this joint meeting was to develop a general understanding between the Town Council and the Redevelopment Commission in regard to the projects which will be undertaken by the Redevelopment Commission. Carl Waite of HNTB discussed the south side sewer interceptor, describing the location and the projected coSt of this project. Mr. Waite projected the con- struction cost of this project would be approximately $528,000.00. Mr. Waite then discussed the sewer system rehabilitation project. The sewer lines have been televised and cleaned and the tapes from the redevelopment district have been reviewed by HNTB. The project cost of rehabilitating the sewer lines in the redevelopment district is $653,000.00. The east side interceptor also needs to be rehabilitated at a projected cost of $265,000.00. Redevelopment Director Randy Haymaker addressed the sidewalk and curb project. Mr. Haymaker advised those present that this project could be financed through local roads and street money if the project was done in conjunction with a street paving project. Mr. Haymaker reviewed the Commmnity Focus Fund Grant application for round two. Clerk-Treasurer Ann Whaley and Randy Haymaker met with representatives of the Department of Commerce to review the Town's grant applica%ion which must be submitted by June 7, 1991. Round two of the CFF Grants will be awarded July 15, 1991. Mr. Haymaker advised those present that due to last years reassessment that the county has not been able to calculate a tax increment figure for the TIF District. The County Auditor is in the process of making those calculations at the present t/me. It was reported that to date the food and beverage tax has netted the town approximately $80,000.00, averaging $11,000.00 income per month. Myron Frazier of H. J. Umbaugh discussed possible funding projects for the Redevelopment district. The possibility of three different bond issues, the bond cost would be extremely high for this method. One bond issue for all projects, the unknown cost of projects makes this option not feasible. Short term interim notes as the cost of projects becomes available, then issuing a bond which would be hacked by food and beverage money and tax increment when available. After much discussion both the Council and the Redevelopment Commission agreed to investigate the feasibility of short term notes as the project costs become available. The following committee was appointed to investigate the possibility of the twon receiving short term notes to be paid by a bond issue which will be hacked by food and beverage tax revenue and tax increment. Dave Kollmeyer, Glen Barron, Steve Ballard, Pat Overholser, Tim Currens and Randy Haymaker. The Town Council advised the Redevelopment Commission that they are committed to using food and beverage tax revenue to back the redevelopment bonds. The Council and the Redevelopment Co,~nission agreed that the first priority is the construction of the south side sewer interceptor with the sewer rehabilitation project to immediately follow.