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li <br /> / El <br /> MOORESVILLE REDEVELOPMENT COMMISSION <br /> MINUTES <br /> WEDNESDAY, JANUARY 18, 2012, 6:00 P. M. <br /> MOORESVILLE GOVERNMENT CENTER <br /> I <br /> The Mooresville Redevelopment Commission met on Wednesday, January 18, 2011 at <br /> 6:00 P. M. at the Mooresville Government Center. <br /> Commission members present were: Tim Corman, Harold Gutzwiller, George Watkins, <br /> Don Stultz, and Ron Wright(non-voting school board member). Also present were <br /> Attorney Tim Currens, Joy Sessing (Morgan County EDC), and Sandy Perry Clerk- <br /> Treasurer. <br /> Chairman Gutzwiller welcomed Don Stultz to the commission and Ron Wright the non- <br /> voting school board member. <br /> Reorganization: Tim Corman nominated Harold Gutzwiller to be President seconded by <br /> George Watkins. Vote was 3-0 in favor. George Watkins with a second by Don Stultz <br /> nominated Tim Corman as Vice Chairman. Vote was 3-0 in favor. George Watkins <br /> nominated Don Stultz for Secretary and Tim Corman seconded. Vote was 3-0 in favor. <br /> A motion was made by Tim Corman with a second by George Watkins to approve <br /> minutes of October 5, 2011 meeting. Motion carried 4-0. <br /> Sandra Perry gave the financial report (see attached). January 18, 2012 balances: TIF 1 <br /> $4,109,092.83, TIF 2 $1,802,110.64 and Total of all TIV funds $6,438,680.84. <br /> Joy Sessing, Morgan County I:1)C produced a balance sheet so the commission would <br /> know how much money had been pledged and not paid out as of yet. Future obligations <br /> are and some are estimated: Wastewater loan pledge in the amount of$300,000.00 paid <br /> in a year, $200,000 from 'I'I V l and $100,000 from TIF 2 per year. TOA taxes for 2011 <br /> from TIF 1 in the amount of 133,796.00 and 2012 in the amount of 139,553.00. Indy <br /> Tractor$100,000 from TIF 1, El' Works 100,000 from TIE 2, TIF 1 $4.500 for <br /> appraisals, $525 for bonds for commissioners, $2,190 for legal fees, and $4,950 for <br /> Umbaugh fees. TIF 2 also estimate is $4,950 for Umbaugh fees. See attached report. <br /> Next was a tax abatement request from PacMoore Assets, I J.C. Adam Rawlins and Lee <br /> Randall were there to explain the request. The company wants to add 87,000 square feet <br /> of warehouse space and 5,000 square feet of office space at a cost of$3,900,000.00. l <br /> Currently they have 93 employees and want to add 25 more employees. The company <br /> was began in 2005 with and ten and ten year tax abatement. They qualify for a ten year <br /> abatement for this expansion. The company has exceeded their current real property <br /> abatement by almost two million dollars and has added a spray that cost 5.1 million <br /> dollars. The construction will begin in April and finish by the end of they year. After <br />