Redevelopment 04-01-2021 - Laserfiche WebLink

Home Browse Search

MOORESVILLE REDEVELOPMENT COMMISSION MINUTES Thursday, April 1, 2021 6:OOpm Mooresville Government Center Commission Members present: Dustin Stanley, Ryan Taylor, Dana Heidenreich and Virginia Perry. School representative Dr. Larry Moore was also present. Redevelopment Commission Attorney Adam Steuerwald was present. Project Manager Chelsey Manns was in attendance. Commission member Brian Culp was absent. Commissioner Stanley called the meeting to order. Minutes: Minutes were presented from the March 4 Public Meeting. Commissioner Perry made the motion to approve the minutes. Commissioner Taylor seconded the motion, which carried 4-0. Financials: Financials were provided by the Clerk -Treasurers office. Commissioner Taylor made the motion to approve the financials as presented. Commissioner Heidenreich seconded the motion, which carried 4-0. Mooresville Business Center Update: Still no invoice for Crider and Crider, because they are still going over punch list. Shell building update: Need warm days to paint, but are prepping for the glass to be installed. Nice -Pak Update: A call is scheduled for the next couple of weeks to outline the plan going forward. Refund (refinance) update: Bond Resolution 2021-2 to refinance outstanding bonds with lower interest rates was presented. Commissioner Perry made a motion to accept the resolution. Commissioner Taylor seconded the motion, which carried 4-0. Jason Semler of Baker Tilly explained the summary and package of proposals presented by underwriters. Bankers presented open market rates, which were higher than anticipated. Since January rates have gone up a whole point. He still believes we can find savings. Part of the problem is that our bonds are pure TIF, which are being given higher rates. Three banks also looked at private placements and Piper Sandler proposed Cinderella bonds. They expect to get a rate of 2.74%, which would show $50,000 per year in savings. Robert Baird is proposing a fixed 2.85% that will save $74,000 per year if the commission closes by May 6. Steeple used an estimated rate also and was less savings. Commissioner Perry made a motion to accept the proposal from Robert W. Baird Company. Commissioner Heidenreich seconded the motion, which carried 4-0. Commissioner Perry made a motion to pay the $40,000 fee to Robert W. Baird to be the placement agent for the bond refinancing. Commissioner Heidenreich seconded the motion, which carried 4-0. April 1:t report of the treasurer: Morgan County Clerk Treasurer report was presented, which is a historical account of 2020. Commissioner Heidenreich made a motion to accept the report. Commissioner Taylor seconded the motion, which carried 4-0.