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°~ Redevelopment Commission's decision. Councihrian Bryant said, but, we don't have the information in front of us, without having what we are currently receiving this year far the abatements, whether they are in a third year of a ten year abatement or in the sixth year of a six year abatement and what we are not receiving as part of the abatement, so, what we are getting for having a business here, how much the assessed valuation has increased from having them here and how much we are not getting and what we will be getting in future years. He told the council it seems hard for him to make a decision without knowing, we know we have over 46 million dollars of assessed valuation located within the TXF district and those taxes do not come to Mooresville they go to the Redevelopment Commission. Attorney Tim Currens said the increased increment over what they were go to the Redevelopment Commission and the Redevelopment Commission either keep those or pass them thru. He said when they make their decision, all they are looking at is the fmancial soundness in the district they control, the overall picture, police and fire, etc, they are not in a position tv really know and really that is not their job. Councilman Bryant said, so basically the more money they hold within the district and do not pass on to the Town means that it will not adversely affect the district because they have withheld enough money that it won't affect them. Attorney Currens answered to that extent that was correct. He said neither of the districts have been so financially frail that they were close to not being able to pay their obligations. In other words, they have financed certain obligations and know where those are and in fact one of them will be paid off in February 2004. So each year in June they have an auziual meeting to see exactly where each payment is on the bonds and what the expected revenues are and make their decision based on that information. Councilman Bryant said, but for us to make our decision, we need more information than what is provided to us, because the information given us is what the Redevelopment Commission used to make their decision and their only concern is whether it will adversely affect the district and ours is whether or not Attorney Currens said the only reason it goes to the Redevelopment Commission is because by statute they could potentially have financial obligations, if it is a tax abatement outside the district, it doesn't go to them. I am just trying to explain that the two public entities have separate jobs. He said he thought what Councilman Bryant was expressing was the things the council looks at are of a broader spectrum. Councilman Bryant said, well, to the council, on an existing business that is already located within Mooresville, and again Pm not necessarily referring to TOA, but just any business, should we consider the amount of money that they have been abated and incentives given in the process of determining whether or not to grant future abatements and the length of time those abatements should be granted? Councilman Worthen said that as part of the hiring process when they lured Helen Humes, his first question in the interview was the individual's feelings for helping existing businesses. One of the individuals interviewed was not very excited about helping existing business and that was a strike against that individual. He said while he has been seated on the council and before Helen, was hired, the Tawn lost a business on the north end of Town, Federal Mogul, without any warning what so ever. This company had 1.00 employees that left Mooresville or retired and that left a big void. He said he would rather see the Town help grow and nurture the existing business. When we have a company here in Town that we know their work ethics, quality of product they put out, their quality of environmental control, their number of employees they have, the fact they are taking a chance and their risk is no greater or no less than a new business coming to town, when they are going to enlazge a building anal get more equipment, they are taking a chance on Mooresville, the workforce within Mooresville, the services the Town is providing, this is less questionable than a new business we know absolutely nothing about. He said he feels more strongly about supporting existing than supporting a business he knows nothing about. Councilman Bryant said do you take any consideration into the amount of benefit the Town has received from that company over some odd years they have been operating here. Benefit as far as tax revenue received, employees from the area. Councilman Worthen said he thought from the matrix system we reward or take into consideration years of existence at their location in Mooresville, the numbers of employees they have, but to break down into haw many employees live in Mooresville, he had not done that. Councilman Bryant found on the matrix system what Councilman Worthen was talking about. Councilman Mathis said the council had changed the matrix system some time ago when the council decided they wanted to nurture and grow existing business. He said he thought he knew to a certain degree where Councilman Bryant was coming from and we need to know the tax benef is that are passed thru. Councilman Bryant agreed and said he also believed they need to know when an existing business .... ... .... .. ... _..._...•.~. t