HomeMy WebLinkAboutC.054.93011_1262Presentation from Ms. Kelley Dennings, a Waste Management Analyst with the NC
Department of Environment & Natural Resources/Division of Pollution Prevention &
Environmental Assistance: Dennings said in 2005, Iredell County ranked 67`h in a waste
reduction ranking; however, this year, it was listed as 13`h out of 100 counties. She said the
better ranking was due primarily to cardboard recycling and the pallet re -use program. Ms.
Dennings said that for the past three years, the county had received a recycling grant, and this
year's award totaled $20,355. She said the grant would be used for the storage of glass,
cardboard, electronics and textile recycling projects.
Iredell County Recycling Coordinator Carla Parks accompanied Ms. Dennings to the
meeting.
APPOINTMENTS BEFORE THE BOARD
Town of Mooresville Officials Along with Representatives from Cherokee
Investments & Rogers & Associates Present Information about the Mooresville Mills
Project: The following individuals attended the meeting to discuss this project: Town of
Mooresville Mayor Bill Thunberg, Mooresville Manager Jamie Justice, David L. Rogers with
Rogers & Associates, Mark Briggs, with Cherokee Investment Services (Director of Public
Finance), and John A. Guarascio, with Cherokee Investment Partners (Asset Manager for the
Mooresville Mills Project).
Mayor Thunberg thanked the commissioners for being strong partners with Mooresville in
the area of economic development.
Mr. Rogers referred to a web site (www.mooresvillemills.com) that included a virtual
reality tour of the project. Using a PowerPoint presentation, he displayed different views of the
39 -acre property (million and half sq. ft, once completed). Rogers said five current buildings
(approximately 700,000 sq. ft.) would remain, and newer construction would resemble the older
structures. He said the complex would be mixed use, similar to the Birkdale community, but it
would resemble a New England industrial city. Rogers said the Tax Increment Financing (TIF)
would be used for new streets and a parking facility with four decks (921 spaces). He said the
investment placed on the tax rolls would be 1.5 million sq. ft. of new/renovated structures worth
$150 to $200 million.
Mr. Briggs said a new North Carolina statute would be used for the $15.5 million
financing that would construct the infrastructure and parking areas. He said the property was
currently on the tax rolls for $1.35 million, and it generated $12,700 in taxes. Briggs said at
completion, the estimated value would be $143 million. He said in the first two years of the five-
year project, the property taxes would be $570,000 increasing to $950,000 when finished.
In regards to the issuance of bonds, Briggs said the company would agree with the county
assessor on a minimum assessment value for the full 39 acres, and this would be the amount
required to pay the tax increment financing. He said a financing commitment from Bank of
America Securities had already been received, and it was secured by the tax revenues paid by
Cherokee, the users, and property purchasers. Briggs said an inter -local agreement between the
county assessor, the Town of Mooresville, and Cherokee about the minimum assessment to
repay the financing would be drafted. Additionally, he said a Section 108 loan would be paid out
over a 20 -year period.
Attorney Pope asked how Cherokee would know the minimum level that would support
the bond amortization.
Briggs said a minimum assessment would immediately occur, prior to the time of debt
issuance. He said the bank would give a pledge including a debenture. Briggs said a pricing
would occur and a "cushion" would probably be used in terms of what was authorized (an
assessment that was greater than what was needed for the bonds -- a 1-2 coverage).
Pope said there would be a lien on the land.
Briggs said this was correct. He said tax parcels would be created, and some properties
would be "built to suit" for ownership and leases. Briggs said that as they were built, an