Mooresville Town Council refinances sewer bond, begins process to solicit bids for downtown building demo
MOORESVILLE — Members of Mooresville Town Council approved refinancing a $2 million sewer bond during their meeting Tuesday night.
In March 2020, the town council approved the issuance of $2 million in bonds to finance the two phases of the Southside Sewer Project.
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With that bond anticipation note set to expire on July 15, the town council was presented Tuesday with a number of different refinancing options.
Mitchell Eschweiler, a financial analyst with BakerTilly, said that two banks, Regions and Signature, offered 10- and 12-year payment plan options.
Eschweiler said that the 10-year plans involved paying less interest, but the 12 year plans would allow the town to spend more money on capital improvement projects as well as replacements and improvements to the town's sewage infrastructure.
The council ultimately decided to go with a 12-year payment plan from Regions Bank at an interest rate of 3.75%.
Council President Tom Warthen said the decision to refinance ensures that residents won't see any increases on their sewer bills.
1 & 3 E Main St.
The council began the process of soliciting bids to demolish the dilapidated building at the corner of Indiana and Main streets.
Numerous delays have occurred since the building owner, Finmar Properties, received a demolition permit to tear down the property in December 2021.
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Council members decided to take the process into their own hands after Finmar Properties failed to reach terms with a contractor who had initially agreed to demolish the property.
If the demolition is approved at the town's expense, the town would then place a lien on the property, allowing taxpayers to recoup the expenses of demolition when the property is sold.
Town attorney Chou-il Lee said the building could come down by the end of July.
K-9 funding
The council decided to hold off on transferring $25,000 from the town's rainy day fund into the general fund for the purpose of a one-time injection of funding for a police k-9 program.
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The decision came after the town's financial advisor, Baker-Tilley, recommended creating a new line item in the police budget, a process that requires an additional public hearing.
The council is expected to set a public hearing date at its next meeting.
In other business
The council voted to approve a personal property tax abatement compliance statement submitted by Creative Foam.
The council voted to appropriate $487,175 from the general fund to pay off debt payments for two fire trucks and $552,914 from the general fund to pay off debts for the purchase of Motorola 911 Dispatch Equipment.
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Debra Vanoy, who owns about a half-acre of land on North Ferguson Rd in Camby, has submitted a petition to the town to have her property annexed into the town of Mooresville. The council will vote on the annexation proposal at its second meeting in July.
The next meeting of Mooresville Town Council will be held at 6:30 p.m. on Tuesday, July 5, at the Mooresville Government Center, 4 E. Harrison St., Mooresville.
Contact reporter Peter Blanchard at 765-346-2942 or pblanchard@reporter-times.com. Follow him on Twitter @peterlblanchard.
This article originally appeared on The Reporter Times: Mooresville Town Council votes to refinance sewer bond
