BY STACIE LETT CAIN
The Mooresville Town Board on Monday approved a plan to borrow nearly $16 million to pay for construction of a modern Moor Park as well as projects for the Mooresville Public Library and Lee Street Park.
“The actual total is $15,340,661, but we are asking for $16 million to give us a little leeway as we get closer to the bond issue date,” Chief Financial Officer Chris Quinn told commissioners.
Quinn asked the board to approve a resolution allowing staff to negotiate installment financing contracts, to apply to Local Government Commission for approval, to retain professionals for the funding, and to approve an official Declaration of Intent, allowing for reimbursement of all original expenditures.
No one from the public spoke for or against the proposal in a public hearing.
Commissioner Gary West did ask Quinn what, if any, tax implications there would be as a result of the bond sale. Quinn assured him there would not be any.
“Our existing debt service is being paid down significantly over the next couple of years,” he explained. “This will take the place of that debt service. It will have no impact on increased overall expenditures to the General Fund and, therefore, no tax implications at all.”
The board will have a second reading of the proposal on August 4, obtain approval from the Local Government Commission on August 5, and distribute closing documents the week of August 10. The closing on the financing is set for August 28.
The Board passed the resolution unanimously.
OTHER BUSINESS
In other business:
♦ The Board approved an Economic Incentive Development Grant for Sheets Laundry Club, a privately owned manufacturer of plastic free, eco-friendly laundry and personal care products.
The project was referred to as Project Shark Tank. The owner appeared on the TV series “Shark Tank” in November of 2019 and was offered a deal that allowed the company to be successful. It has primary manufacturing and corporate facilities in Mooresville, and additional manufacturing facilities in Wisconsin, Georgia and Kentucky.
The economic incentive grant, for up to $19,192, paid back over three years, is based on a capital investment of $2.2 million in expansion and the addition of new machinery and equipment. This expansion will yield a minimum of nine new jobs. The Board passed the request unanimously.
♦ The Board also awarded landmark distinction to the Mount Mourne Plantation at 104 Leslie Loop. Also known as the Rufus Reid Home, the 1831 plantation was listed in the National Register of Historic Places in 1974.
The current owner, Patricia Crooks, asked the board for the distinction even though it is not within town limits, although it is contained in the town’s Extraterritorial District Jurisdiction. The property was found to have significant integral elements by the State Historic Preservation Office. The nearly 4,300-square-foot structure displays rarely found Federal Greek Revival style of architecture. The Board approved the request unanimously.
♦ The Board also approved a zoning request by the Lake Norman Tennis Center, LLC for Conditional Zoning for 7.96 acres at 205 Overhill Drive. The request was filed to allow expansion of the facility to add additional indoor tennis courts and an office building.