The Mooresville Gateway Project
On August 19th, 2014 the Mooresville Town Council voted 5-0 to pass "Rosolution 11" which authorized the issuance of a $12,000,000 municipal bond for the purpose of the "Gateway Project". A "Gateway Master Plan" was presented to the public in March of 2014. You can view that original plan here.
The bond was issued to "finance costs of the project and to pay all incedental expenses incurred in connection therewith, including the costs of issuance of bonds." The interest rate was set not to exceed 8.00%. A portion of the bond proceeds may be applied to a reserve fund. The final maturity date of the bonds shall be no later than Jan 15, 2040.
As is normal for these kinds of large projects, concepts change along the way. You may notice Bicentennial Park looks quite different today than it appeared in the Gateway Master Plan. A new conceptual drawing was released in April 2017. You can view that here. It represents the final version we see downtown today.
The Gateway Project is a high profile one, gaining a lot of curiosity and attention from the general public. Lots of questions have surrounded it, especially regarding the cost. Our own Danny Lundy has been working with the Redevelopment Commission to put together a cost analysis of the Gateway Project through May 2018. He compiled the invoices into 3 categories or "phases" (the Gateway Monuments, Bicentennial Park, and Indiana Street Corridor). He also broke it down by vendor so we could see exactly where our tax dollars went. Below you can see two pie charts representing these break downs of cost. You can also view the full report here.
Disclaimer: This is a good faith estimate of expenditures. Any possible errors are unintentional and believed to be minor. This Report has not been reviewed or verified by the Mooresville Redevelopment Commission and is not an official record of the Mooresville Redevelopment Commission.