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John Barnhardt called on7Laine HarlinG, as chairman of the Nominating Committee, to present nominations for officers. Laine Ha rlinG stated President, George Griffin as Vice-President and Laine HarlinG as that the nominations from the committee included John Barr~hardt as and elect by Secretary/Treasurer. A motion to close the nominations acclamation was made by Irvin Newberry, seconded by Raiford Troutman and unanimously approved. John Barnhardt explained that he, and Tom Ramseur had researched and discussed potential names for the organization. Names of numerous other downtown corporations around North carolina were reviewed. The name Concord DoWntown Redevelopment Corporation was selected and Given to Starkey Sharpe to expedite the incorporation process. John Barnhardt presented information prepared'in.July Of 1988 by George Griffin, Laine HarlinG and Jeff Young regarding a potential Municipal Service District (MSD) boundary and. possible tax assessment rates.- He..explai~ed the need to use this information to help deter- mine a budget and ultimately to hire a full-time manager. He stated that July 1, 1989 would be the earliest date to establish an MSD in downtown Concord and that much public relations work would have to be done before then. There was discussion of the considerable amount of tax exempt property (approximately 45%) downtown. Brown Holbrooks pointed out that tax exempt property could have a profound effect on revenue Generated by the MSD and noted that without contributions from City, county and Concord T~lephone Company tax exempt properties that a potential $47,000 budget would be reduced to approximately $26,C00. After much discussion, it was agreed that considerably more work on potential budgets, downtown property valuations and possible tax rates is needed prior to approaching the Board of-Aldermen regarding the establishment of the MSD. It was the consensus of the Board that Jim Dunn of Salisbury could be very helpful in this regard. Since he has offered his assistance, it was agreed to ask him to return to concord in December to meet with a committee of the Board. In connection with discussion of budGets,,.questions were also raised for a full'time manager, cost of 'office esalary about an aPpropriatehead expenses. Brown Hol~rooks ~ffe~ed.to ~r~ space and other over ~ --=~=~-~ in the F~rst Un,on ~at~ona~ ~,~ free off~ce space for a ~ ~,,~- building on a year-to-year basis, The Board expressed its appre- ciation to Mr. Holbrooks and-accepted his offer noting that a Union Street location separate from Governmental buildings would be most appropriate. There was discussion regarding the next meeting date. John Barnhardt asked whether the Board desired to meet in December. Tom Ramseur stated that if there were no December meeting that the next meeting would be on January 24, 1989. It was agreed that progress needs to continue during December in order for it to be possible to establish Page 2 of 2