HomeMy Public PortalAbout007-2015 - Authorizing expenditure of funds for 416-418 & 414 N. 8th Street (2)RICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 7 -2015
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
( "416 -418 N 81h STREET / 414 N 8th STREET")
WHEREAS, the City of Richmond Redevelopment Commission (hereinafter
"Commission ") has previously adopted a Declaratory Resolution, which
has been amended, thereby establishing a Redevelopment Plan by which
certain projects may be funded with excess Tax Increment Financing
( "TIF ") revenue; and
WHEREAS, pursuant to I.C. 36- 7 -14 -39 such excess revenues may be used for the
purposes described therein; and
WHEREAS, pursuant to the above actions, the amended project list includes Depot
Area Developments including the rehabilitation, stabilization, and/or
demolition necessary to enable redevelopment or reuse of the
Pennsylvania Railroad Depot (hereinafter Depot) property and/or related
neighborhood corridor projects, along North "E" and North 10th Streets;
and
WHEREAS, pursuant to the above actions, the amended project list also includes
Vacant District Structures such as the Carpenter Building, Depot,
Nicholson School Buildings, which may need financial assistance to
upgrade to a marketable status in the Redevelopment Allocation Area; and
WHEREAS, the property located at 416 -418 N 8" Street/414 N 8th Street is vacant and
is in need of financial assistance to enable redevelopment, reuse and
marketability; and
WHEREAS, any funding awarded is contingent upon the requirements outlined in
Exhibit A and no funding will be distributed until all funds to complete the
project are in place; and
WHEREAS, the Economic Growth Group, Inc. of Wayne County (hereinafter EGG), is
a local nonprofit organization serving as a project the applicant to
complete needed redevelopment; and
WHEREAS, pursuant to I.C. 36 -7 -14 -12.2 (a) (24), financial assistance, including
grants, may be paid to neighborhood development corporations, and EGG
qualifies as such an entity.
Resolution 7 -2015
NOW, THEREFORE, BE IT RESOLVED by the Richmond Redevelopment
Commission, that such Commission hereby approves and agrees to grant EGG funds to
be used towards the redevelopment and reuse of 416 -418 N 81h Street/414 N 8th Street.
Such funding shall be paid from excess TIF revenues received during the year 2015 and
placed into the allocation fund, all of which is allowed pursuant to the TIF
Redevelopment Plan of 1989, as amended, previously adopted by the Commission. All
funding is contingent upon meeting the requirements outlined in Exhibit A.
BE IT FURTHER RESOLVED that the above grant and/or expenditures shall not
exceed $80,000 or the allowable excess amount following the retention of all necessary
funds for the reserve regarding the 2015 payments for Bond principal and interest
payments. Funding awarded is contingent upon the requirements outlined in Exhibit A
and no funding will be distributed until all funds to complete the project are in place.
THIS RESOLUTION IS ADOPTED this _,a day of , 2015
RICHMOND REDEVELOPMENT COMMISSION
By
By
By
By
Resolution 7 -2015
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EXHIBIT A
The Commission is offering to pay for no more than $80,000 of the project if the
following conditions are met:
• An agreement will be signed by all parties (FostersBrittenham, GBA Properties,
Richard Peterson/Porter Advertising and Estate of Arlace Moore) stating that no
further litigation against the City of Richmond and/or any of its boards and
commissions will be filed; and
• ALL taxes for GBA Properties, LLC will be made current before any funds are
distributed to EGG; and
• Any change orders on the project will be the responsibility of the parties involved,
not the City of Richmond and/or any of its boards and commissions; and
• Any murals placed on the rebuilt wall in the future must abide by all sign
ordinances and may not convey a commercial message, but must promote the
entire district, and not just a single business entity; and
• Any resale of the property within five years will require a pro -rated payback
(100% year 1, 80% year 2, 60% year 3, 40% year 4, 20% year 5).
Resolution 7 -2015