HomeMy Public PortalAbout033-2017 - Amended - State - Brownfield - Remediation for former Reid property1
COMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA
AMENDED ORDINANCE NO.33-2017
AN APPROPRIATION ORDINANCE AUTHORIZING THE
SUBMITTAL, ACCEPTANCE, AND APPROPRIATION OF LOAN FUNDS
FROM THE INDIANA BROWNFIELDS PROGRAM REVOLVING LOAN FUND
WHEREAS, In accordance with Indiana Code (IC) 36-1-4-10, a municipality may execute any
documents necessary to receive money from the state or federal government or
any other source, and said documents are prepared and executed by the City
executive administration, provided that the Common Council of the City of
Richmond as the legislative body of the City approves an ordinance for the
appropriation of any monies received in accordance with IC 36-4-6-18; and
WHEREAS, The State of Indiana Finance Authority has zero -interest loan funds and low -
interest loan funds available through its Brownfields Program Revolving Loan
Fund (`Brownfields RLF"); and
WHEREAS, On April 17, 2017, the Common Council of the City of Richmond, Indiana
("Common Council") approved an Interlocal Agreement with Wayne County,
Indiana (Interlocal Agreement No. 002-2017), to agree to each fund fifty percent
(50%) of a site evaluation of the former hospital site, which includes technical
demolition support services; and
WHEREAS, On June 5, 2017, the Common Council approved Amended Resolution No. 2-
2017 authorizing the City to proceed with the Brownfields loan application, which
Amended Resolution established a Ten Million Dollar ($10,000,000.00) cap for
any loan application submitted, and which Amended Resolution also set forth the
City's anticipated repayment source from TIF funds; and
WHEREAS, On June 13, 2017, the Richmond Redevelopment Commission approved its
Resolution No. 9-2017, evidencing the Redevelopment Commission's agreement
to reimburse the City of Richmond and/or pay the loan repayment amounts of any
loan received by the City in connection with the former hospital site; and
WHEREAS, The City of Richmond has been approved for a twenty year, zero -interest (0%)
loan from the Brownfields RLF in the amount of Two Million Eight Hundred
Forty Thousand Dollars and Zero Cents ($2,840,000.00) for the remediation of
the former hospital site; and
WHEREAS, The interest rates from the Brownfields RLF loans are lower than the interest rates
the City could obtain on the open market; and
WHEREAS, It is in the best interest of the City of Richmond, Indiana, and its citizens to accept
and appropriate said funds for use in connection with the remediation of the
former hospital site.
NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond,
Indiana, as follows:
The City of Richmond Department of Infrastructure and Development has
submitted or will submit, as authorized by IC 36-1-4-10, a loan application to the
State of Indiana Finance Authority to obtain state Brownfields Program loan funds.
2. The City of Richmond Department of Infrastructure and Development is authorized
to accept said loan funding with an interest rate of zero -percent (0%) in an amount
up to Two Million Eight Hundred Forty Thousand Dollars and Zero Cents
($2,840,000.00), plus cost of issuance, with the ability to increase said funding by
ten -percent (10%) should the bids for such work reflect such a deviation.
3. Said funds, if loaned, shall be appropriated to fund the remediation of the former
hospital site.
Passed and adopted this I�I_L day of zdca 2017, by the Common
Council of the City of Richmond, Indiana.
President
(Misty Holl'
ATTEST: ,
(Karen Chasteen, IAMC, MMC)
PRESENTED to the Mayor of the City of Richmond, Indiana, this ,4V day of or
2017, at 9:00 a.m.
1
(Karen Chasteen, IAMC, MMC)
APPROVED by me, David M. Snow, Mayor of the City of Richmond, Indiana, this l j day
of
Mayor
_ =-�D Sn )
ATTES
(Karen Chasteen, IAMC, MMC)