HomeMy Public PortalAbout003-2020 - Funds for Improvements to Intersection of North 7th Street & Fort Wayne Avenue RICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 3-2020
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
("IMPROVEMENTS TO INTERSECTION OF NORTH 7Tn STREET &FORT WAYNE
AVENUE WITHIN THE REDEVELOPMENT AREA")
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 improvements to
roadways within the City of Richmond; and
WHEREAS, it has become necessary to make certain roadway improvements in the TIF district as
referenced in Attachment A.
NOW, THEREFORE, BE IT RESOLVED by the Richmond Redevelopment Commission,
that such Commission hereby approves and agrees to reimburse the City of Richmond and/or pay for
necessary expenditures incurred in performing certain roadway improvements. Such funding shall
be paid from excess TIF revenues received during the year 2020 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.
BE IT FURTHER RESOLVED that the above reimbursement and/or expenditures shall not exceed
the lesser of$60,000 or the allowable excess amount following the retention of all necessary funds
for the reserve regarding the 2020 payments for Bond principal and interest payments.
THIS RESOLUTION IS ADOPTED this /Ol"day of M(I k C L2020
RICHMOND REDEVELOPMENT COMIVIISSION
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Resolution 3-2020