HomeMy Public PortalAbout005-2020 - Improvements The Downtown Parking Garage RICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 5-2020
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
("IMPROVEMENTS TO DOWNTOWN INFRASTRUCTURE WITHIN THE
REDEVELOPMENT AREA")PARING GARAGE
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("1'l1k")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
public parking facilities within the City of Richmond; and
WHEREAS, it has become necessary to make improvements to public parking facilities in the ilk
district.
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 infrastructure improvements to public parking
facilities with funds 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$137,400 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 I day of )JN-Q._ ,2020.
RICHMOND REDEVELOPMENT COMMISSION
By:
By:
By:
By:
Resolution 5-2020