HomeMy Public PortalAbout006-2020 - Improvements of 1200 East Main Street RICHMOND REDEVELOPMENT COMIVIISSION
RESOLUTION NO. 6-2020
A RESOLUTION AUTHORIZING 173E EXPENDITURE OF FUNDS
("IMPROVEMENTS DOWNTOWN AREA") 1200 E MAIN 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 the Downtown Area
improvements which would include 1200 East Main Street; and
WHEREAS, it has become necessary to make certain improvements in the l'Lh 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 the Downtown Area improvements to 1200 East Main
Street. Such funding shall be paid from excess ELF revenues received during the year 2020 and
placed into the allocation fund, all of which is allowed pursuant to the TIE 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$230,000 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 ) day of Vt ,2020
RICHMOND REDEVELOPMENT COMMISSION
By:
By:
By:
By:
Resolution 6-2020