HomeMy Public PortalAbout010-2020 - Funds for Improvements to Road Ways & Infrastructure RICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO 10-2020
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
("IMPROVEMENTS TO ROADWAYS AND INFRASTRUCTURE WITHIN TUE
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 LC. 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 and public parking facilities 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 at various locations
(Attachment A).
Such funding shai1 be paid from excess TIP revenues received during the year 2020 and placed into
the allocation fund, all of which is allowed pursuant to the Tr 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$250,236.50 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 1eday of 4. ,2020
RICHMOND REDEVELOPMENT COMMISSION
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Resolution 10 2020