HomeMy Public PortalAbout007-2021 - To Expendure Funds for The Place Program RICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 7-2021
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
("The Place Program")
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 improvements.
WHEREAS, it has become necessary to make certain 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 for The Place Program to acquire vacant, abandoned and blighted
commercial properties in the Central Business District, bring them up to code and white box them
for future use, 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$467,000 or the allowable excess amount following the retention of all necessary funds
for the reserve regarding the 2021 payments for Bond principal and interest payments.
THIS RESOLUTION IS ADOPTED this o?(D day of 01 1 P ,2021
RICHMOND REDEVELOPMENTE COMNIISSION
•
By:
By
B :
By:
B
Resolution 7-2021