HomeMy Public PortalAbout003-2022 - Improvements to Sidewalks and Infrastructure within the Redevelopment Area RICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 3-2022
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
("IMPROVEMENTS TO SIDEWALKS AND INFRASTRUCTURE 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(""1'1P'")revenue; and
WHEREAS, pursuant to I.C. 36-7-14-39, such excess revenues may be used for the purposes
described therein; and
WHEREAS, it has become necessary to make certain sidewalk improvements in the TM 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 sidewalk improvements on West Main Street
to NW 11th Street/(Attachment A).
Such funding shall be paid from excess 1'LP revenues received from the Johns Manville Allocation
Area during the year 2022 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$150,000 or the allowable excess amount following the retention of all necessary funds
for the reserve regarding the 2022 payments for Bond principal and interest payments.
THIS RESOLUTION IS ADOPTED this loth day of Ma y 2022
RICHMOND REDEVELOPMENT COMMISSION
By:
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By: tiVIA462/14A1--
By:
By:
Resolution 3-2022