HomeMy Public PortalAbout003-2023 - Expenditure of Funds for Improvements to Infrastructure RICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 3-2023
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
("IMPROVEMENTS TO INFRASTRUCTURE WITHIN THE REDEVELOPMENT AREA")
WHEREAS, the City 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 ("TIE") 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
right-of-way infrastructure within the City of Richmond; and
WHEREAS, it has become necessary to make certain railroad track extension improvements in the
TIE 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 by the City through the Wayne County Economic Development
Corporation in performing certain railroad track extension infrastructure improvements as connected
with "Project Thomas".
Such funding shall be paid from excess TIE revenues received during the year 2023 and placed into
the allocation fund, all of which is allowed pursuant to the TIP 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 $900,000.(X or the allowable excess amount following the retention of all necessary
funds for the reserve regarding the 2023 payments for Bond principal and interest payments.
THIS RESOLUTION IS ADOPTED this ay of I ,' , 2023
RICHMONI) REDEVELOPMENT COMMISSION
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Resolution 3-2023