HomeMy Public PortalAbout005-2023 - The Expenditure of Funds for the Place Program REDEVELOPMENTCOMMISSION
RES01,0TION NO. 5-2823
A RESOLUTION A0'FIIOIZIZKN(, 'FilE .API"IZOPIZIAI%ON
AND EXPENDITURE OF FUNDS
(^^1[hc Place Progruom,`)
VV8BRF'/\S, the City ofI<iuhn ond Redevelopment Commission (hereinafter ^^Cororniauiou") has
previously adopted u L)cu|ao1ory Kcoo|u11011. which has been amended, thereby
eguhiiohiiog a Redevelopment |`|au by which certain pr Jccta may be funded with
exuemalaslncrcmcn1 Financing /"Tlp") revenue; and
VVl|BKll&S, purxouu1 to 30 7 l4 39, suub excess rcvcnuCx rnay be used |b, the purpomcs
described therein; arid
VV||BRB/\S, pursuant to the above actions, the amended pn1coi |in\ includes the Downtown Area
improvements which Would include buildingionprovunncn1u.
VVHEKf�A S, d has become necessary iumake certain irnprovcrnuku iodbcl]} district.
NOVV, TI IFRIT(MV1, BE IT K[ SOL\/6O by the Richmond Redevelopment Commission,
that Such C"onimission Fereby approves and agrees to reimburse the City of'Richmond and/or pay f(.)r
necessary expenditures incurred by the City o[ Kichcnond through the Richmond 'Neighborhood
Restoration (]roup for The P|ucu Program to acquire vacant, abandoned and blighted omnnrncrciu|
properties in the C'unbu8 0uaiocxs District, hdogthcnn up to code and white box them for [u\ure use,
into the allocation fund, all ofvvhiob is u||ovved pursuant to the TiP [<cdcvu|opcncniP|mo ofl989, as
amended, previously uJmpicdbY the C,ornnnixoimn.
BE IT FURTHER KB�( L\/6 n�bnnn D �hu( ibc above rciuccntond/or expenditures shall not exceed
the lesser of$168,500 or the a||ovvob|c excess arumunt fbl|uvviog the rc\eodoo ofa|| necessary foade
fb,tbcrcscrvurcgurdin,) \bcZ023puynocn<o [brBondprinuipo| andin|oreutpuyozcnta.
THIS k£SOLUT|ON IS A0mPJBU tbio ay nfJ 'm, ' � ZOZ3
000M0ND RE0UIV�LOYyNENT COMK1|SSION
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BY
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By:
By:
�e�olnLioo 5-2O23