HomeMy Public PortalAbout006-2012 - Authorizing Expenditure of Funds - Manor DriveRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 6 -2012
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
( "MANOR DRIVE ")
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 maybe used for the
purposes described therein; and
WHEREAS, pursuant to the above actions, the amended project list includes
improvements to roadways within the City of Richmond; and
WHEREAS, it has become necessary to extend Manor Drive creating improved traffic
flow and creating opportunities for additional economic development; and
WHEREAS, the Indiana Department of Transportation has provided a grant of one -
million three hundred twenty thousand dollars ($1,320,000) which requires
local matching funds;
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
improvements to Manor Drive. Such funding shall be paid from excess TIF revenues
received during the year 2012 and placed 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 $400,000 or the allowable excess amount following the
retention of all necessary funds for the reserve regarding the 2012 payments for Bond
principal and interest payments.
Resolution 6 -2012
THIS RESOLUTION IS ADOPTED this _P--- day of , 2012
Resolution 6 -2012
RICHMOND REDEVELOP ENT COMMISSION
By: