HomeMy Public PortalAbout007-2012 - Authorizing Expenditure of Funds - Airport Grant MRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 7 -2012
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
( "AIRPORT GRANT MATCH ")
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
improvements to the Public Infrastructure; and
WHEREAS, it has become necessary to improve the taxiway lighting of the Richmond
Municipal Airport; and
WHEREAS, the Federal. Aviation Administration ( "FAA ") has issued a grant to the
City of Richmond for the development of the Richmond Municipal
Airport; and
WHEREAS, the FAA grant, matched by the Indiana Department of Transportation
(INDOT) requires local matching funds for the total project and for design
services for the project be completed.
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 for design services as well as
rehabilitation and replacement of taxiway lighting located at the Richmond Municipal
Airport. 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 $90,000 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 7 -2012
2
THIS RESOLUTION IS ADOPTED this day of 2012
RICHMOND REDEVELOPMEN't 'COMMISSION
By:
By:
By:
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By:
Resolution 7 -2012