HomeMy Public PortalAbout008-2012 - Authorizing Expenditure of Funds - Depot DistrictRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 8 -2012
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
( "DEPOT DISTRICT" STREET LIGHTING)
WHEREAS, the City of Riclunond 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 Depot
Area Developments including the rehabilitation, stabilization, and/or
demolition necessary to enable redevelopment or reuse of the
Pennsylvania Railroad Depot (hereinafter Depot) property and/or related
neighborhood corridor projects; and
WHEREAS, pursuant to the above actions, the amended project list includes Public
Parking Facilities including resurfacing, landscaping, lighting, and other
capital expenses for public parking lots within the district; and
WHEREAS, pursuant to Resolution 13 -2011, the Commission allocated funds for the
demolition of vacant structures and the creation of a public parking lot at
the corner of North 8 and North D Streets within the district; and
WHEREAS, in order to continue the redevelopment the Depot District, it is desirous to
install street lighting that is consistent with recently completed projects
along North 10 Street and North E Street funded by the Commission.
NOW, THEREFORE, BE IT RESOLVED by the Richmond Redevelopment
Commission, that such Commission hereby approves and agrees to grant the City of
Richmond funds to be used for the installation of decorative street lighting for the Depot
District around the parking lot located at the corner of North 8 and North D Streets.
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 grant and/or expenditures shall not
exceed $35,000 or the allowable excess amount following the retention of all necessary
Resolution 8 =2012
funds for the reserve regarding the 2012 payment for Bond principal and interest
payments.
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THIS RESOLUTION IS ADOPTED this day of -SAW, 2012
RICHMOND REDEVELOPMF.NT COMMISSION
Resolution 8 -2012