HomeMy Public PortalAbout009-2012 - Authorizing Exenditure of Funds - Annual Tax IncreRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 9 -2012
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
( "ANNUAL TAX INCREMENT MONITORING SERVICES ")
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, the Commission entered into a contract 129 -2005 with H.J. Umbaugh &
Associates, which was amended by Resolution 8 -2009 for a one -time
increase in expenditures, for a parcel by parcel analysis of the TIF district
and annual tax increment monitoring services; and
WHEREAS, contract 129 -2005 was dated and executed on October 5, 2005 with a "not
to exceed" clause for annual tax increment monitoring services of
$11,000; and
WHEREAS, due to the addition of the Johns Manville TIF District, the contract needs
to be amended to include both of the City of Richmond TIF districts; and
WHEREAS, the new agreement for tax increment monitoring services shall have a "not
to exceed" clause of $8,000 per district for a total of $16,000 annually.
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 annual monitoring services
to H.J. Umbaugh & Associates for annual monitoring services. Such funding shall be
paid from excess TIF revenues received during the calendar year in which reporting
occurs 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 $16,000 annually, for tax increment monitor services, or the allowable
excess amount following the retention of all necessary funds for the reserve regarding the
payments for Bond principal and interest payments.
Resolution 9- 2012..
THIS RESOLUTION IS ADOPTED this day of �_, 2012
RICHMOND REDEVELOPMENT COMMISSION
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Resolution 9 -2012