HomeMy Public PortalAbout013-2012 - Authorizing Expenditures of Funds - Improvement toRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 13 -2012
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
("IMPROVEMENTS TO ROADWAYS AND INFRASTRUCTURE WITHIN THE
REDEVELOPMENT AREA ")
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
roadways and public parking facilities within the City of Richmond; and
WHEREAS, it has become necessary to make certain roadway improvements in the TIF district as
referenced in Attachment A.
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 roadway improvements and public parking
facility improvements. 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 2011 payments for Bond principal and interest payments.
THIS RESOLUTION IS ADOPTED this dq day of
RICHMOND REDEVELOPMENT COMMISSION
Resolution 13 --2012
Attachment A
North 8th Street - North C to North E Street $25,000 plus parking area
North D Street - North 8th to North 9th Street $8,000 plus parking area
North 11th Street - North A to North E Street $42,000
South 7th Street - South A to South E Street $ 74,000
North G Street - North 8th to Chester Blvd. $12,500
North F Street - North 8th to N 10th Street $11,000
Gaar- Jackson - Salisbury Road to City Limits $78,500
Progress Drive - NW 1 ith to Dead End + NW 16th Street $70,000
North D Street - North 8th to 9th (curb & sidewalk) $10,000
Uptown crosswalk repairs /reconstructions $25,000
Parking Garage lighting repairs $40,000
Resolution 13 -2012