HomeMy Public PortalAbout014-2012 - Authorizing the Expenditure of Funds - Salisbury RRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 14 -2012
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
( "SALISBURY ROAD PHASE II")
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 within the City of Richmond; and
WHEREAS, it has become necessary to increase the width and matte other
improvements to Salisbury Road.
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 Salisbury Road. 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 $350,000 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 14- -2012
THIS RESOLUTION IS ADOPTED this A day of CCU r - , 2012
RICHMOND REDEVELOPMENT COMMISSION
RESOLUTION 14 -2012