HomeMy Public PortalAbout016-2012 - Authorizing Expendidure of Funds - UEA Facade ProgRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 16 - 2012
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
(UEA FAIlADE PROGRAM)
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
redevelopment of Vacant District Structures which may need financial
assistance to upgrade to a marketable - status; and
WHEREAS, the Urban Enterprise Association (hereinafter UEA), is a local nonprofit
organization serving as a project partner in the redevelopment of the center
city; and
WHEREAS, pursuant to I.C. 36 -7 -14 -12.2 (a) .(24), financial assistance, including
grants, may be paid to neighborhood development corporations, and UEA
qualifies as such an entity.
NOW, THEREFORE, BE IT RESOLVED by the Richmond Redevelopment
Commission, that such Commission hereby approves and agrees to t UEA funds to
be used for a facade renovation program in the TIF d' f ding shall be paid
from excess TIF revenues received during the ye -1-i 1 ced into the allocation
fund, all of which is allowed pursuant to the TIF a evelopment Plan of 1989, as
amended, previously adopted by the Commission.
BE lT FURTHER RESOLVED that the above grant and/or expenditures shall not
exceed $300,000 ($100,000 /year for 2012, 2013 and 2014) or the allowable excess
amount following the retention of all necessary funds for the reserve regarding the 2012,
2013 and 2014 payments for Bond principal and interest payments.
Resolution 1.6 -2012
THIS RESOLUTION IS ADOPTED this Q q day of Ojb6er
RICHMOND REDEVELOPMENT COMMISSION
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Resolution 16 -2012