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AMENDED ORDINANCE NO.40-2013
AN APPROPRIATION ORDINANCE AUTHORIZING ADDITIONAL
APPROPRIATIONS FROM CERTAIN FUNDS
WHEREAS, The Common Council of the City of Richmond, Indiana passed an annual budget
for calendar year 2012 on September 29th, 2011 (Ordinance No. 47-2011); and
WHEREAS Common Council did not pass the proposed 2013 budget on October 15`h, 2012
(Ordinance 20-2012) and, as a result, maintained the same appropriations as 2012;
and
WHEREAS, it has been determined it is now necessary to appropriate additional sums of
money to certain funds. These funds would be used by the Eastside Commercial
Park, LLC, for the construction of streets.
NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond,
Indiana, that the following additional sums of money are hereby appropriated to the following
funds:
Economic Development Income Tax Fund (245) - $ 375,000.00
The amount of $375,000.00 from the Economic Development Corporation Reserve Fund (245) is
expressly subject to the following requirements:
a. Eastside Commercial Park, LLC, or a subsequent purchaser of the project and/or the
real estate of approximately 60 acres, is the owner of any roads built on the
approximately 60 acres and is responsible for all construction, maintenance, repaid
and upkeep of the roads.
b. If any part or all of the Eastside Commercial Park, LLC project and/or any part or all
of the real estate of approximately 60 acres is sold, net proceeds of up to $875,000.00
shall be placed into an escrow account until (1) the project has met its job and tax
requirements so as to be released from the clawback provided herein or (2) until
December 31, 2020 at which time the money shall be repaid to the City because the
project failed to meet such requirements.
c. Economic Development Income Tax monies advanced by the City to Eastside
Commercial Park, LLC, will be secured by a clawback consisting of joint and several
personal guaranties executed by each individual investor that is part of Eastside
Commercial Park, LLC.
d. In order for the clawback listed above to be forgiven, there must be, by December 31,
2020, 300 mercantile or service related jobs in the project and property tax income
generating at least $875,000.00 annually.
Passed and adopted this day of 2013, by the Common Council of the City
of Richmond, Indiana.
President
(Larry Parker)
ATTEST: , City Clerk
(Karen Chasteen, JAMC, MMC)
PRESENTED to the Mayor of the City of Richmond, Indiana, this day of
2013, at 9:00 a.m.
, City Clerk
(Karen Chasteen, IAMC, MMC)
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this day of
, 2013, at 9:05 a.m.
, Mayor
(Sarah L. Hutton)
ATTEST: , City Clerk
(Karen Chasteen, IAMC, MMC)