HomeMy Public PortalAbout007-2013 - Commitment of TIF and CTP Funds - Stellar Community Grant MatchRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 7 -2013
A RESOLUTION AUTHORIZING THE COMMITMENT OF TIF AND CTP FUNDS
("STELLAR COMMUNITIES GRANT MATCH ")
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 TIF revenues may be used for the purposes
described therein; and
WHEREAS, pursuant to the above actions, the amended project list includes various improvements to
within the City of Richmond; and
WHEREAS, the City of Richmond (hereinafter "City") has previously applied for and received
designation on November 11, 2004 for a geographical area of the City to be designated
as a Certified Technology Park (hereinafter "CTP "); and
WHEREAS, the City of Richmond Redevelopment Commission (hereinafter "Commission ") has the
responsibility per Indiana Code 36 -7 -32 to serve as the body for appropriating funds
according to guidelines established in Indiana Code 36 -7 -32; and
WHEREAS, the City established a fund for the allocation of those funds through Ordinance 91 -2008
on December 15, 2008; and
WHEREAS, pursuant to Indiana Code 36- 7 -32 -23 revenues received may be used for the purposes
described therein, including the preparation of public facilities; and
WHEREAS, The City of Richmond recognizes the need to stimulate growth and complete community
and economic development projects to address various needs such as housing,
beautification, infrastructure, street and roadwork, streetscape and lighting, community
centers, and revitalization projects, economic development and other quality of life
projects to benefit its citizens;
WHEREAS, The City of Richmond has been named as one of the six (6) finalist communities eligible
to receive the Indiana Stellar Communities Program designation which is a collaboration
between the Indiana Department of Transportation (INDOT), Office of Community and
Rural Affairs (OCRA), and Indiana Housing and Community Development Authority
(IHCDA); and
WHERAS, The Stellar Communities Program designation will allow grants and other financial
resources, potentially totaling over ten million dollars ($10,000,000), to be allocated to
the community to accomplish long range planning goals over a three year period; and
WHEREAS, The City of Richmond is the designation in order to complete improvements to the center
city including building improvements, housing improvements, fagade improvements;
Resolution 7Y -2013
pedestrian and bike safety improvements, parking lot improvements, recreational /park
improvements and downtown Wi -Fi;
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 improvements related to the Stellar Communities Program
by committing funding for grant match and local projects. Such funding shall be paid from excess TIF
revenues received during the year 2013, 2014 and 2015 and CTP funds received 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 $700,000 (seven hundred thousand dollars) of TIC annually for three years as well as $125,000
in CTP fiends or the allowable excess amount following the retention of all necessary funds for the
reserve regarding the 2013, 2014, and 2015 payments for Bond principal and interest payments.
THIS RESOLUTION IS ADOPTED this day of , 2013
RICHMOND REDEVELOPMENT COMMISSION
By:
Resolution 7 -2013