HomeMy Public PortalAbout008-2013 - Expendure of funds for inmprovements to roadways and infrastructure within the redevelopment areaRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 8 -2013
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
("BOROVEMENTS 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 C 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
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 FURTBER RESOLVED that the above reimbursement and/or expenditures shall not. exceed
the lesser o €$350,000 -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 day of �, 2013
RICI4 VIOND'REDEVELOPMENT COMMISSION
By:
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By:
By:
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Resolution 8-2013
Attachment A
See attached Redevelopment Commission Applications for Redevelopment Commission
Funding
Resolution 8 -2013