HomeMy Public PortalAbout010-2013 - Expenditure of Funds - Unsafe BuildingsRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION 10 -2013
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
( "UNSAFE BUILDINGS")
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 vacant
district structures within the TIF District; and
WHEREAS, it has become necessary to remove certain structures within the district to
upgrade the neighborhoods into a marketable status.
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 removing vacant district
structures. Such funding shall be paid from.excess TIF revenues received during the year
2013 and 2014 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 $100,000 ($50,000 in 2013 and $50,000 in 2014) or the allowable
excess amount following the retention of all necessary funds for the reserve regarding the
2013 and 2014 payments for Bond principal and interest payments.
Resolution 10 -2013
THIS RESOLUTION IS ADOPTED this 0?jp day of 2013
RICHMOND REDEVELOPMENT COMMISSION
Resolution 10 -2013