HomeMy Public PortalAbout012-2013 - Expenditure of Funds - Airport PavementRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 12 -2013
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
( "AIRPORT PAVEMENT ")
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 improvements to
the Public Infrastructure; and
WHEREAS, it has become necessary to improve the pavement for aircraft at the Richmond
Municipal Airport to support the needs it patrons per 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 for repairs to pavement at the
Richmond Municipal Airport. Such funding shall be paid from excess TIF revenues received
during the year 2013 and placed into the allocation fund, ail 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 $48,000 or the allowable excess amount following the retention of all necessary funds
for the reserve regarding the 2013 payments for Bond principal and interest payments.
THIS RESOLUTION IS ADOPTED this day of ���, 2013
RICHMOI`
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Resolution 12 -2013