HomeMy Public PortalAbout002-2014 - Authorizing TIF Funds - Stellar Communities Grant Match - 7th Street ParkRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 2 -2014
A RESOLUTION AUTHORIZING THE EXPENDTITURE PREVIOUSLY
APPROPRIATED TIF FUNDS
( "STELLAR COMMUNITIES GRANT MATCH - DESIGN OF 7' STREET PARK ")
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, 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 a Stellar Community which is a collaboration
between the Indiana Department of Transportation (MOT), Office of Community and
Rural Affairs (OCRA), and Indiana Housing and Community Development Authority
(IHCDA); and
WHEREAS, The Stellar Communities Program designation will allow grants and other financial
resources to be allocated to the community to accomplish long range planning goals over
a three year period; and
WHEREAS, The Office of Community and Rural Affairs has allocated $1,500,000 in Community
Development Block Grant Funds for Fagade Renovation and development of the 70,
Street Park; and
WHEREAS, Resolution 7 -2013 allocated $700,000 a year for three years to be used as Stellar
Community matching funds; and
WHEREAS, Professional services, which include design, engineering, environmental review, bid
specification preparation and oversight, for the creation of 7th Street Park are needed to
complete this Stellar Community Project.
Resolution 2 -2014
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, from funding previously allocated, to perform professional services, including
design, engineering, environmental review, bid specification preparation and construction oversight, of
the 7'l' Street Park, a Stellar Communities approved project. The funding shall be paid from excess TIF
revenues received during the year 2013 and 2014, 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
$264,000 or the allowable excess amount following the retention of all necessary funds for the reserve
regarding the 2014 payments for bond principal and interest payments.
THIS RESOLUTION IS ADOPTED this � day of (�M" 2014
RICHMOND REDEVELOPMENT COMMISSION
LIN
Resolution 2 -2014