HomeMy Public PortalAbout001-2014 - Authorizing the Expenditure of Funds - Columbian PropertiesCITY OF RICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 1 -2014
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
(COLUMBIAN PROPERTIES)
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 Depot Area, Uptown Hotel and Related Sites, and
Vacant District Structures within the City of Richmond; and
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
Richmond Columbian Properties for necessary expenditures for certain building
rehabilitation and improvement projects necessary for continued economic growth in the TIF
District. Such funding shall be paid from excess TIF revenues received during the year 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 $15,000 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 January, 2014.
RICHMOND REDEVELOPMENT COMMISSION
Resolution 1 -2014