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Home My Public Portal About003-2014 - Authorizing the Expenditure of Funds - Center City Development Corporation Housing ProgramRICHMOND REDEVELOPMENT COMMISSION RESOLUTION NO 3 -2014 A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS (CENTER CITY DEVELOPMENT CORPORATION HOUSING PROGRAM) 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 redevelopment of Vacant District Structures which may need financial assistance to upgrade to a marketable status; and WHEREAS, the Center City Development Corporation (hereinafter CCDC), is a local nonprofit organization serving as a project partner in the redevelopment of the center city; and WHEREAS, pursuant to I.C. 36 -7 -14 -12.2 (a) (24), financial assistance, including grants, may be paid to neighborhood development corporations, and CCDC qualifies as such an entity. NOW, THEREFORE, BE IT RESOLVED by the Richmond Redevelopment Commission, that such Commission hereby approves and agrees to grant CCDC funds to be used for a housing program 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 grant and/or expenditures shall not exceed $110,000 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. Resolution 3 -2014 THIS RESOLUTION IS ADOPTED this �(_ day of 2014 RICHMOND REDEVELOPMENT COMMISSION In W-1 _: � m�, Resolution 3 -2014