HomeMy Public PortalAbout009-2014 - Authorizing the Expenditure of Funds - Manor DriveRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 9 -2014
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
( "MANOR DRIVE ")
WHEREAS, the Cite of Richmond Redevelopment Comilllssloll (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
( "TIP ") 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 roadways within the City ofRichnlond; and
WHEREAS, it has become necessary to extend Manor Drive creating improved traffic
flow and creating opportunities for additional economic development; and
WHEREAS, the Indiana Department of "I'rilnsportalioll has provided a grant oi'one-
million three hundred twenty thousand dollars ($1,320,000) which requires
local matching funds;
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 performing certain
improvements to Manor Drive. Snell folding shall be paid Iron) excess'1'IF revenues
received during the year 2012 and placed into the allocation fund, all of \\-hicll is allowed
pursuant to the TIF Redevelopment Plan of 1989. aS anlerldccl. previously adopted by the
Coll) ill ission.
BE IT FURTHER RESOLVED that the above reimbursement and /or expenditures
shall not exceed the lesser of $150,000 or the allowable excess amount hollowing the
retention of all necessary funds for the reserve regarding the 2014 payments for Bond
principal and interest payments.
Resolution 9 -2019
THIS RESOLU'I'IONIS ADOPTED this 2 davor!�,W— .2014
RICHMOND REDEVELOMMENT COMiMISSION
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Rc!,,olution 9-2014