HomeMy Public PortalAbout013-2014 - Authorizing funds for infrastructure for the creation of Student HousingRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 13 -2014
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
( "IMPROVEMENTS TO PUBLIC INFRASTRUCTURE WITHIN THE REDEVELOPMENT
AREA FOR THE CREATION OF STUDENT HOUSING")
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 construction of new
and/or improvements to the City's infrastructure; and
WHEREAS, it has become necessary to make certain infrastructure improvements in the TIF
district as referenced in Attachment A to facilitate a student housing project near IU
East, along West Cart Road; and
WHEREAS, the Economic Development Corporation of Wayne County, is a local nonprofit
organization that assists and encourages economic growth; 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 the Economic
Development Corporation of Wayne County qualifies as such an entity.
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
Economic Development Corporation of Wayne County to pay for necessary expenditures incurred in
performing certain infrastructure improvements to facilitate a student housing project near IU East
along West Cart Road. 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
the lesser of $123,570 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 /a day of Dtctvtt 014
Resolution 13 -2014
By:
By:
By:
By:
Resolution 13 -2014
Attachment A
See attached Redevelopment Commission Applications for Redevelopment Commission
Funding
Resolution 13 -2014