HomeMy Public PortalAbout001-2015 - Local Match for the Starr Gennett and Veteran's Park ProjectRICHMOND REDEVELOPMENT COMMISSION
RESOLUTION NO. 1 -2015
A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS
( "LOCAL MATCH FOR THE REDEVELOPMENT PROJECT IN STARR-
GENNETT AREA AND VETERAN'S 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 revenues may be used for the
purposes described therein; and
WHEREAS, pursuant to the above actions, the amended project list includes
improvements to Whitewater Valley Gorge and Starr - Gennett Area; and
WHEREAS, the City of Richmond was awarded a $3,000,000 Line Item
Appropriations Grant being administered by the Indiana Department of
Transportation; and
WHEREAS, the INDOT grant requires local matching funds of 20% of the total project
costs; and
WHEREAS, the City of Richmond wishes to move forward with the construction of the
project which first requires commitment of matching funds for
construction.
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 for 20% of the costs for
construction for the redevelopment of the Starr- Gennett Area and Veteran's Park. Such
funding shall be paid from excess TIF revenues received during the year 2015 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 $550,000 or the allowable excess amount following the
Resolution 1 -2015
retention of all necessary funds for the reserve regarding the 2015 payments for Bond
principal and interest payments.
THIS RESOLUTION IS ADOPTED this J'4 day of , 2015
RICHMOND REDEVELOPMENT COMMISSION
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Resolution 1 -2015