No. 0919 designating/declaring the AEDA, approving an economic development plan and establishing an allocation area for purposes of TIF

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6. The Commission hereby finds and determines that it will be of public utility and benefit to acquire the Area as set forth herein and in the Economic Development Plan and redevelop it under the Act. 7. The Economic Development Plan is in all respects approved and is hereby adopted as the Economic Development Plan for the Area. 8. The maps and plats of the Area showing its boundaries, the location of the various parcels of property, streets, alleys, and other features affecting the acquisition, clearance, replatting, replanning, rezoning, or redevelopment of the Area, indicating the parcels of property to be excluded from acquisition and the parts of the Area acquired, if any, that are to be devoted to public ways, levees, sewerage, parks, playgrounds, and other public purposes under the Economic Development Plan are hereby approved and adopted as the maps and plats for the Area. 9. The Commission currently does not propose to acquire any interests in the land within the aforementioned boundaries of the Area, and therefore finds there to be no estimated cost of acquiring the Area. 10. The Commission hereby finds and determines that for purposes of the allocation provisions of Section 39 of the Act, the Area shall constitute an Allocation Area for purposes of the Act and this Resolution. 11. Such Allocation Area shall be designated as the "Airport Economic Development Area, Allocation Area No. 1" ( "Allocation Area No. 111). 12. Any property taxes levied on property in Allocation Area No. 1 in 1990 for collection in 1991, and thereafter, except as otherwise provided in Section 39 of the Act, by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in Allocation Area No. 1 shall be allocated and distributed as follows: a. the proceeds of the taxes attributable to the lesser of: (i) the assessed value of the property for the assessment date with respect to which the allocation and distribution is made; or (ii) the net assessed value of all the property as finally determined for the assessment date immediately preceding the effective date of these allocation provisions (as adjusted under Section 39(h) of the Act), which assessment date is March 1, 1989; shall be allocated to, and when collected, paid into the funds of the respective taxing units; b. property tax proceeds in excess of those described in clause (a) shall be allocated to the Redevelopment District and, when collected, paid into an allocation fund for Allocation Area No. 1, such fund hereinafter created by this Resolution. -8-