Resolution No. 3607 - REDA TIF Amendments

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- 2 - the Existing Area, the “Area”) (a description of the Area, after including the Expansion Areas, is set forth in Exhibit B attached hereto and made a part hereof); and WHEREAS, in conjunction with said boundary amendments, the Commission desires to amend and restate the Existing Plan (the Existing Plan as amended and restated, the “Amended and Restated Plan”); and WHEREAS, the Department, pursuant to the Act, has conducted surveys and investigations and has thoroughly studied the Expansion Areas; and WHEREAS, upon such surveys, investigations and studies being made, the Commission finds that the Amended and Restated Plan, cannot be achieved by regulatory processes or by the ordinary operations of private enterprise without resort to the powers allowed under the Act because of lack of local public improvements and multiple ownership of land and that public health and welfare will be benefited by the accomplishment of the Amended and Restated Plan for the Area; and WHEREAS, there was presented to this meeting of the Commission for its consideration and approval, a copy of the Amended and Restated Plan, a copy of which is attached hereto as Exhibit C and made a part hereof; and WHEREAS, the Commission has caused to be prepared maps and plats of the Area, said maps and plats of the Area showing the boundaries of the Expansion Areas; the location of the various parcels of property, streets and alleys, and other features affecting the acquisition, clearance, replatting, replanning, rezoning, redevelopment or economic development of the Expansion Areas; and the parts of the Expansion Areas that are to be devoted to public ways, levees, sewerage, parks, playgrounds and other public purposes under the plans for the redevelopment of the Expansion Areas as adopted herein; and WHEREAS, the Commission has determined to amend the property acquisition list for the Area (the “Area Acquisition List”) to add certain additional parcels of real property in the Area to the Area Acquisition List to provide for possible acquisition of such parcels in furtherance of the Amended and Restated Plan, which parcels are listed in Exhibit D attached hereto and made a part of hereof; and WHEREAS, Section 39 of the Act has been enacted and amended to permit the creation of allocation areas within an area needing redevelopment to provide for the allocation and distribution, as provided in the Act, of the proceeds of taxes levied on property situated in an allocation area, and the Commission deems it advisable to expand the Existing Allocation Area to include the Expansion Areas with a base date for such Expansion Areas as determined by Section 39 of the Act; and WHEREAS, in determining the location and extent of the Expansion Areas, the Commission has determined that no residents of the Expansion Areas will be displaced by the redevelopment thereof in furtherance of the Amended and Restated Plan; and WHEREAS, the Amended and Restated Plan, conforms to other development and redevelopment plans for the City;