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- 3 - <br />acquisition, clearance, replatting, replanning, rezoning, redevelopment or economic development <br />of each of the Allocation Areas, and the parts of each of the Allocation Areas that are to be devoted <br />to public ways, levees, sewerage, parks, playgrounds and other public purposes under the Plan, are <br />hereby approved and adopted as the map and plat for each of the respective Allocation Areas. <br />8. The Amendments are reasonable and appropriate when considered in relation to the <br />Declaratory Resolution and the Plan and the purposes of the Act. <br />9. The findings and determinations set forth in the Declaratory Resolution and the <br />Plan are hereby reaffirmed. <br />10. The Commission finds that no residents of the Area will be displaced by any project <br />resulting from the Amendments, and therefore finds that it does not need to give consideration to <br />transitional and permanent provision for adequate housing for the residents. <br />11. The Amendments are hereby in all respects approved. <br />12. The area described and depicted in Exhibit A is hereby removed from the <br />Allocation Area, and is hereby designated as a separate “allocation area” pursuant to Section 39 of <br />the Act to be known as the “Lafayette North Allocation Area,” for purposes of the allocation and <br />distribution of property taxes for the purposes and in the manner provided by said Section. Any <br />taxes imposed under I.C. 6-1.1 on real property subsequently levied by or for the benefit of any <br />public body entitled to a distribution of property taxes on taxable property in said allocation area <br />shall be allocated and distributed as follows: <br />Except as otherwise provided in said Section 39, the proceeds of taxes <br />attributable to the lesser of the assessed value of the property for the assessment date with <br />respect to which the allocation and distribution is made, or the base assessed value, shall <br />be allocated to and when collected paid into the funds of the respective taxing units. Except <br />as otherwise provided in said Section 39, property tax proceeds in excess of those described <br />in the previous sentence shall be allocated to the District and when collected paid into an <br />allocation fund for the Lafayette North Allocation Area hereby designated as the “Lafayette <br />North Allocation Area Allocation Fund” and may be used by the District to do one or more <br />of the things specified in Section 39(b)(4) of the Act, as the same may be amended from <br />time to time. Said allocation fund may not be used for operating expenses of the <br />Commission. Except as otherwise provided in the Act, before June 15 of each year, the <br />Commission shall take the actions set forth in Section 39(b)(5) of the Act. The <br />Commission hereby finds that the adoption of this allocation provision will result in new <br />property taxes in the Lafayette North Allocation Area that would not have been generated <br />but for the adoption of the allocation provision, as specifically evidenced by the findings <br />set forth in Exhibit I. The base assessment date for the Lafayette North Allocation Area is <br />January 1, 2025. <br />13. The area described and depicted in Exhibit B is hereby removed from the Allocation <br />Area, and is hereby designated as a separate “allocation area” pursuant to Section 39 of the Act to <br />be known as the “Lafayette South Allocation Area,” for purposes of the allocation and distribution <br />of property taxes for the purposes and in the manner provided by said Section. Any taxes imposed