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La Porte Redevelopment Authority D November 8, 2017 <br />City of La Porte, Texas S UF3JEC iR O Page 3 <br />ANGE <br />According to the Development Agreement, the Developer is to be paid interest on the <br />reimbursable amount at the prime commercial lending rate of J. P. Morgan Chase Bank per <br />annum. Interest was calculated on the per annum basis of a year being 365 days. The <br />following details the interest rates used for the periods included: <br />Prime <br />Dates Rate <br />November 12, 2015 to December 16, 2015 3.25% <br />December 17, 2015 to December 14, 2016 3.50% <br />December 15, 2016 to March 15, 2017 3.75% <br />March 16, 2017 to June 14, 2017 4.00% <br />June 15, 2017 to November 8, 2017* 4.25% <br />*Assumes no change in prime rate <br />In addition to the current amount reimbursable, the Developer has a principal balance <br />assigned from the prior Developer of $5,644,409.05. Interest was limited to eight years per <br />the agreement, so no additional interest will accrue on that amount. <br />We were not engaged to and did not conduct an audit, the objective of which would be the <br />expression of an opinion on the aforementioned reimbursable costs. Accordingly, we do not <br />express such an opinion. Had we performed additional procedures, other matters aright have <br />come to our attention that would have been reported to you. <br />This report is intended solely for the information and use of the Board of Directors and is not <br />intended to be and should not be used by anyone other than this specif ed party. However, <br />this report is a matter of public record and its distribution is not limited. This report should <br />not be associated with the presentation of any financial data of the Authority except to <br />comply with filing requirements as specified by the parties to the agreement. <br />McCall Gibson Swedlund Barfoot PLLC <br />Certified Public Accountants <br />Houston, Texas <br />2017 Report AUP <br />