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LA PORTE REDEVELOPMENT AUTHORITY
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />SEPTEMBER 30, 2016
<br />NOTE 4. DUE TO DEVELOPERS
<br />The Redevelopment Authority is a party to several agreements with Developers who own
<br />property in the La Porte Tax Increment Reinvestment Zone No. 1. The Authority is obligated to
<br />repay the Developers for public improvements made on the property up to the amount of
<br />incremental tax value gained.
<br />The Authority has entered into agreements with the following Developers: Port Crossing Land,
<br />LP; 65 La Porte, Ltd.; and Retreat at Bay Forest, LP. Port Crossing Land, LP has completed the
<br />public improvements detailed in the agreement with the Authority, and assigned their receivable
<br />amount to Liberty Property Limited Partnership in 2015.
<br />Port Crossing/Liberty's reimbursable expenditures totaled $12,096,488 including interest at May
<br />27, 2009. In the current fiscal year, the Developer was reimbursed $1,454,628. To date,
<br />reimbursements in the amount of $8,939,782 have been made to Port Crossing/Liberty for
<br />incremental tax value gained. Interest was calculated, and payments were applied to interest
<br />first, then principal. The amount due Liberty Property Limited.Partnership as of September 30,
<br />2016, is calculated as follows:
<br />Balance Due Developer at 9/30/2014
<br />Fiscal Year 20I5 Interest
<br />Fiscal Year 20I5 Payment
<br />Balance Due Developer at 9/30/2015
<br />Fiscal Year 2016 Interest
<br />Fiscal Year 2016 Payment
<br />Balance Due Developer at 9/30/2016
<br />Principal
<br />$ 7,495,141
<br />901 564
<br />$ 6,593,577
<br />Interest Total Due
<br />$ 45,382 $ 7,540,523
<br />237,280
<br />(246,2621
<br />$ 36,400
<br />237,280
<br />(1,147126}
<br />$ 6,629,977
<br />223,817 223,817
<br />(1,209,898) (244,730) (1,454 628)
<br />5,383.679 $ 15.487 &L-3911-66
<br />Retreat at Bay Forest, LP's reimbursable expenditures totaled $224,670, including interest of
<br />$36,885 for the pilot channel and excavation costs at November 20, 2013. No additional interest
<br />will be due under the agreement. During the current fiscal year, a reimbursement of $46,636
<br />was applied to principal. The amount due as of September 30, 2016, is calculated as follows:
<br />Principal Interest Total Due
<br />Balance Due Developer at 9/30/2014 $ I74,670 $ 0 $ 174,670
<br />Fiscal Year 2015 Payment (17,795) (17 7951
<br />Balance Due Developer at 9/30/2015 $ 156,875 $ 0 S 156,875
<br />Fiscal Year 2016 Payment (46,636} „ (46,636)
<br />Balance Due Developer at 9/30/2016 $ 110.239 __ 0 $ 110,239
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