Laserfiche WebLink
LA PORTE REDEVELOPMENT AUTHORITY <br />NOTES TO THE FINANCIAL STATEMENTS <br />SEPTEMBER 30, 2016 <br />NOTE 4. DUE TO DEVELOPERS (Continued) <br />Beazer Homes Texas LP's reimbursable expenditures for Bayside Crossing totaled $1,449,517 <br />including interest at August 24, 2016. In the current fiscal year, the Developer was reimbursed <br />$17,940 for interest. The amount due Beazer Homes Texas LP as of September 30, 2016, is <br />calculated as follows: <br />Balance Due Developer at 8/24/16 <br />Fiscal Year 2016 Interest (8/24-9/30) <br />Fiscal Year 2016 Payment <br />Balance Due Developer at 9/30/2016 <br />Princil2al Interest Total Due <br />$ 1,394,050 $ 55,467 $ 1,449,517 <br />8,154 8,154 <br />(17,940) (17,940) <br />94.050 $ 45.68J l 439 731 <br />Senior Associates's reimbursable expenditures and land for Bayside Crossing totaled $466,032 <br />including interest at August 24, 2016. In the current fiscal year, the Developer was reimbursed <br />$5,768 for interest. The amount due Senior Associates as of September 30, 2016, is calculated as <br />follows: <br />Principal Interest Total Due <br />Balance Due Developer at 8/24/16 $ 455,823 $ 10,209 $ 466,032 <br />Fiscal Year 2016 Interest (8/24-9/30) 1,I77 1,177 <br />Fiscal Year 2016 Payment (5,7681 (5,768) <br />Balance Due Developer at 9/30/2016 $ 455.823 _ 5 618 $ <br />.461,441 <br />In addition, a Developer has signed a Development Agreement but has not submitted costs for <br />reimbursement of their projects. Estimated costs, based on the agreement, are as follows: <br />65 LaPorte, Ltd. $ 7,103,500 <br />Under the agreements, the amount shown is not a payable debt if the tracts do not generate tax <br />increment sufficient to pay the accrued amount. <br />NOTE 5. TAX INCREMENTS <br />The City has agreed to deposit their tax increments into the Tax Increment Fund established for <br />the Zone. <br />The amount of a Participant's tax increment for a year is the amount of property taxes levied and <br />collected by the Participant for that year on the Captured Appraised Value of real property <br />taxable by the Participant and located in the Zone. The Captured Appraised Value of real <br />property taxable by a Participant for a year is the total appraised value of all real property taxable <br />by the Participant and located in the Zone for that year less the Tax Increment Base, which is the <br />- 19- <br />