11-08-17 LPRDA/TIRZ - Laserfiche WebLink

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La Porte Redevelopment Authority c/o Hawes Hill & Associates, LLP November S, 2017 Page 2 B. We will review the prior reimbursements for Port Crossing. Any costs required to be paid by the Developer will be deducted. C. We will prepare schedules that compute interest in accordance with the terms of the Development Agreement, and will limit interest where appropriate. D. We will prepare a reimbursement report for the benefit of the City, including the accountant's report and schedule of amounts reimbursable to the Developer. E. We will be available to attend a meeting to present the report, and to answer questions relating to the report. The objective of this agreed -upon procedures engagement will be to assist you in evaluating the reasonableness of the aforementioned costs. Because the above procedures will not be sufficient to constitute an audit made in accordance with generally accepted auditing standards, we will not express an opinion on the aforementioned reimbursable costs. However, we will report to you any matters that come to our attention that causes us to believe that the aforementioned costs are incorrect. In addition, this agreed -upon procedures engagement is not primarily or specifically designed, and cannot be relied upon, to disclose defalcations and other similar irregularities, although their discovery may result. This report of agreed -upon procedures is for the exclusive use of the Board of Directors of the Authority, and should not be distributed to or made available to persons or entities outside of the Board, nor should the report be associated with the presentation of any financial data of the Authority except as required by the specific agreement and the Texas Open Records Act. Chris Swedlund is the engagement partner and is responsible for supervising the engagement and signing the report or authorizing another individual to sign the report. The charge for this work will be at the firm's regular hourly rates. A portion of the cost of these procedures will be determined by the condition of the records submitted by the developer to be reimbursed. Billing will be made when the final report is issued. We estimate the cost of performing these procedures on your behalf to range between $4,000 and $6,000. You agree that any dispute regarding this engagement will, prior to resorting to litigation, be submitted to mediation upon written request by either party. Both parties agree to try in good faith to settle the dispute in mediation. The American Arbitration Association will administer any such mediation in accordance with its Commercial Mediation Rules. The results of the mediation proceeding shall be binding only if each of us agrees to be bound. We will share any costs of mediation proceedings equally.