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LA PORTE REDEVELOPMENT AUTHORITY
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />SEPTEMBER 30, 2019
<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 Cross -
<br />LP; 65 La Porte, Ltd.; Retreat at Bay Forest, LP, Beazer Homes Texas LP and Senior,, As sates.
<br />Port Crossing Land, LP has completed the public improvements detailed in the ghee"- _e with
<br />� ,
<br />the Authority, and assigned their receivable amount to Liberty Property Limit6d'Partnm ership in
<br />2015.E .
<br />Port Crossing/Liberty's reimbursable expenditures totaled $12,096,48 inlu ling interest at May
<br />27, 2009, with Liberty's reimbursable amount of $1,195,733 added in 2! r8. During the current
<br />fiscal year, a reimbursement of $1,749,284 was applied to principA To date, reimbursements in
<br />the amount of $13,972,359 have been made to Port Crossigg�Ljberty for incremental tax value
<br />gained, with $1,169,012 payable at year end. Interest wasplculjAted, and payments were applied
<br />to interest first, then principal. No additional interestvll nbe due under the agreement. The
<br />amount due Liberty Property Limited Partnership Jas of September 30, 2019, is calculated as
<br />follows: a
<br />Principal-',, Interest Total Due
<br />Balance Due Developer at 9/30/2017
<br />$ ' 4, e(, 27/ $
<br />$ 4,318,827
<br />Add: Liberty AUP 11/8/17
<br />1;,1.45,873 49,860
<br />1,195,733
<br />Fiscal Year 2018 Interest
<br />48,150
<br />48,150
<br />Fiscal Year 2018 Payment
<br />_ 1957.711j _
<br />1.951.7
<br />Balance Due Developer at 9/30/2%-S—
<br />i
<br />S w, 3„506„989 98,010
<br />S , 3,6 44.999
<br />Fiscal Year 2019 Payment
<br />$ (1,749,284) $ (98,010)
<br />$(1,847,294)
<br />Payable after year End 2019 - Estimated
<br />1 169w012
<br />1 169,0„1,2i
<br />Balance Due Develpgr at 9/%/2019
<br />.._ _ 588 693 , ,,, Q-
<br />$ 588,693,
<br />Retreat at Ba � Forest, LP's reimbursable expenditures totaled $224,670, including interest of
<br />$36,885 for t� iloh channel and excavation costs at November 20, 2013.
<br />No additional interest
<br />will be dieunder the agreement.
<br />During the current fiscal year, a reimbursement
<br />of $27,745
<br />was app4 edlho principal, with $24,682 payable at year end. The amount due as of September 30,
<br />is 0alculated as follows:
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