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Draft - Subject to change La Porte Redevelopment Authority April 24, 2014 Page 2 C. We prepared schedules that computed interest in accordance with the terms of the Development Agreement, and limited interest where appropriate. D. We prepared a reimbursement report for the benefit of the City, including the accountant's report and schedule of amounts reimbursable to the Developer B. We were available to attend a meeting to present the report, and to answer questions relating to the report. The attached Schedule A titled "Schedule of Construction Advance Reimbursable to Malladi S. Reddy (Developer)", sets forth the reimbursable costs. This reimbursement is in accordance with the terms and conditions of the Development Agreement by and among the Reinvestment Zone Number One, City of La Porte, Texas, La Porte Redevelopment Authority and 65 La Porte, Ltd. dated August 26, 2004. The advance was made in accordance with a Public Right Of Way Improvement and Funding Agreement dated December 17, 2008 by and among Port Crossing Land, LP, 65 La Porte, Ltd. the La Porte Tax Increment Reinvestment Zone No. I and the La Porte Redevelopment Authority. Dr. Reddy made the advance on behalf of 65 La Porte, Ltd. The Developer originally submitted an advance to the City for $200,000, not including interest. We have revised the reimbursable amount to $232,500, including interest of $32,500 calculated through January 12, 2014, the five year limit in accordance with the agreement. The following changes were made to the original schedule: A. We calculated interest at the prime commercial lending rate of J. P. Morgan Chase Bank, and limited interest to five years in accordance with the Development Agreement through January 12, 2014. No additional interest will be due under the agreement. The calculation resulted in an increase of $32,500. The attached Schedule B titled "Schedule of Construction Advance Reimbursable to Port Crossing Land, LP (Developer)", sets forth the reimbursable costs. This reimbursement is in accordance with the terms and conditions of the Development Agreement by and among the Reinvestment Zone Number One, City of La Porte, Texas, La Porte Redevelopment Authority and Port Crossing Land dated May 24, 2006. The advance was made in accordance with a Public Right Of Way Improvement and Funding Agreement dated December 17, 2008 by and among Port Crossing Land, LP, 65 LaPorte, Ltd. the La Porte Tax Increment Reinvestment Zone No. 1 and the La Porte Redevelopment Authority.