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uraft - Subject to change <br />1MIcCA.LL GIBSONSWEDLUND BARFOOTPLLC <br />Certified Public Accountants <br />13100 Wortham Center Drive <br />State 235 <br />Houston, Texas 77065-5620 <br />I11 Congress Avenue <br />(713) 462-0341 <br />suite 400 <br />Ausfin, Texas 78701 <br />Fax (713) 462-2708 <br />(522) 610-2209 <br />E-Mail: <br />zvurtu.m sbpllcxWn <br />April 24, 2014 <br />Board of Directors <br />La Porte Redevelopment Authority <br />City of La Porte, Texas <br />Harris County, Texas <br />Independent Accountant's Report <br />on A 1 in Agreed <br />on Procedures <br />We have performed the procedures enumerated below, which were agreed to by the Board of <br />Directors of the La Porte Redevelopment Authority (the "Authority"), solely to assist you with <br />respect to construction advance costs to be paid by the City of La Porte, Texas, Tax increment <br />Reinvestment Zone No. i to Malladi S. Reddy and Port Crossing Land, LP (the "Developers") as <br />set forth in the accompanying schedule. The below listed procedures were performed solely to <br />assist you in determining the amount to be reimbursed to the Developers. <br />This agreed -upon procedures engagement was conducted in accordance with attestation <br />standards established by the American Institute of Certified Public Accountants. The sufficiency <br />of the procedures is solely the responsibility of the Board of Directors of the Authority. <br />Consequently, we make no representation regarding the sufficiency of the procedures either for <br />the purpose for which this report has been requested or for any other purpose. The procedures <br />performed are summarized as follows: <br />A. We reviewed certain schedules and supporting invoices submitted by the Developers in <br />substantiation of the costs to be reimbursed. Our review included all documentation of <br />the advance and proof of payment for which reimbursement is requested. In addition, <br />we reviewed the agreements relative to the reimbursement request. Agreements <br />reviewed are referenced in our report. <br />B. We calculated the Developer interest based upon the terms of the Reinvestment Zone <br />Number One, City of La Porte, Texas (the "Zone") agreement with the Developers for <br />interest in accordance with their respective agreements. <br />Member of <br />American Institute of Cert f ed Public Accountants <br />Texas Society of Certified Public Accountants <br />