02-11-09 Meeting of the La Porte Redevelopment Authority Minutes

Browse Search

- La Porte Redevelopment Authority uRAF-r SUBJECT TO CHANGE c. We verified the mathematical accuracy of the engineering invoices greater than $5,000.00. We tested the completeness of the engineering invoices based upon the total engineering invoices billed. May 27,2009 Page 2 - D. We reviewed the computation of certain costs to gain assurances that the amounts required to be paid 100% by the Developer, in accordance with the Public Improvement Development Agreement, are deleted from the amounts to be reim- bursed. E. For construction contracts, we footed the final pay estimates and calculated extensions for any line item greater than $5,000.00. F. We obtained verbal confirmation from W.T. Byler and Palcon Construction and - Design that the construction contracts have been paid in full and that there are no additional claims against the La Porte Zone or Developer. Additionally, we obtained verbal confirmation from Angel Brothers Enterprises, Ltd. that costs paid - to date by the Developer - for the Port Crossing - Infrastructure Development Project totaled $6,616,616.10, however, we also confirmed that retainage is still outstanding. We were unable to contact HLS Enterprises of Texas, Inc. and J. J. & - R. Electric, Inc. G. We prepared a reimbursement report for the benefit of the Reinvestment Zone including the accountant's report and schedule of amounts reimbursable to the Developer and have compared the amounts in the operating and capital improvement budgets with the actual reimbursable costs to complete the projects. _ H. We attended a meeting to present the report, and were available to answer questions relating to the report. _ The attached Schedule A titled "Schedule of Construction, Engineering and Related Costs Reimbursable to Port Crossing Land, LP (Developer)", sets forth their 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, LP dated May 24, 2006. _ Port Crossing Land, LP originally submitted schedules and invoices totaling $10,776,539.64. We have revised the reimbursable amount to $12,096,487.64 including interest calculated _ through May 27,2009. The following changes were made to the original schedule: A. We calculated interest through May 27,2009 at the prime commercial lending rate of J. P. Morgan Chase Bank. That resulted in an increase of $1,360,327.49. B. We deducted $25,000.00 for construction costs for Port Crossing Infrastructure' Development for pay estimate number fourteen, which has not been paid by the Developer. -