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<br />La Porte Redevelopment Authority <br /> <br />May 27, 2009 <br />Page 3 <br /> <br />C. We deducted $957.00 for sales taxes on costs for landscaping for the Port <br />Crossing Site. The Authority is not subject to paying sales taxes. <br /> <br />D. We deducted $42.49 for sales tax for engineering fees for general consultation. <br />The Autliority is not subject to paying sales taxes. <br /> <br />E. We deducted $4,680.00 for a correction to an engineering invoice for Port <br />Crossing Drainage Study Amendment. In addition, we deducted $9,700.00 <br />for a correction to an engineering invoice for Port Crossing Overall Fill - <br />Stockpile Plan. <br /> <br />According to the Public Improvement Development Agreement, the Developer is to be paid <br />interest on the reimbursable amount at the prime commercial lending rate of J. P. Morgan <br />Chase Bank per annum. The following details the interest rates used for the periods <br />included: <br /> <br /> Prime <br />Dates Rate <br />December 13, 2005 to January 30,2006 7.25% <br />January 31, 2006 to March 27, 2006 7.50% <br />March 28, 2006 to May 9, 2006 7.75% <br />May 10,2006 to June 28, 2006 8.00% <br />June 29,2006 to September 17,2007 8.25% <br />September 18,2007 to October 30, 2007 7.75% <br />October 31, 2007 to December 10, 2007 7.50% <br />December 11, 2007 to January 21,2008 7.25% <br />January 22,2008 to January 29,2008 6.50% <br />January 30,2008 to March 17,2008 6.00% <br />March 18, 2008 to April 29, 2008 5.25% <br />April 30, 2008 to October 7, 2008 5.00% <br />October 8, 2008 to October 28, 2008 4.50% <br />October 29,2008 to December 15,2008 4.00% <br />December 16, 2008 to May 27,2009* 3.25% <br /> <br />* Assumes no change in prime rate, '-'.~. r C~ <br />UKAr I <br />SUBJECT TO cHmGE <br />