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LA PORTE REDEVELOPMENT AUTHORITY <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />SEPTEMBER 30, 2012 <br />NOTE 4. DUE TO DEVELOPERS (Continued) <br />fiscal year, the Developer was reimbursed $1,095,875. To date, reimbursements in the amount <br />of $4,327,098 have been made to Port Crossing Land, LP for incremental tax value gained. <br />Payments were applied to interest first, then. principal. The amount due Port Crossing, LP as of <br />September 30, 2012 is calculated as follows: <br />Balance Due Developer at 9/3012010 <br />Fiscal Year 2011 Interest <br />Fiscal Year 2011 Payment <br />Balance Due Developer at 9/30/2011 <br />Fiscal Year 2012 Interest <br />Fiscal Year 2012 Payment <br />Balance Due Developer at 9/30/2012 <br />Principal <br />Interest <br />Total Due <br />$ 10,459,182 <br />$ 79,153 <br />$10 5�35 <br />$ <br />$ 334,230 <br />$ 334,230 <br />f825,821) <br />f379.933) <br />(1,205,754) <br />$ 9,632,361 <br />$ 33,450 <br />$ 9,665,811 <br />310,838 <br />310,838 <br />(776,820) <br />319 055 <br />(L095,875? <br />$--8.855,5 <br />$ 25,233 <br />8 <br />The amount shown is not a payable debt if the tract does not generate tax increment sufficient to <br />pay the accrued amount. <br />Certain other Developers have completed improvements detailed in the agreement with the <br />Authority; however, the Developers have not applied for reimbursement because there has been <br />insufficient incremental tax value gained.. <br />NOTE 5. TAX INCREMENTS <br />The City has agreed to deposit their tax increments into the Tax Increment Fund established for <br />the Zone. <br />The amount of a Participant's tax increment for a year is the amount of property taxes levied and <br />collected by the Participant for that year on the Captured Appraised Value of real property <br />taxable by the Participant and located in the Zone. The Captured Appraised Value of real <br />property taxable by a Participant for a year is the total appraised value of all real properly taxable <br />by the Participant and located in the Zone for that year less the Tax Increment Base, which is the <br />total appraised value of all real property taxable by the Participant and located in the Zone on <br />January 1 of the year in which the Zone was designated as such under the Tax Increment <br />Financing Act (the "TIF Act"). In the event property is annexed into the Zone by ordinance of <br />the City, the Tax Increment Base for annexed property is the value of all real property taxable by <br />a Participant and located in the annexed area on January 1 of the year of annexation, No <br />-Is- <br />