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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 />Principal Interest , To[ahDue <br />Balance Due Developer at 9/30/2010 10 458,182 $ 79,15T5" ,:-a_ `�;,$10,537.335 <br />Fiscal Year 2011 Interest $ $ 334230^ $ 334,230 <br />Fiscal Year 2011 Payment (825,821) (379 933�`� 1 20S 754 <br />Balance Due Developer at 9/3012011 $ 9,632,361 $" 33 450 $ 9,665,811 <br />-A,:. <br />Fiscal Year 2012 Interest `c3I0,838 310,938 <br />Fiscal Year 2012 Payment {776.8201; _ (319,055) 1 Os , 95,875 <br />Balance Due Developer at 9/30/2012 $ 8.855.54] ":.._~~`'Y$ 25.233 8 8 D U <br />In addition, two Developers have signed Deve1apinent Agreements, but have not submitted costs <br />for reimbursement of their projects. Estimat4,,, fits, based on their agreements, are as follows: <br />;. <br />65 LaPorte, Ltd. $ 7,103,500 <br />Retreat at Bay ForesttLP:^ `= $ 164,500 <br />Under the agreements, the ,amounts, shown are not payable debts if the tracts do not generate tax <br />increment sufficient to pay<the- accrued amounts. <br />' <br />NOTE 5. TAX; INCREMENTS <br />.=f <br />The City has agreed,t6'deposit their tax increments into the Tax Increment Fund established for <br />the Zone. <br />The :anoiint 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 property 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 />-18- <br />