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<br />LA PORTE REDEVELOPMENT AUTHORITY
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />SEPTEMBER 30, 2013
<br />NOTE 3. DEPOSITS AND INVESTMENTS (Continued)
<br />Investments (Continued)
<br />States, (5) certain A rated or higher obligations of states, agencies, counties, cities, and other
<br />political subdivisions of any state, (6) bonds insured, assumed or guaranteed by the State of
<br />Israel, (7) insured or collateralized certificates of deposit, (8) certain fully collateralized
<br />repurchase agreements secured by delivery, (9) certain bankers' acceptances with limitations,
<br />(10) commercial paper rated A-1 or P-1 or higher and a maturity of 270 days or less, (11) no-
<br />load money market mutual funds and no-load mutual funds with limitations, (12) certain
<br />guaranteed investment contracts (13) certain qualified governmental investment pools and (14) a
<br />qualified securities lending program.
<br />At September 30, 2013, the Authority held no investments.
<br />NOTE 4. DUE TO DEVELOPERS
<br />The Redevelopment Authority is a party to several agreements with Developers who own
<br />property in the La Porte Tax Increment Reinvestment Zone No. 1. The Authority is obligated to
<br />repay the Developers for public improvements made on the property up to the amount of
<br />incremental tax value gained.
<br />The Authority has entered into agreements with the following Developers: Port Crossing Land,
<br />LP; 65 La Porte, Ltd.; and Retreat at Bay Forest, LP. Port Crossing Land, LP has completed the
<br />public improvements detailed in the agreement with the Authority. Port Crossing Land, LP's
<br />reimbursable expenditures totaled $12,096,488 including interest at May 27, 2009. In the current
<br />fiscal year, the Developer was reimbursed $934,355. To date, reimbursements in the amount of
<br />$5,261,453 have been made to Port Crossing Land, LP for incremental tax value gained.
<br />Payments were applied to interest first, then principal. The amount due Port Crossing, LP as of
<br />September 30, 2013 is calculated as follows:
<br />Principal
<br />Interest
<br />Total Due
<br />Balance Due Developer at 9/30/2011
<br />$ 9,632,361
<br />$ 33,450
<br />$ 9,665,811
<br />Fiscal Year 2012Interest
<br />310,838
<br />310,838
<br />Fiscal Year 2012 Payment
<br />(776,820}
<br />_ (319.055)
<br />0M5,875)
<br />Balance Due Developer at 9/30/2012
<br />$ 9,855,541
<br />$ 25,233
<br />$ 8,880,774
<br />Fiscal Year 2013 Interest
<br />283,652
<br />283,652
<br />Fiscal Year 2013 Payment
<br />(675,725)
<br />(258,630)
<br />(934,355)
<br />Balance Due Developer at 9/30/2013
<br />$_ 79.816
<br />$ 8.230.071
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