01-22-14 LPRDA/TIRZ - Laserfiche WebLink

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f' -r f . t~ it max, f�. _ti 6 >< F .._ h .tr' s LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 4. DUE TO DEVELOPERS (Continued) In addition, two Developers have signed Development Agreements but have not submitted costs for reimbursement of their projects. Estimated costs, based on their agreements, are as follows: 65 La Porte, Ltd. $ 7,103,500 Retreat at Bay Forest LP $ 164,500 Subsequent to year end, Retreat at Bay Forest, LP submitted documentation for their reimbursements. Under the agreements, the amounts shown are not payable debts if the tracts do not generate tax increment sufficient to pay the accrued amounts. NOTE 5. TAX INCREMENTS The City has agreed to deposit their tax increments into the Tax Increment Fund established for the Zone_ The amount of a Participant's tax increment for a year is the amount of property taxes levied and collected by the Participant for that year on the Captured Appraised Value of real property taxable by the Participant and located in the Zone. The Captured Appraised Value of real property taxable by a Participant for a year is the total appraised value of all real property taxable by the Participant and Iocated in the Zone for that year less the Tax Increment Base, which is the total appraised value of all real property taxable by the Participant and located in the Zone on January 1 of the year in which the Zone was designated as such under the Tax Increment Financing Act (the "TIF Act"). In the event property is annexed into the Zone by ordinance of the City, the Tax Increment Base for annexed property is the value of all real property taxable by a Participant and located in the annexed area on January 1 of the year of annexation. No Participant is required to deposit tax increments derived from property annexed into the Zone unless the Participant has agreed to do so. Each participant is required to collect taxes on property located with the Zone in the same manner as other taxes are collected. The Participant is required to pay into the tax increment fund the collected tax increments by the first day of each calendar quarter or pursuant to the terms of the participation set forth in their respective interlocal agreements_ NOTE 6. CITY OF LA PORTE TAX INCREMENTS The City and the Zone have established the Tax Increment Fund, a separate fund in the City Treasury into which tax increments will be deposited. During the current fiscal year, tax increments of $557,872 were recorded from the City of La Porte, and $461,057 from the school district based on collected taxes. SM