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LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 7. HARRIS COUNTY TAX INCREMENTS The Commissioners Court of Harris County (the "County") approved an agreement to participate in the Zone. The amount of participation from years 2001 through 2029 will be 75% of the tax increment attributed to the capture appraised value. Harris. County's participation and use of fund is limited to projects described in the agreement. During the current fiscal year, tax increments of $203,468 were collected from the County. NOTE S. DUE TO CITY OF LA PORTE, TEXAS The Authority entered into a Reimbursement Agreement with the City of La Porte. The City financed capital improvements on behalf of the Authority. The agreement states that the City will be repaid from available funds subject to certain conditions. Interest accrues at a rate of the Prime Commercial Lending rate of Chase Manhattan Bank, N.A. or its successors, plus one percent per annum, compounded semi-annually, on the unpaid balance. Prior payments were applied to accrued interest. As of September 30, 2013, the Authority has recorded a due to the City of $662,000 plus interest calculated at $194,910. Accrued interest on this obligation in the current fiscal year is $37,399, with a payment of $130,500 applied to the outstanding balance. NOTE 9. DUE TO HARRIS COUNTY, TEXAS In accordance with a Development agreement dated December 14, 2010, Harris County, Texas advanced funds in the amount of $600,000 for the Sylvan Beach Restoration Project. The Authority agreed to reimburse the advances plus interest from available tax increment, subject to certain priorities established in the agreement. The project was undertaken by the City of La Porte through a cooperative agreement with the Texas General Land Office, where the state granted funds provided an equal amount of local match was raised to fund the project. Interest accrues at the prime rate of JP Morgan Chase plus 1 %, compounded semi-annually. The. total interest to date is calculated as of September 30, 2013 at $98,1 S4, and payment of $166,594 was applied, bringing the total amount due to $531,590. The following is a summary of transactions for the Sylvan Beach Restoration Project: Total Due '.Total Due October 1, 2012 Payment Interest September 30, 2013 Sylvan Beach Restoration Project $ 673� $�5 44) $ 24,a _.,__._.55 I.59D Future payments will be based on available tax increments. -20-