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LA PORTE REDEVELOPMENT AUTHORITY
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />SEPTEMBER 30, 2015
<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 CrossingJ and,
<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.
<br />Port Crossing Land, LP's reimbursable expenditures totaled $12,096 4
<br />May 27, 2009. In the current fiscal year, the Developer was reimburse
<br />reimbursements in the amount of $7,485,154 have been made tgll ore"
<br />incremental tax value gained. Interest was recalculated, and payments;
<br />first, then principal. The amount due Port Crossing, LP as of Septmbe
<br />as follows:
<br />Principal - -1Interest
<br />Balance Due Developer at 9/30/2013 $ 8,302,658- $' 50,271
<br />Fiscal Year 2014 Interest (Adjusted) > 263,469
<br />Fiscal Year 2014 Payment (807,517) ;y (268,358)
<br />Balance Due Developer at 9/30/2014 $ °` �7,495,1.41 $ 45,382
<br />Fiscal Year 2015 Interest i4 ._ ;y' 237,280
<br />Fiscal Year 2015 Payment 901-564) (246,262)
<br />6.593.577 $ 36,400
<br />Balance Due Developer at 9/30/20154
<br />r�<including interest at
<br />$'11,147,826. To date,
<br />:tossing Land, LP for
<br />ere applied to interest
<br />30, 2015 is calculated
<br />Tntal Drip
<br />$ 8,352,929
<br />263,469
<br />(1,075,875)
<br />$ 7,540,523
<br />237,280
<br />(1,147,826)
<br />6.629.977
<br />Retreat at Bay Forest, LP?s reimbursable expenditures totaled $224,670, including interest of
<br />$36,885 for the pilot channel!:,zind excavation costs as of November 20, 2013. No additional
<br />interest will be duefunder the agreement. During the current fiscal year, a reimbursement of
<br />$17,795 was applied it ,principal. The amount due as of September 30, 2015 is calculated as
<br />follows:
<br />Principal Interest Total Due
<br />i,
<br />Balance'Due`Developer at 11/20/13 $ 187,785 $ 36,885 $ 224,670
<br />Fiscal Year`20.14 Payment (13,115) (36,885) (50,000)
<br />Balance Due Developer at 9/30/2014 $ 174,670 $ 0 $ 174,670
<br />Fiscal Year 2015 Payment (17,795) (17,795)
<br />Balance Due Developer at 9/30/2015 $ 156,875 0 $ 156.875
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