01-20-16 LPRDA/TIRZ - Laserfiche WebLink

Browse Search

a • LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 • NOTE 4. DUE TO DEVELOPERS (Continued) In addition, two Developers have signed Development Agreements but have not submitted costs as for reimbursement of their projects. Estimated costs, based on the agreement, are as follows: 65 LaPorte, Ltd. $ 7,103,500 Beazer Homes Texas LP $ 2,097,297 �r~� Under the agreements, the amount shown is not a payable debt if the tracts do not,generate.tax increment sufficient to pay the accrued amount. 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 Participants 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. Tlie 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 located 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 r 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 l<area on January 1 of the year of annexation. No r 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`io collect taxes on property located with the Zone in the same • manner as other taxes are.-collecW. 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 Treast>ry into which tax increments will be deposited. During le, current fiscal year, tax increments of $830,436 were recorded from the City of La Porte, and $738,914 from the school district based on collected taxes. a me r-1 -19-