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LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 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. �A\ During the current fiscal year, tax increments of $279,344 were collected from the Gouri f4: NOTE 8. DUE TO CITY OF LA PORTE, TEXAS, The Authority entered into a Reimbursement Agreement with the City off al", The City financed capital improvements on behalf of the Authority. The,agreemenr states that the City will be repaid from available funds subject to certain conditions.;_ Interesytraccrues at a rate of the Prime Commercial Lending rate of Chase Manhattan Bank, M'A. or its successors, plus one percent per annum, compounded semi-annually, on the unpaid balance. Prior payments were applied to accrued interest and principal. ` As of September 30, 2015, the Authority has recorded a dfWto the City of $538,735 plus interest a -;, calculated at $4,015. Accrued interest on thisobligation in the current fiscal year is $30,974, with a payment of $250,000 applied to the outstandirigbalance. NOTE 9. DUE TO HARRIS COUNTY; TEXAS In accordance with a Developirient °agreement dated December 14, 2010, Harris County, Texas advanced funds in the amount of, V600,000 for the Sylvan Beach Restoration Project. The Authority agreed to reimburse.Ae 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 prbyded ari equal amount of local match was raised to fund the project. During the cur;ent�scal year, the amount due to Harris County for the Sylvan Beach Restoration Project: was paid m full. Interest accrued at the prime rate of JP Morgan Chase plus 1%, compounded -semi-annually. Two payments totaling $433,199 were applied. The `following is a summary of transactions for the Sylvan Beach Restoration Project: Total Due Total Due October 1, 2014 Payment Interest September 30, 2015 Sylvan Beach Restoration Project 422.241 433,192 $ 10,958 $ -0- -20-