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LA PORTE REDEVELOPMENT AUTHORITY
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />SEPTEMBER 30, 2014
<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 CM'8szng,Land,
<br />LP; 65 La Porte, Ltd.; and Retreat at Bay Forest, LP. Port Crossing Land, LP hgs `0orri1),oted the
<br />public improvements detailed in the agreement with the Authority.
<br />Port Crossing Land, LP's reimbursable expenditures totaled $12,096,48& including interest at
<br />May 27, 2009. In the current fiscal year, the Developer was reimb rse�d $4,075.875. To date,
<br />reimbursements in the amount of $6,337,328 have been made t Qr sing Land, LP for
<br />incremental tax value gained. Interest was recalculated, and p; nts ere applied to interest
<br />first, then principal. The amount due Port Crossing, LP as of September 30, 2014 is calculated
<br />as follows:
<br />�.
<br />Principal -Interest Total Due
<br />�
<br />Balance Due Developer at 9/30/2012 $ 8,855,5,41yK-- , 25,233 $ 8,880,774
<br />Fiscal Year 2013 Interest
<br />Fiscal Year 2013 Payment
<br />Balance Due Developer at 9/30/2013
<br />Fiscal Year 2014 Interest (Adjusted)
<br />Fiscal Year 2014 Payment
<br />Balance Due Developer at 9/30/2014
<br />Retreat at Bay Forest,
<br />$36,885 for the pilot
<br />interest will be dub it
<br />$50,000 was appl�ed;to
<br />calculated asJollo rs:
<br />283,652 283,652
<br />s ;67�) Y"' (258,630) 934 355
<br />$ 8,119..,81.5 $ 50,255 8 23Q 071
<br />r,Ar 386,327 386,327
<br />(268,358) 807 5IJ7 1 075 875
<br />7.91 L458 37Q.935 23
<br />s seilursable expenditures totaled $224,670, including interest of
<br />neJAn.d excavation costs as of November 20, 2013. No additional
<br />the agreement. During the current fiscal year, a reimbursement of
<br />rest first, then principal. The amount due as of September 30, 2014 is
<br />Principal Interest Total Due
<br />i3eveloper at 11/20/13 $ 187,785 $ 36,885 $ 224,670
<br />614 Payment d.13.1;:5' (36,885) (50,000)
<br />Developer at 9/30/2014 $ 174.67 =--- 0 $ 174.670
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