12-10-14 Meeting of the La Porte Redevelopment Authority minutes

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LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2014 NOTE 4. DUE TO DEVELOPERS (Continued) In addition, two Developers have signed Development Agreements but have not submitted costs 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 Under the agreements, the amount shown is not a payable debt if the tracts do notgen°ikite tax increment sufficient to pay the accrued amount. �; NOTE 5. TAX INCREMENTS The City has agreed to deposit their tax increments into the Tax IncrernenFun�d established for the Zone. - Pry Via,. The amount of a Participant's tax increment for a year is the aznc ant oft property taxes levied and collected by the Participant for that year on the Captured_: pra s'ed Value of real property taxable by the Participant and located in the Zone. �Tl%e Captured Appraised Value of real property taxable by a Participant for a year is the totaliappra-�e& alue 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 taxabj&,,by the Participant and located in the Zone on January 1 of the year in which the Zone %v as des}gnated as such under the Tax Increment Financing Act (the "TIF Act"). In the event,property is annexed into the Zone by ordinance of the City, the Tax Increment Base for axed'-'ro}erty is the value of all real property taxable by ,p ,,p a Participant and located in the anrie' urea on January 1 of the year of annexation. No Participant is required to deposit..,* in hements derived from property annexed into the Zone unless the Participant has agreedrQ-1 .?> so. Each participant is required`�.`to collect taxes on property located with the Zone in the same manner as other taxes afb-u .ollecled. 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 participati'q� set forth in their respective interlocal agreements. NOTE 6. '`!0TV0F LA PORTE TAX INCREMENTS The City -land the Zone have established the Tax Increment Fund, a separate fund in the City Treas y r '--which tax increments will be deposited. r. Dur hg,the current fiscal year, tax incz° -ments of $795,627 were recorded from the City of La Porte, and $607,293 from the schoo distneg based on collected taxes. -19-