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

Browse Search

LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2014 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 fiend is limited to projects described in the agreement. s, During the current fiscal year, tax increments of $295,350 were collected from the Cduntt- . � r NOTE 8. DUE TO CITY OF LA PORTE, TEXAS The Authority entered into a Reimbursement Agreement with the City )Ma "Porte. The City financed capital improvements on behalf of the Authority. They; .,:A, eeme�V§tates that the City will be repaid from available funds subject to certain. conditions, Inter", accrues at a rate of the Prime Commercial Lending rate of Chase Manhattan Banlc, 1Vo its successors, plus one percent per annum compounded semi -annuals on the a �1 balance. Prior payments were P P P Y� PPY applied to accrued interest. ., 5a As of September 30, 2014, the Authority has recorded a due"to the City of $662,000 plus interest calculated at $100,182. Accrued interest on thiC o-Zligation in the current fiscal year is $35,772, with a payment of $130,500 applied to the o utstanding balance. y' NOTE 9. DUE TO HARRTS4TJN`IY; TEXAS In accordance with a Developiftont_".. eement dated December 14, 2010, Harris County, Texas advanced £ands in the a o a`qt of� 00,000 for the Sylvan Beach Restoration Project. The Authority agreed to reiM6.urse�t -e advances plus interest from available tax increment, subject to certain priorities established iA the agreement. The project was undertaken by the City of La Porte through a c�aoperative$agreement with the Texas General Land Office, where the state granted funds prov 4ed 4n equal au -punt of local match was raised to fund the project. Interest accrttes'aMA Se prime rate of JP Morgan Chase plus 1%, compounded semi-annually. The total it f A to date is calculated as of September 30, 2014 at $119,335, and payment of $13,0 S,QN*a'applied, bringing Mzl,- total a ount due to $422,241. 4. The'i=ollowing is a summary of transactions for the Sylvan Beach Restoration Project: ,.' :=.3 Due Total Due cxw°�r 1, `?D13 Payment Interest �September 30,2014 Sylvan Beach Restoration Project ( 500 _$_ 2I 151 24 As ,.i goo Future pay ^:: s:5 will be based { 3L