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01-22-14 LPRDA/TIRZ
NOTICE OF MEETING OF LA PORTE REDEVELOPMENT AUTHORITY Notice is hereby given of the meeting of the La Porte Redevelopment Authority to be held Wednesday, January 22, 2014 at 6:30 p.m. in the Council Chambers of City Hall, 604 West Fairmont Parkway, La Porte, Texas, for the purpose of considering the following agenda items: 1. Call to order — Lindsey Pfeiffer, President; 2. Consider approval of the minutes of Board of Directors meeting held on September 18, 2013; 3. Consider FY 2013 Annual Audit; 4. Consider approval or other action with regard to authority invoices; 5. Receive updates from the city, developers and staff with regard to development within the Zone; 6. Board member comments; a. Matters appearing on agenda; b. Inquiry of staff regarding specific factual information or existing policy 7. Adjournment. In compliance with the American Disabilities Act, the City of La Porte City will provide for reasonable accommodations for persons attending public meetings. To better serve attendees, requests should be received 24 hours prior to the meetings. Please contact Patrice Fogarty, City Secretary, at 281-470-5019 or TDD 281-471-5030. A possible quorum of city council members may be present at this meeting and participate in discussions but will take no action. David W. Hawes Executive Director NOTICE OF MEETING OF LA PORTE TAX INCREMENT REINVESTMENT ZONE Notice is hereby given of the meeting of the La Porte Tax Increment Reinvestment Zone to be held Wednesday, January 22, 2014 at 6:30 p.m. in the Council Chambers of City Hall, 604 West Fairmont Parkway, La Porte, Texas, for the purpose of considering the following agenda items: 1. Call to order — Lindsay Pfeiffer, President 2. Consider approval of the minutes of Board of Directors meeting held on September 18, 2013; 3. Consent agenda — any item may be removed by a board member for discussion • Entertain motion and a second to approve the TIRZ items in the same form and manner as was approved in the previous Redevelopment Authority meeting — Lindsey Pfeiffer, Chairperson a. Consider FY 2013 Annual Audit; b. Consider approval or other action with regard to authority invoices; c. Receive updates from the city, developers and staff with regard to development within the Zone; d. Board member comments with regard to matters appearing on agenda and inquiry of staff regarding specific factual information or existing policy; e. Adjournment. In compliance with the American Disabilities Act, the City of La Porte City will provide for reasonable accommodations for persons attending public meetings. To better serve attendees, requests should be received 24 hours prior to the meetings. Please contact Patrice Fogarty, City secretary, at 281-470-5019 or TDD 281-471-5030. A possible quorum of city council members may be present at this meeting and participate in discussions but will take no action. David W. Hawes Executive Director -- 6) L-- -aS Agendas and A_e d. Materials : Boards \Directors Meetings - the . | a Porte ■$§. Redevelopment :de®. $ # : Authority � ■\$^:< �@\ NOTICE OF MEETING OF LA PORTE REDEVELOPMENT AUTHORITY Notice is hereby given of the meeting of the La Porte Redevelopment Authority to be held Wednesday, January 22, 2014 at 6:30 p.m. in the Council Chambers of City Hall, 604 West Fairmont Parkway, La Porte, Texas, for the purpose of considering the following agenda items: 1. Call to order — Lindsey Pfeiffer, President; 2. Consider approval of the minutes of Board of Directors meeting held on September 18, 2013; 3. Consider FY 2013 Annual Audit; 4. Consider approval or other action with regard to authority invoices; 5. Receive updates from the city, developers and staff with regard to development within the Zone; 6. Board member comments; a. Matters appearing on agenda; b. Inquiry of staff regarding specific factual information or existing policy 7. Adjournment. In compliance with the American Disabilities Act, the City of La Porte City will provide for reasonable accommodations for persons attending public meetings. To better serve attendees, requests should be received 24 hours prior to the meetings. Please contact Patrice Fogarty, City Secretary, at 281-470-5019 or TDD 281-471-5030. A possible quorum of city council members may be present at this meeting and participate in discussions but will take no action. David W. Hawes Executive Director LA PORTE RE1 EvELgPME T AuTta owy, CITY OF LA P L2TE, TEXAS AGENDA MEMORANDUM TO: La Porte Redevelopment Authority hoard of Directors FROM: Executive Director SUBJECT: CT: Agendas Item Materials 2.. Consider approval of the minutes of Board of Directors meeting held on September 18, 2013 La Porte Redevelopment Authority City of LaPorte, Texas Minutes of the Board Meeting September 18, 2013 1. Call to order — Lindsey Pfeiffer, Chair; The Board of Directors of the La Porte Redevelopment Authority, City of La Porte, Texas, held a regular meeting, open to the public, on Wednesday, the 1 Sth day of September, 2013 at 6:30 p.m. The meeting was called to order by Chair Lindsey Pfeiffer at 6:31 p.m. in the City Council Chambers of the City Council Conference Room, 604 West Fairmont Parkway, La Porte, Texas; and the roll was called of the duly appointed members of the Board, to wit: Peggy Antone Position 1 - Secretary Dave Turnquist Position 2 Alton Porter Position 3 Horace Leopard Position 4 Doug Martin Position 5 — Vice Chair JJ Meza Position 6 Lloyd Graham Position 7 Chester Pool Position 8 Lindsey Pfeiffer Position 9 - Chair and all of the above were present, thus constituting a quorum. Also present at the meeting were David Hawes, Hawes Hill Calderon, L.LP; Scott Livingston, City of LaPorte Economic Development; Tim Tiet ens, City of LaPorte Planning Department; and Ken Schick, for Beazer Homes. 2. Consider approval of the minutes of Board of Directors Meeting held on August 21, 2013; Upon a motion duly made by Director Porter and being seconded by Director Tumquist, the Board considered approval of the minutes of the August 21, 2013 Board meeting. The motion to approve the minutes passed. Director Graham abstained. 3. Consider request for annexation of 33.0541 acres into the Tax Increment Reinvestment Zone and approval of Amended Project Plan and Reinvestment Zone Financing Plan; Upon a motion duly made by Director Porter and being seconded by Director Martin, the Board voted to approve the request for annexation of 33.0541 acres into the Tax Increment Reinvestment Zone and approval of the Amended Project Plan and Reinvestment Zone Financing Plan. Director Graham abstained. 4. Consider approval or other action with regard to authority invoices; Mr. Hawes presented the invoices for review. Upon a motion duly made by Director Martin, and being seconded by Director Turnquist, the Board voted to approve payment of the invoices. Director Graham abstained. 5. Receive updates from the city, developers and staff with regard to development within the Zone; The Board received updates regarding development within the Zone. No action was taken. 6. Board member comments; a) Matters appearing on agenda; b) Inquiry of staff regarding specific factual information or existing policy No action was taken. 7. Adjournment. Chair Pfeiffer adjourned the meeting at 6:49 p.m. Signed: Title: Attest: Title: Date: Date: LA PoRTE R.EDEVELopmENT AUTHCbRrry, Crry OF LA PORTE, "TEXAS AGENDA MEMORANDUM TO: La Porte Redevelopment Authority Board of Directors FROM: Executive Director SUBJECT: Agenda Item Materials 3. Consider FY 2013 Annual Audit, LA PORTE REDEVELOPMENT AUTIRORM c/o Hawes dill Calderon L,LP P.'O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 713-595-1295 LA PORTE REDEVELOPMENT AUTHORITY CITY OF LA PORTE, TEXAS ANNUAL FINANCIAL REPORT SEPTEMBER 30, 2013 McCALL GIBSON SWEDLUND BARFOOT PLLC Certified Public Accountants c LAPORTE REDEVELOPMENT AUTHORITY CITY OF LA PORTE, TEXAS ANNUAL FINANCIAL REPORT SEPTEMBER 30,2013 _„ .. 4.. ,. �. � � ,,.. .ems•^ .i.., .✓' �..✓ �� .. n. ,' 1. F; ...r �. 4„_ TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS PAGE 1-2 3-7 STATEMENT OF NET POSITION AND GOVERNMENTAL FUNDS BALANCE SHEET g RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION g STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUNDS REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES 10 RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES I 1 NOTES TO THE FINANCIAL STATEMENTS REQUIRED SUPPLEMENTARY INFORMATION 12-21 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL -GENERAL FUND 23 OTHER SUPPLEMENTARY INFORMATION BOARD MEMBERS AND ZONE ADMINISTRATOR 25 if Z. i 61L. k �iec-=" fti_ +. P ru... it �i cl,-11 1; t �1 McCALL GIBSON SWEDLUND BAR.FOOT PLLC Certified Public Accountants 13100 Worthatn Center Drive Suite 235 111 Congress Avenue Houston, Texas 77065-5610 Suite 400 (713) 462-0341 Austin, Texas 78701 Fax (713) 462-2708 (512) 610-2209 E-Mail: nuQsbG?urSsbyllc.canr tnyiu.nrssbpllc.coru INDEPENDENT AUDITOR'S REPORT Board of Directors La Porte Redevelopment Authority City of LaPorte, Texas We have audited the accompanying financial statements of the governmental activities and major fund of La Porte Redevelopment Authority (the "Authority"), a component unit of the City, of La Porte, Texas, as of and for the year ended September 30, 2013, and the related notes to the financial statements, which collectively comprise the Authority's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Authority's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Member of American Institute of Certified Public Accountants Texas Society of Certified Public Accountants Board of Directors La Porte redevelopment Authority Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and major fund of the Authority as of September 30, 2013, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. Required Supplementary Information Accounting principles generally accepted in the United States of America require that Management's Discussion and Analysis on pages 3 through 7 and Schedule of Revenue, Expenditures, and Changes in Fund Balance -- Budget and Actual — General Fund on page 23 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Authority's basic financial statements. The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The supplementary information, excluding that portion marked "Unaudited" on which we express no opinion or provide any assurance, has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial. statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. McCall Gibson Swedlund Barfoot PLLC Certified Public Accountants -9- F LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30, 2013 Management's discussion and analysis of La Porte Redevelopment Authority's (the "Authority") financial performance provides an overview of the Authority's financial activities for the fiscal year ended September 30, 2013. Please read it in conjunction with the Authority's financial statements, which begin on page 8. FINANCIAL HIGHLIGHTS • The Authority's liabilities exceeded its assets by $8,701,513 for the year ended September 30, 2013. This compares to the previous year, when liabilities exceeded assets by $9,325,403, The total net position deficit of $8,701,513 results primarily from the Authority having recorded an amount due to a Developer of $8,230,071 for the facilities the Developer constructed and conveyed to the City. The Authority anticipates that with continued development in the area tax increment revenues will be sufficient to cover operating costs, and to reimburse the Developer. The Authority's obligations to the Developer are contingent upon the availability of tax increment for such as described in Note 4. + The Authority's governmental funds reported a total ending fund balance of $917,058 this year. This compares to the prior year fund balance $1,178,981, showing a decrease of $261,923 during the current fiscal year. USING THIS ANNUAL REPORT This annual report consists of a series of financial statements. The basic financial statements include: (1) combined fund financial statements and government -wide financial statements and (2) notes to the financial statements. The combined fund financial statements and government - wide financial statements combine both: (1) the Statement of Net Position and Governmental Funds Balance Sheet and (2) the Statement of Activities and Governmental Funds Revenues, Expenditures, and Changes in Fund Balances. This report also includes other supplementary information in addition to the basic financial statements. GOVERNMENT -WIDE FINANCIAL STATEMENTS The Authority's annual report includes two financial statements combining the government - wide financial statements and the fund financial statements. The government -wide portion of these statements provides both long-term and short-term information about the Authority's overall status. Financial reporting at this level uses a perspective similar to that found in the private sector with its basis in full accrual accounting and elimination or reclassification of internal activities. -3- LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30, 2013 GOVERNMENT -WIDE FINANCIAL STATEMENTS (Continued) The first of the government -wide statements is the Statement of Net Position. This information is found in the Statement of Net Position column on page 8. The Statement of Net Position is the Authority -wide statement of its financial position presenting information that includes all of the Authority's assets and liabilities, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Authority as a whole is improving or deteriorating. Evaluation of the overall financial health of the Authority would extend to other non -financial factors. The government -wide portion of the Statement of Activities on page 10 reports how the Authority's net position changed during the current fiscal year. All current year revenues and expenses are included regardless of when cash is received or paid. FUND FINANCIAL STATEMENTS The combined statements also include fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Authority has one governmental fund type. The General Fund accounts for resources not accounted for in another fund, tax increment revenues, costs and general expenditures. Governmental funds are reported in each of the financial statements- The focus in the fund statements provides a distinctive view of the Authority's governmental funds. These statements report short-term fiscal accountability focusing on the use of spendable resources and balances of spendable resources available at the end of the year. They are useful in evaluating annual financing requirements of the Authority and the commitment of spendable resources for the near -term. Since the government -wide focus includes the long-term view, comparisons between these two perspectives may provide insight into the long-term impact of short-term financing decisions. The adjustments columns, the Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position on page 9 and the Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities on page I explain the differences between the two presentations and assist in understanding the differences between these two perspectives. -4- S b � LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMSER 30, 2013 NOTES TO THE FINANCIAL STATEMENTS The accompanying notes to the financial statements provide information essential to a full understanding of the government -wide and fund financial statements. The notes to the financial statements can be found on pages 12 through 21 in this report. GOVERNMENT -WIDE FINANCIAL ANALYSIS Net position may serve over time as useful indicator of the Authority's financial position. In the case of the Authority, liabilities exceeded assets by $8,701,513 as of September 30, 2013. The following table provides a summary of the Authority's net position as of September 30, 2013, and September 30, 2012: Summary of Changes in the Statement of Net Position Change Positive 2013 2012 (Negative) Current and Other Assets $ 927,058 1,178,981 $ (251,923) Long -Term Liabilities $ 1,193,590 $ 1,335,599 $ 142,009 Due to Developer 8,230,071 8,880,774 650,703 Developer Annexation Deposit 10,000 (10,000) Accrued Interest 194,910 288,011 93,101 Total Liabilities $ 9,628,571 $ 10 ,504,384 $ 875,813 Net Position: Unrestricted �� (8,701,513) $ (9,325,403) $ 623,890 Total Net Position (8301.513) $ (9,325,4.03) $ 623,890 -5- ff a �, ..., LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30, 2013 GOVERNMENT -WIDE FINANCIAL ANALYSIS (Continued) The following table provides a summary of the Authority's operations for the fiscal years ending September 30, 2013, and September 30, 2012: Revenues Tax Increment Revenue Investment Revenue Total Revenues Expenses for Services Change in Net Position Net Position - Beginning of Year Summary of Changes in the Statement of Activities 2013 $ 1,222,397 581 $ 1,222,978 599.088 $ 623,890 Change Positive 2012 (Negative) $ 1,290,676 $ (68,279) 635 (54) $ 1,29I,311 $ (68,333) 1061154 _ 462,066 $ ' 230,157 $ 393,733 (9,325,403) (9,555,560) _ -- 230,157 Net Position - End of Year(8,701,513) (9.32�403) 623,890 FINANCIAL ANALYSIS OF THE AUTHORITY'S GOVERNMENTAL FUNDS The Authority's fund balance as of September 30, 2013, was $917,058, a decrease of $261,923 from the prior year. The General Fund fund balance decreased by $261,923 due to tax increment revenue being less than operating costs and certain costs to fund the Authority's debt obligations. LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30,2013 GENERAL FUND BUDGETARY HIGHLIGHTS The Board of Directors did not amend the budget for the fiscal year ending September 30, 2013. Actual revenues were $68,199 less than budgeted and actual expenditures were $14,193 more than budgeted. See the budget to actual comparison on page 23. CAPITAL ASSETS When capital projects are completed, the costs of the projects are recorded as a transfer to the City since the maintenance and operations of the facilities will not be the responsibility of the Authority. During the current fiscal year, $934,355 was paid to the Developer for projects including interest. See Note 4 for additional information. LONG-TERM DEBT ACTIVITY As of September 30, 2013, the Authority had no bond debt payable. As of September 30, 2013, the Authority owed $662,000 to the City of La Porte, Texas plus interest of $194,910. See Note 8 for more information. The Sylvan Beach Restoration Project amount due to Harris County, Texas at September 30, 2013 is $531,590, including interest of $13,955. See Note 9 for more information. CONTACTING THE AUTHORITY'S MANAGEMENT This financial report is designed to provide a general overview of the Authority's finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to La Porte Redevelopment Authority, c/o David Hawes, P. O. Box 22167, Houston, TX 77227. -7- LA PORTE REDEVELOPMENT AUTHORITY STATEMENT OF NET POSITION AND GOVERNMENTAL FUNDS BALANCE SHEET SEPTEMBER 30, 2013 Statement of General Fund Adjustments Net Position ASSETS _ Cash, Note 3 $ 925,138 $ $ 925,138 Due from Developer 1,920 1 920 TOTAL ASSETS S 22 ,05$ $ _0_ $ 927,058 LIABILITIES Accrued Interest Payable -City of LaPorte, Note 8 $ $ 194,910 $ 194,910 Due to Developer, Note 4 8,230,071 8,230,071 Developer Annexation Deposit, Note 10 10,000 10,000 Long -Term Liabilities: Notes Due After One Year, Notes 8 and 9 1,193,590 1193,590 TOTAL LIABILITIES $ 10,000 $ ,9,618,571 9,62E 571 FUND BALANCE Unassigned $ 917,058 $ (917,058) $ TOTAL FUND BALANCE $ 917,058 $ (917,058) TOTAL LIABILITIES AND FUND BALANCE $ 927.05E NET POSITION Unrestricted $ (8,701,51D $ (8,701,;,,513) TOTAL NET POSITION 18.701.5131 $ _ (8.7W.513) The accompanying notes to the financial statements are an integral part of this report. -8- f C. t i� i .-y' t L; � - II g 3 4i LA PORTE REDEVELOPMENT AUTHORITY RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO STATEMENT OF NET POSITION SEPTEMBER 30, 2013 Total Fund Balance — Governmental Fund $ 917,058 Amounts reported for governmental activities in the Statement of Net Position are different because: Long-term liabilities for notes payable are not due and payable in the current period, and, therefore, are not reported as assets in the governmental funds. (1,193,590) The long-term obligation to the Developer is not recorded in the fund financial statement but is a liability to the Developer in the government -wide entity. (8,230,071) Accrued interest on notes payable is not payable with current financial resources and therefore is not reported in the governmental funds. _ _(_194,910) Total Net Position -- Governmental Activities 8,701,513 The accompanying notes to the financial statements are an integral part of this report. IRE f t-a .. 5 n ,. LA PORTE REDEVELOPMENT AUTHORITY STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUNDS REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 20L3 Statement of General Fund Adjustments Activities REVENUES -- —" Tax Increment Revenue (Net of Administrative Costs) $ 1,222,397 $ $ 1,222,397 Investment Revenues 581 581 TOTAL REVENUES $ 1,222 978 $ -0- $ L222.978 EXPENDITURES/EXPENSES Service Operations: Contracted Services $ 214,345 $ $ 214,345 Professional Services 39,107 39,107 Debt Service: Interest Expense -City of La Porte, Note 8 37,399 37,399 Interest Expense -Harris County, Note 9 24,585 24,585 Note Principal -Harris County, Note 9 166,594 (166,594) Note Principal -City of LaPorte, Note 8 130,500 (130,500) Developer Interest, Note 4 258,630 25,022 283,652 Developer Principal, Note 4 675,725 (675.725) TOTAL EXPENDITURES/EXPENSES 1 484 901 885813) $ 599.088 NET CHANGE IN FUND BALANCE $ (261,923) $ 261,923 $ CHANGE IN NET POSITION 623,890 623,890 FUND BALANCEINET POSITION — OCTOBER 1, 2012 1.178,981 (10,504384) (9.325,403) FUND BALANCE/NET POSITION — SEPTEMBER 30, 2013 The accompanying notes to the financial statements are an integral part of this report. - 10- LA PORTE REDEVELOPMENT AUTHORITY RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2013 Net Change in Fund Balance — Governmental Fund $ (261,923) Amounts reported for govemmental activities in the Statement of Activities are different because: Governmental funds report interest expenditures as expenditures in the year paid. However, in the Statement of Activities, interest is accrued on notes through fiscal year end. (61,984) Governmental funds report note principal payments as expenditures. However, in the Statement of Net Position, note principal payments are reported as decreases in liabilities, and the Statement of Activities is not affected. 972,819 In the Statement of Activities, the cost of interest expense is adjusted to the amount of the current period accrued expense. f25,022 ) Change in Net Position — Governmental Activities S 623,890 The accompanying notes to the financial statements are an integral part of this report. -11- LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 1. CREATION OF CORPORATION The City of La Porte, Texas (the "City") authorized the creation of the La Porte Redevelopment Authority (the "Authority") by the Resolution No. 2000-19 passed on December 11, 2000. The Authority was created and organized as a local government corporation pursuant to provisions of Chapter 394 of the Texas Local Government Code. The Authority is organized as a public non- profit corporation for the purpose of aiding, assisting, and acting on behalf of the City in the performance of its governmental function to promote the common good and general welfare of the Tax Increment Reinvestment Zone (the "Zone") and neighboring areas; to promote, develop, encourage and maintain housing, educational facilities, employment, commerce and economic development in the City. The Authority receives incremental tax revenues on developed property. The Authority has participation agreements with the City of LaPorte, LaPorte Independent School District and Harris County to receive certain property tax increments. The Authority may issue bonds with consent of City Council. The Authority is managed by a Board of Directors consisting of nine members who are appointed by the Mayor with the approval of City Council. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by the Governmental Accounting Standards Board ("GASB"). The GASB has established the criteria for determining whether or not a given entity is a component unit. The criteria are: (1) is the potential component unit a legally separate entity, (2) does the primary government appoint a voting majority of the potential component unit's board, (3) is the primary government able to impose its will on the potential component unit, (4) is there a financial benefit or burden relationship. The Authority was created as an instrumentality of the City. The Authority does meet the criteria for inclusion as a component unit of the City. Copies of the financial statements for the City may be obtained from the City Secretary's office. Financial Statement Presentation These financial statements have been prepared in accordance with GASB Codification of Governmental Accounting and Financial Reporting Standards Part II, Financial Reporting. The GASB Codification sets forth standards for external financial reporting for all state and local government entities, which include a requirement for a Statement of Net Position and a Statement of Activities. It requires the classification of net position into three components: Net Investment in Capital Assets; Restricted; and Unrestricted. These classifications are defined as follows: -12- r ft LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) Financial Statement Presentation (Continued) • Net Investment in Capital Assets -- This component of net assets consists of capital assets, including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvements of those assets. • Restricted Net Position — This component of net position consists of constraints placed on the use of assets through external constraints imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulation of other governments or constraints imposed by law through constitutional provisions or enabling legislation. • Unrestricted Net Position — This component of net position consists of assets that do not meet the definition of "Restricted" or "Net Investment in Capital Assets." When both restricted and unrestricted resources are available for use, generally it is the Authority's policy to use restricted resources first. Government -Wide Financial Statements The Statement of Net Position and the Statement of Activities display information about the Authority as a whole. The Authority's Statement of Net Position and Statement of Activities are combined with the governmental fund financial statements. The Authority is viewed as a special purpose government and has the option of combining these financial statements. The Statement of Net Position is reported by adjusting the governmental fund types to report on the full accrual basis, economic resource basis, which recognizes all long-term assets and receivables as well as long-term debt and obligations. Any amounts recorded due to and due from other funds are eliminated in the Statement of Net Position. The Statement of Activities is reported by adjusting the governmental fund types to report only items related to current year revenues and expenditures. Items such as capital outlay are allocated over their estimated useful lives as depreciation expense. Internal activities between governmental funds, if any, are eliminated by adjustment to obtain net total revenue and expense in the government -wide Statement of Activities. Fund Financial Statements As discussed above, the Authority's fund financial statements are combined with the government -wide statements. The fund financial statements include a Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balances. -13- fig h—? e�w LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) Governmental Funds The Authority has one major governmental fund. General Fund — To account for all resources not required to be accounted for in another fund. Basis of Accounting The Authority uses the modified accrual basis of accounting for governmental fund types. The modified accrual basis of accounting recognizes revenues when both "measurable and available." Measurable means the amount can be determined. Available means collectable within the current period or soon enough thereafter to pay current liabilities. The Authority considers revenues reported in the governmental funds to be available if they are collectable within sixty (60) days after year-end. Also, under the modified accrual basis of accounting, expenditures are recorded when the related fund liability is incurred, except for principal and interest on long-term debt, which are recognized as expenditures when payment is due. Ca ital Assets Capital assets are transferred to the City upon completion. Bud etina In compliance with the governmental accounting principles, the Authority's board members should annually adopt an unappropriated budget for the General Fund. During the current fiscal year, the Authority did not amend the budget. Measurement Focus Measurement focus is a term used to describe which transactions are recognized within the various financial statements. In the government --wide Statement of Net Position and Statement of Activities, the governmental activities are reported using the economic resources measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net position, financial position, and cash flows. All assets and liabilities associated with the activities are reported, regardless of the timing of related cash flows. Fund equity is classified as net position. -14- ... t: V y ,d_ i- 7' -� p c LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 20I3 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus (Continued) Governmental fund types are accounted for on a spending or financial flow measurement focus. Accordingly, only current assets and current liabilities are included on the balance sheet, and the reported fund balances provide an indication of available spendable or appropriable resources. Operating statements of governmental fund types report increases and decreases in available spendable resources. Fund Balances GASB Statement No. 54, Fund Balance Reporting and Governmental Fund -type Definitions, requires the classification of fund balances in governmental funds using the following hierarchy: Nonspendable: amounts that cannot be spent either because they are in nonspendable form or because they are legally or contractually required to be maintained intact. The Authority does not have any nonspendable fund balances. Restricted: amounts that can be spent only for specific purposes because of constitutional provisions, or enabling legislation, or because of constraints that are imposed externally. The Authority does not have any restricted fund balances. Committed: amounts that can be spent only for purposes determined by a formal action of the Board of Directors. The Board is the highest level of decision -making authority for the Authority. This action must be made no later than the end of the fiscal year. Commitments may be established, modified, or rescinded only through ordinances or resolutions approved by the Board. The Authority does not have any committed fund balances. Assigned: amounts that do not .meet the criteria to be classified as restricted or committed, but that are intended to be used for specific purposes. The Authority has not adopted a formal policy regarding the assignment of fund balances and does not have any assigned fund balances. Unassigned: all other spendable amounts in the General Fund. When expenditures are incurred for which restricted, committed, assigned or unassigned fund balances are available, the Authority considers amounts to have been spent first out of restricted funds, then committed funds, then assigned funds, and finally unassigned funds. 1S - LA POR.TE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. New Pronouncements GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position, which is effective for fiscal years beginning after December 15, 2011, provides guidance for reporting the financial statement elements of deferred outflows of resources, which represent the consumption of the District's net assets that is applicable to a future reporting period, and deferred inflows of resources, which represent the District's acquisition of net assets applicable to a future reporting period. GASB Statement No. 63 has been implemented in these financial statements. GASB Statement No. 65, Items Previously Reported as Assets and Liabilities, which is effective for fiscal years beginning after December 15, 2012, establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognizes, as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities. GASB Statement No. 65 has been early implemented in these financial statements. NOTE 3. DEPOSITS AND INVESTMENTS Deposits Custodial credit risk is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover deposits or will not be able to recover collateral securities that are in the possession of an outside party. The Authority's deposit policy for custodial credit risk requires compliance with the provisions of Texas statutes. 1 Cry �... �.._°- �o:'a ..? i s.s 'x .m. �'v::�% !� �,_�.. _ '. �e.:t• w G_ LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCLAL STATEMENTS SEPTEMBER 30, 2013 NOTE 3. DEPOSITS AND INVESTMENTS (Continued) Deposits (Continued) Texas statutes require that any cash balance in any fund shall, to the extent not insured by the Federal Deposit Insurance Corporation or its successor, be continuously secured by a valid pledge to the Authority of securities eligible under the laws of Texas to secure the funds of the Authority, having an aggregate market value, including accrued interest, at all times equal to the uninsured cash balance in the fund to which such securities are pledged. At the fiscal year end, the carrying amount of the Authority's deposits was $925,138 and the bank balance was $925,138. Of the bank balance, $250,000 was covered by federal depository insurance and the balance was covered by collateral pledged in the name of the Authority and held in a third party depository. The carrying values of the deposits are included in the Governmental Funds Balance Sheet and the Statement of Net Position at September 30, 2013, as listed below: GENERAL FUND $ 925,138 Investments Under Texas statute, the Authority is required to invest its funds under written investment policies that primarily emphasize safety of principal and liquidity and that address investment diversification, yield, maturity, and the quality and capability of investment management, and all Authority funds must be invested in accordance with the following investment objectives: understanding the suitability of the investment to the Authority's financial requirements, first; preservation and safety of principal, second; liquidity, third; marketability of the investments if the need arises to liquidate the investment before maturity, fourth; diversification of the investment portfolio, fifth; and yield, sixth. Authority's investments must be made "with judgment and care, under prevailing circumstances, that a person of prudence, discretion, and intelligence would exercise in the management of the person's own affairs, not for speculation, but for investment, considering the probable safety of capital and the probable income to be derived." No person may invest Authority funds without express written authority from the Board of Directors. Texas statutes include specifications for and limitations applicable to the Authority and its authority to purchase investments as defined in the Public Funds Investment Act. Authorized investments are summarized as follows: (1) obligations of the United States or its agencies and instrumentalities, (2) direct obligations of the State of Texas or its agencies and instrumentalities, (3) certain collateralized mortgage obligations, (4) other obligations, the principal of and interest on which are unconditionally guaranteed or insured by the State of Texas or the United States or its agencies and instrumentalities, including obligations that are fully guaranteed or insured by the Federal Deposit Insurance Corporation or by the explicit full faith and credit of the United -17- bLk C N,_,. �l � , 91 _. LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 3. DEPOSITS AND INVESTMENTS (Continued) Investments (Continued) States, (5) certain A rated or higher obligations of states, agencies, counties, cities, and other political subdivisions of any state, (6) bonds insured, assumed or guaranteed by the State of Israel, (7) insured or collateralized certificates of deposit, (8) certain fully collateralized repurchase agreements secured by delivery, (9) certain bankers' acceptances with limitations, (10) commercial paper rated A-1 or P-1 or higher and a maturity of 270 days or less, (11) no- load money market mutual funds and no-load mutual funds with limitations, (12) certain guaranteed investment contracts (13) certain qualified governmental investment pools and (14) a qualified securities lending program. At September 30, 2013, the Authority held no investments. NOTE 4. DUE TO DEVELOPERS The Redevelopment Authority is a party to several agreements with Developers who own property in the La Porte Tax Increment Reinvestment Zone No. 1. The Authority is obligated to repay the Developers for public improvements made on the property up to the amount of incremental tax value gained. The Authority has entered into agreements with the following Developers: Port Crossing Land, LP; 65 La Porte, Ltd.; and Retreat at Bay Forest, LP. Port Crossing Land, LP has completed the public improvements detailed in the agreement with the Authority. Port Crossing Land, LP's reimbursable expenditures totaled $12,096,488 including interest at May 27, 2009. In the current fiscal year, the Developer was reimbursed $934,355. To date, reimbursements in the amount of $5,261,453 have been made to Port Crossing Land, LP for incremental tax value gained. Payments were applied to interest first, then principal. The amount due Port Crossing, LP as of September 30, 2013 is calculated as follows: Principal Interest Total Due Balance Due Developer at 9/30/2011 $ 9,632,361 $ 33,450 $ 9,665,811 Fiscal Year 2012Interest 310,838 310,838 Fiscal Year 2012 Payment (776,820} _ (319.055) 0M5,875) Balance Due Developer at 9/30/2012 $ 9,855,541 $ 25,233 $ 8,880,774 Fiscal Year 2013 Interest 283,652 283,652 Fiscal Year 2013 Payment (675,725) (258,630) (934,355) Balance Due Developer at 9/30/2013 $_ 79.816 $ 8.230.071 - 18- f' -r f . t~ it max, f�. _ti 6 >< F .._ h .tr' s LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2013 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 their agreements, are as follows: 65 La Porte, Ltd. $ 7,103,500 Retreat at Bay Forest LP $ 164,500 Subsequent to year end, Retreat at Bay Forest, LP submitted documentation for their reimbursements. Under the agreements, the amounts shown are not payable debts if the tracts do not generate tax increment sufficient to pay the accrued amounts. 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 Participant's 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. The 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 Iocated 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 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 area on January 1 of the year of annexation. No 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 to collect taxes on property located with the Zone in the same manner as other taxes are collected. 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 Treasury into which tax increments will be deposited. During the current fiscal year, tax increments of $557,872 were recorded from the City of La Porte, and $461,057 from the school district based on collected taxes. SM LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2013 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. During the current fiscal year, tax increments of $203,468 were collected from the County. NOTE S. DUE TO CITY OF LA PORTE, TEXAS The Authority entered into a Reimbursement Agreement with the City of La Porte. The City financed capital improvements on behalf of the Authority. The agreement states that the City will be repaid from available funds subject to certain conditions. Interest accrues at a rate of the Prime Commercial Lending rate of Chase Manhattan Bank, N.A. or its successors, plus one percent per annum, compounded semi-annually, on the unpaid balance. Prior payments were applied to accrued interest. As of September 30, 2013, the Authority has recorded a due to the City of $662,000 plus interest calculated at $194,910. Accrued interest on this obligation in the current fiscal year is $37,399, with a payment of $130,500 applied to the outstanding balance. NOTE 9. DUE TO HARRIS COUNTY, TEXAS In accordance with a Development agreement dated December 14, 2010, Harris County, Texas advanced funds in the amount of $600,000 for the Sylvan Beach Restoration Project. The Authority agreed to reimburse the 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 provided an equal amount of local match was raised to fund the project. Interest accrues at the prime rate of JP Morgan Chase plus 1 %, compounded semi-annually. The. total interest to date is calculated as of September 30, 2013 at $98,1 S4, and payment of $166,594 was applied, bringing the total amount due to $531,590. The following is a summary of transactions for the Sylvan Beach Restoration Project: Total Due '.Total Due October 1, 2012 Payment Interest September 30, 2013 Sylvan Beach Restoration Project $ 673� $�5 44) $ 24,a _.,__._.55 I.59D Future payments will be based on available tax increments. -20- x v la A Vta LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPI:`EMBER 30, 2013 NOTE 10. ANNEXATION DEPOSIT During current fiscal year, a developer submitted an annexation deposit of $25,000. Annexation fees paid by the authority of $15,000 have been applied to the deposit, leaving a balance of $10,000 at year end. -21- L J; LA PORTE REDEVELOPMENT AUTHORITY REQUIRED SUPPLEMENTARY INFORMATION SEPTEMBER 30,2013 olk ,u._ i. ' ., . e �: � �.� �s>r r G 4, �.� `�.> sa �.L. � i•`. � � LA PORTE REDEVELOPMENT AUTHORITY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE — BUDGET AND ACTUAL — GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2013 General Fund Variance Original and Positive Final Budget Actual (Negative) REVENUES Tax Increment Revenue $ 1,290,677 $ 1,222,397 $ (68,280) Interest Revenues 500 581 81 TOTAL REVENUES $ 1,291,177 $ 1,222,978 $ (68,199) EXPENDITURES Professional and Other Services $ 109,708 $ 253,452 $ (143,744) Capital Improvements 1,361,000 1,231,449 129.551 TOTAL EXPENDITURES $ 1,470,708 $ 1,484,901 $ (14,193) NET CHANGE IN FUND BALANCE $ (179,531) $ (261,923) $ (82,392) FUND BALANCE - OCTOBER 1, 2012 1.178,981 1.178,981 FUND BALANCE -- SEPTEMBER 30, 2013 $ 999.4 i0 917.058 &==a2 3 2 See accompanying independent auditor's report. 23 LA PORTE REDEVELOPMENT AUTHORITY OTHER SUPPLEMENTARY INFORMATION SEPTEMBER 30,2013 8 ,2- j. 3, 2, 53 A J, LA PORTE REDEVELOPMENT AUTHORITY BOARD MEMBERS AND ZONE ADMINISTRATOR SEPTEMBER 30,2013 Authority Mailing Address - Authority Telephone No. - La Porte Redevelopment Authority c/o David Hawes P. O. Box 22167 Houston, TX 77227 (713) 541-0447 Position Board Members 1 Peggy Antone — Secretary/Treasurer 2 Dave Turnquist 3 Alton Porter 4 Horace Leopard 5 Doug Martin — Vice Chair 6 JJ Mez a 7 Lloyd Graham 8 Chester Pool 9 Lin Pfeiffer - Chairman Executive Director David Hawes See accompanying independent auditor's report. -25- LA PORTE REDEVELOPMENT Ai7THQmy, CITY OF LA PORTE, TES AGENDA NlErvi RANDum TO. 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'tl u u y :@% L7 C p u p u C o o u o CmJ C y U u U N N U ai ai m ayr N V m N i0 d` 0 0 d C N U n N a U p m ro `� m m �p V m u M 0 m a x x x x 4 x x x u i5 x u x 4 x x m l0 n oo rn 0 r1 N M V V1 lD n N N M m M M m M m m ri N .y rti W ri ri r-1 W u ;b u u= S n-uu k W N N N N N N M M M M M M M M M M ai e-f N �^1 W r^t W W M rl W M 'i rl rl rF r1 r1 r-F N N d O O N N N N N O N N O N N N N N N N \ N N \ N N \ \ \ N 00 \\\ M al lD h N\ N M\ 00 Q fT d n N M oe oa o0 00 at al N ry ry ry Q m n n h a0 m rn vt In o N O' O e-I u 6 M 0 c r ' m v} ul d Rio o C7 so til Q O O O C� C1 0 0 0 d o 0 o d oa ai o0 od 0 0 0 m . . � m yr vy 4" v v v* v} vn ym- ti A emi cai u e� m u r% m y N m m a W m y VS y N V) CS 0 0 m 0 m a Q v a a � D pC N J W j N Q. -Y C N r Y Ql Ex7 4 ad, z 0�1 iQ-1 v F2 v t� La Porte Redevelopment Authority Cash Flow Report, FY 2009-2014 Cleared Bank Construction Account Beginning fund balance, 10/01/2009 10130/2009 Interest deposit (0.30%) 11/30/2009 Interest deposit (0.15%) 12131 /2009 Interest deposit (0.15%) 1/31/2010 interest deposit (0.10%) 2126/2010 Interest deposit (0,10%) 3/31/2010 Interest deposit (0.10%) 413012010 Interest deposit (0.20%) 5/31/2010 Interest deposit (0.20%) 6/30/2010 Interest deposit (0.20%) 7/31/2010 Interest deposit (0.20%) 8131 /2010 Interest deposit (0.20%) 9130/2010 Interest deposit (0.20%) Total, revenues Cleared Bank Expenses Checks paid. 11/16/2009 #114 Durwood Greene Construction Company 2/29/2010 #115 Port Crossing Land, LP 7/7/2010 #116 Port Crossing Land (PCL) 8119/2010 #112 Jones R Carter Total, Checks paid Checks outstanding none Total, Checks outstanding For Amount Subtotal Total $ 141,038.98 interest $ 34.78 interest $ 21.26 interest $ 1139 interest $ 8,82 interest $ 5.39 interest $ 2.03 interest $ 3.45 interest $ 3.45 interest $ 4.06 interest $ 1.28 interest $ 0.43 interest $ - $ 141,135.32 $ 141,135.32 tinalpaym't $ 51,651.11 Wharton Weems $ 67,002.00 Wharton Weems $ 18,329.74 Wharton Weems $ 4,151.50 $ 141,134.35 Checks submitted for approval none $ _ Total, Checks submitted Total expenses Fund balance, Construction Account as of January 22, 2014 141,134.35 1 $ (141,134.35)1 $ 0.97 u L lz b I� 1 TM it, Hawes Hili Calderon LLP P.O. Box 22167 Houston TX 77227-2167 STATEMENT DATE TIRZ -LaPorte # 1 1/15/2014 604 W. Fairmont Pkwy. LaPorte, TX 77571 AMOUNT REMITTED Page 1 DATE INVOICE NO. DESCRIPTION CHARGES PAYMENTS BALANCE 10/23/2013 43014539 Sale; TIRZ -La Porte # 1 $2,428.82 $2,428.82 11/20/2013 43014604 We; TIRZ -La Porte # 1 $2,000.00 $2,000.00 12/20/2013 43014605 Sale; TIRZ -La Porte # 1 $2,000.00 $2,000.00 1/15/2014 43014606 Sale; TIRZ -La Porte # 1 $3,711.21 $3,711.21 1/15/2014 Finance Charge $0.00 $0.00 CURRENT 30 DAYS 90 DAYS 90+DAYS AMOUNT DUE $3,711.21 $2,000.00 $4,428.82 $0.00 $10,140,03 Hawes Hill Calderon LLP P.O. Box 22167 Houston TX 77227-2167 Bill To: TIRZ -La Porte # 1 604 W. Fairmont Pkwy. LaPorte, TX 77571 Invoice #: 43014539 Date: 10/23/2013 Page: i Invoice DATE DESCRIPTION AMOUNT Professional Consulting - October 2013 Mileage, D_ Hawes GIS Mapping - P. Horton $2 00p pp $128 82 $300.00 Sales Tax: $0.00 Total Amount: $2,428.82 Amount Applied: $0.00 Balance Due: $2,428.82 Terms: C.O.D. W 0 IL t7 � z a� O. ...t d zo Z � , N 0 00 zo J a ..I W ram= 3' 13 o=� ? W ��U ZI WCL W 2 a.. LLu IIIII =NII n 0 6 0 M �s cd CL 0 Hawes Hill Calderon LLP P.O. Box 22167 Houston TX 77227-2167 Bill To: TIRZ -La Porte # 1 604 W. Fairmont Pkwy. LaPorte, TX 77571 Invoice #: 43014604 Date: 11/20/2013 Page: I Invoice DATE DESCRIPTION AMOUNT Professional Consulting - November 2013 $2,000.00 Sales Tax: $0.00 Total Amount: $2,000.00 Amount Applied: $0.00 Balance Due: $2,000.00 Terms: C.O.D. Hawes Hill Calderon LLP P.O. Box 22167 Houston TX 77227-2167 Bill To: TIRZ -La Porte # 1 604 W. Fairmont Pkwy. LaPorte, TX 77571 Invoice #: 43014605 Date: 12/20/2013 Page: 1 Invoice DATE DESCRIPTION AMOUNT Professional Consulting - December 2013 $2,000.00 Sales Tax: $0-00 Total Amount: $2,000.00 Amount Applied: $0.00 Balance Due: $2,000.00 Terms: C.O.D. Hawes Hill Calderon LLP P.O. Box 22167 Houston TX 77227-2167 Bill To: TIRZ -La Porte # 1 604 W. Fairmont Pkwy. LaPorte, TX 77571 Invoice #: 43014606 Date: 1 /I 5/2014 Page: I Invoice DATE DESCRIPTION AMOUNT Professional Consulting - January 2014 $2,000.00 1/22/20I4 Board Meeting $1,500.00 GIS Mapping - P. Horton Mileage, D_ Hawes $49.58 $85 88 In house copies 405 @ .15 each + 15 sets @ $1.00 each $75.75 Sales Tax: $0.00 Total Amount: $3,711.21 Amount Applied: $0.00 Balance Due: $3,711.21 Terms: C.O.D. LL! F-- O d, z � r J Q O Z I cc 4G O LU © O h CL -J 0 =J r J = 0 0 3: Z 0 U LLU IL Z CL W �00 a� co �- o o� w o N :o " U Ld 0 j U � r�7 r co LC cn w O Q_ G (} T 0 co C � C gmi O C� cj C t � C 0 z O t= c IL o U .C» w N N > . C O N C G C N Q X LL! Q.O O U CZ 2 m m H z � W a: cq w � CV d r 06 a. kz M NOTICE OF MEETING OF LA POR'TE TAB INCREMENT REINVESTMENT ZONE Notice is hereby given of the meeting of the La Porte Tax Increment Reinvestment Zone to be ;held Wednesday, January 22, 2014 at 6:30 p.m. in the Council Chambers of City Hall, 604 West Fairmont Parkway, La Porte, Texas, for the purpose of considering the following agenda items: 1. Call to carder — Lindsay Pfeiffer, president 2. Consider approval of the minutes of ward of Directors meeting held on September 'l 8, 2013 . Consent agenda — any item may be removed by a beard member for discussion * �nnth�vious Redevelopment mcnmotion and a secondt Authority the TIRZ —items in Lindse the same fcaxmY and manner as was approved p p y g y Pfeiffer, Chairperson a. Consider FY 2013 Annual Audit; b. Consider approval or other action with regard to authority invoices ; c. Receive updates ;from the city:, developers and staff with regard to development within the Zone; d.. Board member comments with regard to matters appearing can ,agenda and inquiry of staff regarding; specific factual information or existing policy, e. Adjournment. In compliance with the American Disabilities Act, the City of La Porte City will provide for reasonable accommodations for persons attending public = meetings. To better swerve attendees, requests 'should be received 24 hours prior to the meetings, ;Please contact Patrice Fogarty, City secretary, at 281-470-5019 or TDD 281-4 1-5030. A possible quorum of city council members may be present at this meeting and; participate in discussions = but will take no action. David W. Hawes Executive Director La Porte Tax Increment Reinvestment Zone City of La Porte, Texas Minutes of the Board Meeting September 18, 2013 1. Call to order -- Lindsey Pfeiffer, Chair; The Board of Directors of the La Porte Tax Increment Reinvestment Zone, City of La Porte, Texas, held a regular meeting, open to the public, on Wednesday, the 1 Sth day of September, 2013 at 6:30 p.m. The meeting was called to order by Chair Lindsey Pfeiffer at 6:50 p.m. in the City Council Chambers of the City Council Conference Room, 604 West Fairmont Parkway, La Porte, Texas; and the roll was called of the duly appointed members of the Board, to wit: Peggy Antone Position 1 - Secretary Dave Turnquist Position 2 Alton Porter Position 3 Horace Leopard Position. 4 Doug Martin Position S — Vice Chair JJ Meza Position 6 Lloyd Graham Position 7 Chester Pool Position S Lindsey Pfeiffer Position 9 - Chair and all of the above were present, thus constituting a quorum. Also present at the meeting were David Hawes, Hawes Hill Calderon, L.LP; Scott Livingston, City of LaPorte Economic Development; Tim Tiei cns, City of LaPorte Planning Department; and Ken Schick, for Beazer Homes. 2. Consider approval of the minutes of Board of Directors Meeting held on August 21, 2013; Upon a motion duly made by Director Leopard, and being seconded by Director Meza, the Board voted to approve the minutes of the August 21, 2013 Board meeting. Director Graham abstained. 3. Consent Agenda: any item may be removed by a Board member for discussion r Entertain motion and a second to approve the TIRZ items in the same form and manner as was approved in the previous Redevelopment Authority meeting — Lindsey Pfeiffer, Chairperson Upon a motion duly made by Director Pool and being seconded by Director Martin, the Board voted to approve the TIRZ items in the same form and manner as was approved at the previous Redevelopment Authority meeting. Director Graham abstained. a. Consider request for annexation of 33.0541 acres into the Tax Increment Reinvestment Zone and approval of Amended Project Plan and Reinvestment Zone Financing Plan; b. Consider approval or other action with regard to authority invoices; c. Receive updates from the city, developers and staff with regard to development within the Zone; d. Board member comments with regard to matters appearing on agenda and inquiry of staff regarding specific factual information or existing policy; e. Adjournment. Chair Pfeiffer adjourned the meeting at 6:51 p.m. Signed: Attest: Title: Title: Date: Date: