HomeMy WebLinkAbout01-20-16 LPRDA/TIRZAgendas and Agenda Materials
Meetings of the Boards of Directors
L a P orte
Redevelopment Authority
La Porte Tax Increment
Reinvestment Zone
January 2 0, 2 0 1 6
NOTICE OF JOINT MEETING OF LA PORTE REDEVELOPMENT AUTHORITY
and LA PORTE TAX INCREMENT REINVESTMENT ZONE
Notice is hereby given of the joint meeting of the La Porte Redevelopment Authority and La Porte Tax
Increment Reinvestment Zone to be held Wednesday, January 20, 2016, 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:
L1. Call to order;
2. Approve minutes of La Porte Redevelopment Authority meeting held on July 29, 2015, and Minutes
of La Porte Tax Increment Reinvestment Zone meeting held on July 29, 2015.
3. Consider La Porte Redevelopment Authority FY2015 Annual Financial Report from McCall Gibson
Swedlund Barfoot PLLC.
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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;
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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.
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David W. Hawes
Executive Director
MINUTES OF THE MEETING OF THE
LA PORTE REDEVELOPMENT AUTHORITY
CITY OF LA PORTE, TEXAS
BOARD OF DIRECTORS
July 29, 2015
DETERMINE QUORUM; CALL TO ORDER.
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, July 29, 2015, at 6:30 p.m., in the Council Chambers
of City Hall, 604 West Fairmont Parkway, La Porte, Texas, and the roll was called of the duly appointed
members of the Board, to -wit:
Peggy Antone, Secretary Position 1
Dave Turnquist Position 2
Alton Porter Position 3
Horace Leopard Position 4
Doug Martin, Vice Chair Position 5
JJ Meza Position 6
' Lloyd Graham Position 7
Chester Pool Position 8
Vacant Position 9
' and all of the above were present, with the exception of Directors Meza and Graham, thus constituting a
quorum. Also present were David Hawes, Hawes Hill Calderon, LLP; and Scott Livingston, La Porte EDC
Director. Vice -Chair Martin called the meeting to order at 6:34 p.m.
CONSIDER APPROVAL OF THE MINUTES OF THE BOARD OF DIRECTORS MEETING HELD
JANUARY 21, 2015.
Upon a motion duly made by Director Pool, and being seconded by Director Porter, the Board voted
unanimously to approve the Minutes of the January 21, 2015, Board meeting, as presented.
' CONSIDER AGREED UPON PROCEDURES PROPOSAL FROM McCALL GIBSON SWEDLUND
BARFOOT PLLC.
Upon a motion duly made by Director Pool, and being seconded by Director Turnquist, the Board
voted unanimously to approve Agreed Upon Procedures proposal from McCall Gibson Swedlund Barfoot
PLLC, as presented.
CONSIDER PROPOSAL FROM McCALL GIBSON SWEDLUND BARFOOT PLLC FOR FY2015 AUDIT
SERVICES
Upon a motion duly made by Director Leopard, and being seconded by Director Antone, the Board
voted unanimously to approve the proposal from McCall Gibson Swedlund Barfoot PLLC for FY2015 audit
services, as presented.
CONSIDER TAX YEAR 2014 DEVELOPER INCREMENT DISBURSEMENTS.
Upon a motion duly made by Director Porter, and being seconded by Director Pool, the Board voted
unanimously to approve the tax year 2014 developer increment disbursements; $17,974.78 payable to
Retreat at Bay Forest; and $1,035,675.68 payable to Port Crossing.
APPROVE FY2015-2016 BUDGET.
Mr. Hawes reviewed the FY2015-2016 proposed budget, included in the Board agenda materials,
and answered questions. There was discussion regarding the estimated budget for 2014-2015 should
reflect $117,862.00 for developer disbursements for Lakes of Fairmont Greens, which would leave an
ending fund balance of $778,674.00. The beginning fund balance for the proposed 2015-2016 budget
should be $778,674.00 giving a total in revenues of $3,278,005.00 for the 2015-2016 budget. There was
discussion to change the developer disbursement for Lakes of Fairmont Greens to $117,862.00 under the
2015-2016 proposed budget for a total of $2,033,663.00 under the Capital Improvements and leaving an
ending fund balance in the amount of $646,687.00. Upon a motion duly made by Director Porter, and being
seconded by Director Turnquist, the Board voted unanimously to approve the FY2015-2016 Budget as
amended (1) changing the 2014-2015 estimated capital improvements developer reimbursement to Lakes
of Fairmont Greens to an amount of $117,862.00 for a total of $2,205,447.00 for capital improvements, and
leaving an ending fund balance of $778,674.00 for 2014-2015; (2) changing the beginning fund balance for
the 2015-2016 proposed budget to $778,674.00 for a total amount of in revenues in an amount of
$3,278,005.00 for the proposed 2015-2016 budget; and (4) changing the developer reimbursement to
Lakes of Fairmont Greens to $117,862.00 under the 2015-2016 proposed budget for a total of
$2,033,663.00 in capital improvements, leaving an ending balance for the proposed 2015-2016 budget in
the amount of $$646,687.00.
CONSIDER ESTOPPEL CERTIFICATE AND CONSENT TO ASSIGNMENT TO AND FOR THE BENEFIT
OF LIBERTY PROPERTY LIMITED PARTNERSHIP, A PENNSYLVANIA LIMITED PARTNERSHIP
(PURCHASER), AND LAND SERVICES TITLE OF TEXAS, AS AGENT FOR FIDELITY NATIONAL
TITLE INSURANCE COMPANY.
Mr. Hawes went over the Estoppel Certificate and Consent to Assignment, included in the Board
agenda materials, and answered questions. Upon a motion duly made by Director Pool, and being
seconded by Director Leopard, the Board voted unanimously to approve the Estoppel Certificate and
Consent to Assignment to and for the benefit of Liberty Property Limited Partnership, a Pennsylvania limited
partnership (purchaser), and Land Services Title of Texas, as agent for Fidelity National Title Insurance
Company, as presented.
CONSIDER SECOND AMENDMENT TO DEVELOPMENT AGREEMENT BY AND BETWEEN TAX
INCREMENT REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS, LA PORTE
REDEVELOPMENT AUTHORITY, A TEXAS NON-PROFIT CORPORATION, AND LIBERTY PROPERTY
LIMITED PARTNERSHIP, A PENNSYLVANIA LIMITED PARTNERSHIP.
Mr. Hawes went over the Second Amendment to Development Agreement, included in the Board
agenda materials, and answered questions. Upon a motion duly made by Director Porter, and being
seconded by Director Pool, the Board voted unanimously to approve the Second Amendment to
Development Agreement by and between Tax Increment Reinvestment Zone Number On, City of La Porte,
Texas, La Porte Redevelopment Authority, a Texas non-profit corporation and Liberty Property Limited
Partnership, a Pennsylvania limited partnership, as presented.
CONSIDER APPROVAL OR OTHER ACTION WITH REGARD TO AUTHORITY INVOICES.
Mr. Hawes presented the July 2015 Revenue Expense Summary Report and went over invoices,
included in the Board agenda materials. Upon a motion duly made by Director Antone, and being seconded
by Director Turnquist, the Board voted unanimously to accept the July 2015 Revenue Expense Summary
Report and approved payment of invoices, as presented.
RECEIVE UPDATES FROM THE CITY, DEVELOPERS AND STAFF WITH REGARD TO
DEVELOPMENT WITHIN THE ZONE.
There was general discussion regarding updates with regard to development within the zone. No
action from the Board was required.
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BOARD MEMBER COMMENTS
a. Matters appearing on agenda;
b. Inquiry of staff regarding specific factual information or existing policy.
No action from the Board was required.
ADJOURN.
There being no further business to come before the Board, Vice -Chair Martin adjourned the meeting at
7:05 p.m.
Secretary
LA PORTE REDEVELOPMENT AUTHORITY,
CITY OF LA PORTE, TEXAS
AGENDA MEMORANDUM
TO: La Porte Redevelopment Authority Board of Directors
FROM: Executive Director
SUBJECT: Agenda Item Materials
2. Approve minutes of the La Porte Redevelopment Authority meeting held on July 29, 2015, and
minutes of the La Porte Tax Increment Reinvestment Zone meeting held on July 29, 2015.
LA PORTS REDEVELOPMENT AuTnoRrrY
do Hawes Hill Calder6n LLP
P.O. Box 22167
Houston TX 77227-2167
713-595-1200 or FAX 281-888-6314
MINUTES OF THE MEETING OF THE
LA PORTE TAX INCREMENT REINVESTMENT ZONE
CITY OF LA PORTE, TEXAS
BOARD OF DIRECTORS
July 29„ 2015
DETERMINE QUORUM; CALL TO ORDER.
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, July 29, 2015, at 6:30 p.m., in the Council
Chambers of City Hall, 604 West Fairmont Parkway, La Porte, Texas, and the roll was called of the duly
appointed members of the Board, to -wit:
Peggy Antone, Secretary Position 1
Dave Turnquist Position 2
Alton Porter Position 3
Horace Leopard Position 4
Doug Martin, Vice Chair Position 5
JJ Meza Position 6
Lloyd Graham Position 7
Chester Pool Position 8
k Vacant Position 9
and all of the above were present, with the exception of Directors Meza and Graham, thus constituting a
quorum. Also present were David Hawes, Hawes Hill Calderon, LLP; and Scott Livingston, La Porte EDC
Director. Vice -Chair Martin called the meeting to order at 7:05 p.m.
CONSIDER APPROVAL OF THE MINUTES OF BOARD OF DIRECTORS MEETING HELD ON
F JANUARY 21, 2015.
" Upon a motion duly made by Director Porter, and being seconded by Director Antone, the Board
voted unanimously to approve the Minutes of the July 29, 2015, Board meeting, as presented.
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.
a. Consider Estoppel Certificate and Consent to Assignment to and for the benefit of Liberty
Limited Partnership, a Pennsylvania limited partnership (Purchaser) and Land Services Title
of Texas, as Agent for Fidelity National Title Insurance Company;
b. Consider Second Amended to Development Agreement by and between Tax Increment
Reinvestment Zone Number One, City of La Porte, Texas, La Porte Redevelopment
Authority, a Texas non-profit corporation, and Liberty Property Limited Partnership, a
Pennsylvania limited partnership;
c. Consider Agreed Upon Procedures Proposal from McCall Gibson Swedlund Barfoot PLLC;
d. Consider proposal from McCall Gibson Swedlund Barfoot PLLC for FY 2015 Audit Services;
e. Consider Tax Year 2014 Developer Increment Disbursements
f. Approve FY2015-2016 Budget
g. Consider approval or other action with regard to authority invoices;
h. Receive updates from the City, developers and staff with regard to development within the
Zone;
i. Board member comments with regard to matters appearing on agenda and inquiry of staff
regarding specific factual information or existing policy;
j. Adjournment.
Upon a motion duly made by Director Pool, and being seconded by Director Turnquist, the Board voted
unanimously to approve the TIRZ items in the same form and manner as was approved at the previous
Redevelopment Authority Board meeting.
ADJOURNMENT.
There being no further business to come before the Board, Vice -Chair Martin adjourned the
meeting at 7:06 p.m.
Secretary
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LA PORTE REDEVELOPMENT AUTHORITY,
CITY OF LA PORTE, TEXAS
AGENDA MEMORANDUM
TO: La Porte Redevelopment Authority Board of Directors
FROM: Executive Director
SUBJECT: Agenda Item Materials
3. Consider the La Porte Redevelopment Authority FY 2015 annual financial report from McCall
Gibson Swedlund Barfoot PLLC.
LA PORTE REDEvELOPMENT AuTeoRITY
do Hawes Hill Calderon LLP
P.O. Box 22167
Houston TX 77227-2167
713-595-1200 or FAX 281-888-6314
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McCALL GIBSON SWEDLUND BARFOOT PLLC
Certified Public Accountants
13100 Wortliam Center Drive
Suite 235
111 Ctmgress Avem;e
Houston, Texas 77065-5610
Suite 400
(713) 462-0341
Austin, Texas 78701
Fax (713) 462-2708
(512) 610-2209
E-Mail: mgsWingsbplle.com
evicay.mgsbulic.con;
January _, 2016
Board of Directors
La Porte Redevelopment Authority
City of LaPorte, Texas
DRAFT
SUBJECT TQ CHANGE
In planning and performing our audit of the financial statements of the La Porte Redevelopment Authority
(Authority) as of and for the year ended September 30, 2015, in accordance with auditing standards
generally accepted in the United States of America, we considered the Authority's internal control over
financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the
circumstances for the purpose of expressing our opinion on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the Authority's internal control. Accordingly,
we do not express an opinion on the effectiveness of the Authority's internal control.
Our consideration of internal control was for the limited purpose described in the preceding paragraph
and was not designed to identify all deficiencies in internal control that might be significant deficiencies
or material weaknesses and therefore, there can be no assurance that all deficiencies, significant
• deficiencies, or material weaknesses have been identified.
A deficiency in internal control exists when the design or operation of a control does not allow
r management or employees, in the normal course of performing their assigned functions, to prevent or
detect and correct misstatements of the Authority's financial statements on a timely basis. A material
weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a
a reasonable possibility that a material misstatement of the entity's financial statements will not be
prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a
combination of deficiencies, in internal control that is less severe than a material weakness, yet important
enough to merit attention by those charged with governance.
a
Last year, and again this year, we observed the following deficiencies in the Authority's internal control
that we consider to be material weaknesses.
a
Material Weaknesses
The Authority's management consists of an appointed Board of Directors ("Directors"). Day-to-day
operations are performed by private companies ("Consultants") under contract with the Authority. The
Directors supervise the performance of the Consultants; however, although the Consultants can be part of
a the Authority's system of internal control, the Consultants are not members of management. Ultimately,
the Directors are responsible for design and implementation of the system of internal control.
a
Member of
. American Institute of Certified Public Accountants
Texas Society of Certified Public Accountants
a
Board of Directors
La Porte Redevelopment Authority
Material Weaknesses (Continued)
SUB J�C� TofiT
CygNG J,
January 2016
Page 2
As is common within the system of internal control of most small organizations, the accounting function
of the Authority does not include preparation of the financial statements complete with footnotes in
accordance with accounting principles generally accepted in the United States of America. Accordingly,
the Authority has not established internal controls over the preparation of its financial statements. This
condition is considered to be a material weakness of the Authority's system of internal control over
financial reporting.
During the course of performing an audit, the auditor prepared journal entries to present the financial
statements on the government -wide basis of accounting. Management's reliance upon the auditor to
detect and make these necessary adjustments is considered to be a material weakness in internal control.
Auditing standards do not make exceptions for reporting deficiencies that are adequately mitigated with
nonaudit services rendered by the auditor or deficiencies for which the remedy would be cost prohibitive.
We agree with the objective to inform an organization of all the conditions in its internal control that
interfere with its ability to record financial data reliably and issue financial statements free of material
misstatement. Communication of the material weaknesses above helps to emphasize that the
responsibility for financial reporting rests entirely with the organization and not the auditor.
Management's Response
The Authority's Board of Directors is appointed from the general population and do not necessarily have
governmental accounting expertise. The Board engages consultants who possess industry knowledge and
expertise to provide financial services, as well as legal services. Based on the auditor's unmodified
opinion and after reading the financial statements, the Board believes the financial statements are
materially correct. The Board does not think that the addition of an employee or consultant to oversee the
annual financial reporting process is necessary nor would it be cost effective.
Conclusion
Management's written response to the material weaknesses identified in our audit has not been subjected
to the auditing procedures applied in the audit of the financial statements, and accordingly, we express no
opinion on it.
This communication is intended solely for the information and use of the Board of Directors and is not
intended to be and should not be used by anyone other than these specified parties.
Sincerely,
DRAFT
SUBJECT TO CHANGE
McCall Gibson Swedlund Barfoot PLLC
Certified Public Accountants
Houston, Texas
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LA PORT£ REDEVELOPMENT -,AUTHORITY
CITY OF to PORTETEXAS
SAL FINANCE REPORT
S£Pff�£R30 2015
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TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITOR'S REPORT 1-2
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MANAGEMENT'S DISCUSSION AND ANALYSIS
BASIC FINANCIAL STATEMENTS
STATEMENT OF NET POSITION AND GOVERNMENTAL FUNDS BALA I;
SHEET �,�� "s-
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RECONCILIATION OF THE GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
STATEMENT OF ACTIVITIES AND GOVERNMENT.
EXPENDITURES AND CHANGES IN FUND BALD
10
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF
REVENUES, EXPENDITURES AND CHAN,ES IN FUND BALANCES TO
THE STATEMENT OF ACTIVITIES `+ 11
NOTES TO THE FINANCIAL STATEMENTS— 12-20
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES; E%XPENDITURES AND CHANGES IN FUND
BALANCE -BUDGET AND ACTUAL -GENERAL FUND 22
OTHER SUPPLEMENTARY•INFORMATION
BOARD MEMBERS AND ZONE ADMINISTRATOR 24
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McCALL GIBSON SWEDLUND BARFOOT PLLC
Certified Public Accountants
13100 Wortham Center Drive
Suite 235
111 Congress Avenue
Houston, Texas 77065-5610
Suite 400
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(713) 462-0341
Austin, Texas 78701
Fax (713) 462-2708
(512) 610-2209
E-Mail: mgsb@mgs�llc.com
unmanigsbPllc.coni
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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 -LaPorte, Texas,
as of and for the year ended September 30, 2015, and the related notes to the financial°statements, which
collectively comprise the Authority's basic financial statements as listed in the,table=bf contents.
Management's Responsibility for the Financial Statements 4s'
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.,
�i Auditor's Responsibility
i
Our responsibility is to express opinions on,thesdlfinancial 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.assessmerits; 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 bymanagement, 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 auditiopinions.
Member of
American Institute of Certified Public Accountants
Texas Society of Certified Public Accountants
Board of Directors
La Porte Redevelopment Authority
Opinions
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, 2015, 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 ��
Accountingprinciples generally accepted in the United States of America require that Man erne is
P P g Y P q �, d,
Discussion and Analysis and Schedule of Revenues, Expenditures, and Changes intFund�Balance —
Budget and Actual — General Fund are presented to supplement the basic financiaUtatements. Such
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information, although not a part of the basic financial statements, is required by 'the Governmental
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Accounting Standards Board, who considers it to be an essential part of financial repprting for placing the
basic financial statements in an appropriate operational, economic, or historicat.con e,xt. We have applied
certain limited procedures to the required supplementary information -in�accordance with auditing
standards generally accepted in the United States of America, 4which ''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, theelbasic 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°�limite'&procedures do not provide us with
sufficient evidence to express an opinion or provide anyiassurarice.
Supplementary Information
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Our audit was conducted for the purpose of:,for`ming opinions on the financial statements that collectively
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comprise the Authority's basic financial tatementts. The other supplementary information is presented
for purposes of additional analysis and, is'�not''a4equired part of the basic financial statements. Such
information is the responsibility o f management and was derived from and relates directly to the
underlying accounting and other, records used to prepare the basic financial statements. The
supplementary information, exeludingttiat 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 basic
financial statements and certain additional procedures, including comparing and reconciling such
information directly;to:the underlying accounting and other records used to prepare the basic financial
statements or to th&basic financial statements themselves, and other additional procedures in accordance
with auditing sfaiidards generally accepted in the United States of America. In our opinion, the
information is fairly''stated in all material respects in relation to the basic financial statements as a whole.
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McCa1l,Gibson Swedlund Barfoot PLLC
Certified Public Accountants
Houston, Texas
2015
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LA PORTE REDEVELOPMENT AUTHORITY
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED SEPTEM 3ER 30, 2015
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, 2015. Please read it in conjunction with the Authority's
financial statements.
FINANCIAL HIGHLIGHTS
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• The Authority's liabilities exceeded its assets by $6,789,320 for the year`ended
September 30, 2015. This compares to the previous year, when liabilities exceeded
assets by $8,238,406. -
• The total net position deficit of $6,789,320 results primarily from t1 &,Authority having
recorded an amount due to Developers of $6,786,852 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 suff dent 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 $540,282
this year. This compares to the prior year fund balance $661,210, showing a decrease
of $120,928 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.
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LA PORTE REDEVELOPMENT AUTHORITY
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED SEPTEMBER 30, 2015
GOVERNMENT -WIDE FINANCIAL STATEMENTS (Continued)
The first of the government -wide statements is the Statement of Net Position. 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 factor.. �1P'
The government -wide portion of the Statement of Activities reports how the„ f orit'y'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 th t`have been segregated for specific
activities or objectives. The Authority has one governrriental)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 Authoriry's governmental funds. These statements
report short-term fiscal accountability_(% sing -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. the commitment of spendable resources for the
near -term.
Since the government-wi e-focu '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 and the Reconciliation of the Governmental Funds Statement of
Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities explain
the differences between the two presentations and assist in understanding the differences
between"these'-two/ perspectives.
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Current Liabilities
Long -Term Liabilities
Due to Developer
Accrued Interest
Total Liabilities
Net Position:
'
Unrestricted
' LA PORTE REDEV
ELOPMENT AUTHORITY
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED SEPTEMBER 30, 2015
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.
GOVERNMENT -WIDE FINANCIAL ANALYSIS
Net position may serve over time as useful indicator of the Authority's financial posifio.I�n�the
' case of the Authority, liabilities exceeded assets by $6,789,320 as of September 302015.
The following table provides a summary of the Authority's net position_ as of�September 30,
' 2015, and September 30, 2014:� , r
of Changes in
2015 " 2014
Current and Other Assets $ 543,282 ` $`` 664,210
$ 3,000 $ 3,000
538,735, 1,084,241
6,786,852 7,715,193
.<:4,015 100,182
$ 7,332,602 $ 8,902,616
` $ (6,789,320) $ (8,238,406)
Total Net Position- $ (6,789,320) $ (8,238,406)
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:of Net Position
Change
Positive
(Negative)
$ (120,928)
545,506
928,341
96,167
$ 1,570,014
$ 1,449,086
$ 1,449,086
LA PORTE REDEVELOPMENT AUTHORITY
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED SEPTEMBER 30, 2015
GOVERNMENT -WIDE FINANCIAL ANALYSIS (Continued)
The following table provides a summary of the Authority's operations for the fiscal years
ending September 30, 2015, and September 30, 2014:
Revenues:
Tax Increment Revenues
Interest Revenues
Total Revenues
Summary of Chanaes in the Statement of ActivitiesR
Change 4 z`�
Posiiiv }
2015 2014 6 (�legativ'e); '
$ 1,848,694
351
$ 1,949,045
$ 1,698,270
5d 1
$ 1
$ `�,, 150,424
150,264
Expenses for Services $ 399,959 $ 1,,235,6174: $ 835,715
Change in Net Position $ 1,449,086 %$ k 463,107 $ 985,979
Net Position, Beginning of Year (8,238,406) `��, (8,701,513) 463,107
Net Position, End of Year $ (0,389 320) $ (8,238,406) $ 1,449,086
FINANCIAL ANALYSIS OF THE AUTHORITY'S GOVERNMENTAL FUNDS
The Authority's fund balance as>.of September 30, 2015, was $540,282, a decrease of $120,928
from the prior year.
r
The General Fund fund balance decreased by $120,928 due to tax increment revenue being less
than operating costs; capital outlay and certain costs to fund the Authority's debt obligations.
-6-
J
LA PORTE REDEVELOPMENT AUTHORITY
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED SEPTEMBER 30, 2015
s
a GENERAL FUND BUDGETARY HIGHLIGHTS
The Board of Directors did not amend the budget for the fiscal year ending September 30, 2015.
M� Actual revenues were $839,589 less than budgeted and actual expenditures were $837,764 less
than budgeted. See the budget to actual comparison.
nr CAPITAL ASSETS
i
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, $1,165,621 was paid to the Developers for projects
including interest. See Note 4 for additional information.`
1
1
1
1
1
1
1
1
LONG-TERM DEBT ACTIVITY, ✓ ^`'��'
As of September 30, 2015, the Authority had no bond debt payable
As of September 30, 2015, the Authority owed $538,-735;to the City of La Porte, Texas plus
interest of $4,015. See Note 8 for more information.`
The Sylvan Beach Restoration Project amount was -paid in full to Harris County, Texas as of
September 30, 2015. 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.,Z7227. '
-7-
LA PORTE REDEVELOPMENT AUTHORITY
STATEMENT OF NET POSITION AND
GOVERNMENTAL FUNDS BALANCE SHEET
SEPTEMBER 30, 2015
Statement of
General Fund
Adjustments
Net Position
ASSETS
Cash
$
543,282
$
a-�
543,282
TOTAL ASSETS
$
543,282
$
-
$ 4;, '
543,282
LIABILITIES'
Accounts Payable
$
3,000
$
3,000
Accrued Interest Payable - City
f ` 4,015
4,015
of LaPorte, Note 8
Due to Developer, Note 4a
K �6 786' 852
e >
6,786,852
Liabilities:
,
Long -Term
Note Due After One Year, Notes 8 and 9
538,735
539,735
TOTAL LIABILITIES
$
3,000,{�'N$y~�
7,329,602
$
7,332,602
FUND BALANCE
Assigned to 2016 Budget Deficit, Note 2
$
15,625 A
$
(15,625)
$
-
Unassigned
524,657
(524,657)
TOTAL FUND BALANCE
$ i
540;282
$
(540,282)
$
-
_V
TOTAL LIABILITIES AND �•
FUND BALANCE '543,282
NET POSITION
Unrestricted ;"'}�
$
(6,789,320)
$
(6,789,320)
TOTAL NET POSITION'` `` `_;,
$
(6,789,320)
$
(6,789,320)
The accompanying notes to the financial
statements are an integral part of this report.
-8-
LA PORTE REDEVELOPMENT AUTHORITY
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO STATEMENT OF NET POSITION
SEPTEMBER 30, 2015
Total Fund Balance — Governmental Fund $ 64uQ,282
Amounts reported for governmental activities in the Statement of Net Position are A.
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. X (5338,7335)
The long-term obligation to the Developer is not recorded in the fi hd" financial
statement but is a liability to the Developer in the government -wide entity. (6,786,852)
Accrued interest on notes payable is not payable with current financial resources and
therefore is not reported in the governmental funds. F, (4,015)
Total Net Position — Governmental Activities
The accompanying notes to the financial
statements are an integral part of this report.
-9-
LA PORTE REDEVELOPMENT AUTHORITY
STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUNDS REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 2015
REVENUES
Tax Increment Revenue (Net of
Adminstrative Costs)
Interest Revenues
TOTAL REVENUES
EXPENDITURES/EXPENSES
Service Operations
Contracted Services
Professional Services
Other
Capital Outlay
Debt Service:
Inten
Interi
Note
Note
Deve
Deve
TOTA.
NET C
CHAN
FUND
OCT(
FUND
SEPT
AX
•tt2 /
J�
GENERAL
FUND
ADJUSTMENTS
$ 1,848,694 $
351
$ 1,849,045 $
$ 81,075 $
36,608`
1,920
181
30,974
13,503
(434,568)
(250,000)
(10,564)
(919,359)
$ (1,570,014)
$ 120,928
1,449,086
STATEN ENT OF
ACITIVITIES
1,848,694
+s 351
$ 1,849,045
$ 81,075
36,608
1,920
181
30,974
13,503
235,698
$ 399,959
1,449,086
(8,899,616) (8,238,406)
$ (7,329,602) $ (6,789,320)
The accompanying notes to the financial
statements are an integral part of this report.
-10-
a
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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, 2015
■
Net Change in Fund Balance — Governmental Fund
■ Amounts reported for governmental activities in the Statement of Activities
different because:
Governmental funds report interest expenditures as expenditures in they ear'zpa d.
■ However, in the Statement of Activities, interest is accrued on notes1hrough fiscal
year end.
■ Governmental funds report note principal payments as expenditures: ti'However, in the
Statement of Net Position, note principal payments are' reported:' as decreases in
liabilities, and the Statement of Activities is not affected.
sk
In the Statement of Activities, the cost of interest expense is adjusted to the amount of
the current period accrued expense.
m '
Change in Net Position — Governmental Ac'tiUes '
A,�
A ,
1
The accompanying notes to the financial
statements are an integral part of this report.
-11-
(i 20'928)
(44,477)
1,603,927
10,564
$ 1,449,086
LA PORTE REDEVELOPMENT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2015
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 u lfar -
the Tax Increment Reinvestment Zone (the "Zone") and neighboring areas; to promote,'-' elop,
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- a ..6rte, La Porte
Independent School District and Harris County to receive certain pjloperty tax increments. The
Authority may issue bonds with consent of City Council. The Autho'rity'sy anaged 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 POLI6IES�
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").
GASB has established the criteria for determining whether or not a given entity is a component
unit. The criteria are: (1) is the, potentialcomponent 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;j ose fits 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 `meetithe 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
Goverrimental>Accounting and Financial Reporting Standards Part II, Financial Reporting.
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-
LA PORTE REDEVELOPME
NT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2015
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 borrowingsAhat ;are
attributable to the acquisition, construction, or improvements of those assets;`"
r
■
■
• 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_ttfirough debt
covenants), grantors, contributors, or laws or regulation of otl erw:;_governments or
constraints imposed by law through constitutional provisions or enabling legislation.
11 Y
• Unrestricted Net Position — This component of net position consists of assets that do not
meet the definition of Restricted or Net Investment in_Cani'- I—Wssets.
When both restricted and unrestricted resources are,_ available for use, generally it is the
Authority's policy to use restricted resources first. ,.
Government-Wi&Tinancial Statements
The Statement of Net Position and the';Statemeni of Activities display information about the
Authority as a whole. The Authority'sm Stateent of Net Position and Statement of Activities are
combined with the governmental fund fit aneial statements. The Authority is viewed as a special
purpose government and has the optior'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 Statem&t of Activities is reported by adjusting the governmental fund types to report only
items related'o``current year revenues and expenditures. Items such as capital outlay are
allocated overtheir estimated useful lives as depreciation expense. Internal activities between
govemmentatJfunds, 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-
' LA PORTE REDEVELOPMENT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2015
a 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 decreasesin .ava fable
spendable resources.
V� tC�1n�yJ
Fund Balances
GASB Statement No. 54, Fund Balance Reporting and
requires the classification of fund balances in governmental
)efinitions,
hierarchy:
Nonspendable: amounts that cannot be spent either because.atheytiare, 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 BoardAs 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 intendedJ6,be,used for specific purposes. The Authority has not adopted a formal policy
regarding the assignment of fund balances. As of September 30, 2015, the District has assigned
$15,625 of the General Fund fund balance to cover a budget deficit for the fiscal year ending
September 30 ,2016:
Unassigned:; all other spendable amounts in the General Fund.
When;:ekpenditures 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.
-15-
LA PORTE REDEVELOPMENT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2015
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.c ntingent
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;,esmates.
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�par@ The Authority's deposit policy
for custodial credit risk requires compliance with the provisions of Texas statutes.
Texas statutes require that any cash balance in�ai y,Jund 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 eligibleurnder 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 whicl ,s ch securities are pledged. At the fiscal year end,
, ::,
the carrying amount of the Authorii�.:';s :deposits was $543,282 and the bank balance was the
same. Of the bank balance, $2500.0,0 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 oet Position
f Nat September 30, 2015, as listed below:
GENERAL FUND 543,282
i
a
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•
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LA PORTE REDEVELOPMENT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2015
NOTE 3. DEPOSITS AND INVESTMENTS (Continued)
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-'b.jectives:
understanding the suitability of the investment to the Authority's financial requireme ts,'�first;
preservation and safety of principal, second; liquidity, third; marketability of-theinvestments if
the need arises to liquidate the investment before maturity, fourth; diversification of the
investment portfolio, fifth; and yield, sixth. Authority's investments nust.,be made "with
judgment and care, under prevailing circumstances, that a person of prud nce, discretion, and
s,
intelligence would exercise in the management of the person's own affai`I�Nr`s_ not for speculation,
but for investment, considering the probable safety of capital ;and thdyprobable 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 i4j a 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 obligati`ons(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
States, (5) certain A rated or higher. pbligations 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.
f
At;Septeriiber 30, 2015, the Authority held no investments.
I
LA PORTE REDEVELOPMENT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2015
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 CrossingJ and,
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 4
May 27, 2009. In the current fiscal year, the Developer was reimburse
reimbursements in the amount of $7,485,154 have been made tgll ore"
incremental tax value gained. Interest was recalculated, and payments;
first, then principal. The amount due Port Crossing, LP as of Septmbe
as follows:
Principal - -1Interest
Balance Due Developer at 9/30/2013 $ 8,302,658- $' 50,271
Fiscal Year 2014 Interest (Adjusted) > 263,469
Fiscal Year 2014 Payment (807,517) ;y (268,358)
Balance Due Developer at 9/30/2014 $ °` �7,495,1.41 $ 45,382
Fiscal Year 2015 Interest i4 ._ ;y' 237,280
Fiscal Year 2015 Payment 901-564) (246,262)
6.593.577 $ 36,400
Balance Due Developer at 9/30/20154
r�<including interest at
$'11,147,826. To date,
:tossing Land, LP for
ere applied to interest
30, 2015 is calculated
Tntal Drip
$ 8,352,929
263,469
(1,075,875)
$ 7,540,523
237,280
(1,147,826)
6.629.977
Retreat at Bay Forest, LP?s reimbursable expenditures totaled $224,670, including interest of
$36,885 for the pilot channel!:,zind excavation costs as of November 20, 2013. No additional
interest will be duefunder the agreement. During the current fiscal year, a reimbursement of
$17,795 was applied it ,principal. The amount due as of September 30, 2015 is calculated as
follows:
Principal Interest Total Due
i,
Balance'Due`Developer at 11/20/13 $ 187,785 $ 36,885 $ 224,670
Fiscal Year`20.14 Payment (13,115) (36,885) (50,000)
Balance Due Developer at 9/30/2014 $ 174,670 $ 0 $ 174,670
Fiscal Year 2015 Payment (17,795) (17,795)
Balance Due Developer at 9/30/2015 $ 156,875 0 $ 156.875
-18-
a
• LA PORTE REDEVELOPMENT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2015
• NOTE 4. DUE TO DEVELOPERS (Continued)
In addition, two Developers have signed Development Agreements but have not submitted costs
as 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 �r~�
Under the agreements, the amount shown is not a payable debt if the tracts do not,generate.tax
increment sufficient to pay the accrued amount.
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 Participants 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. Tlie 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 located 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
r 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 l<area on January 1 of the year of annexation. No
r 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`io collect taxes on property located with the Zone in the same
• manner as other taxes are.-collecW. 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
Treast>ry into which tax increments will be deposited.
During le, current fiscal year, tax increments of $830,436 were recorded from the City of La
Porte, and $738,914 from the school district based on collected taxes.
a
me
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-19-
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-
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1
1
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1
1
1
1
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LA PORTE REDEVELOPMENT AUTHORITY
REQUIRED SUPPLEMENTARY.INFORMATION
SEPTEMBER,30, 2015
,
E REDEVELOPMENT AUTHORITY
1LE OF REVENUES, EXPENDITURES AND
3ALANCE - BUDGET AND ACTUAL - GENERAL FUND
'HE YEAR ENDED SEPTEMBER 30, 2015
REVENUES
Tax Increment Revenue
Interest Income
Miscellaneous Income
TOTAL REVENUES
EXPENDITURES
Professional and Other Services
Capital Improvements
Other
TOTAL EXPENDITURES
NET CHANGE IN FUND BALANCE
FUND BALANCE - OCTOBER 1, 2014
FUND BALANCE - SEPTEMBER
General Fund fi
A-1,
"I
Variance
Original and
r
Positive
Final Budget
Actual
(Negative)
,,.
�4y
$
2,199,400
$ 11848I,694
$
(350,706)
650
�y 351
(299)
488,584
(488,584)
$
2,688,634 _i
f
$Zi:.- E 1,849,045
$
(839,589)
$
5691,53a $ 117,683
$
451,470
2,238,584�,f
1,850,370
388,214
1,920
(1,920)
$ _ ' `
i 803,737
$ 1,969,973
$
837,764
F
N
Y��
? (119,103)
$ (120,928)
$
(1,825)
✓"
661,210
661,210
0
542,107
$ 540,282
$
(1,825)
See accompanying independent auditor's report.
22
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LA PORTE REDEVELOPMENT kUT PRITY
OTHER SUPPLEMENTARY INFORMATION
SEPTEMBER 36,4�2.019
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LA PORTE REDEVELOPMENT AUTHORITY
BOARD MEMBERS AND ZONE ADMINISTRATOR
SEPTEMBER 30, 2015
Authority Mailing Address - La Porte Redevelopment Authority
c/o David Hawes
P. O. Box 22167
Houston, TX 77227
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Executive Director
David Hawes
See accompanying independent auditor's report.
-24-
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LA PORTE REDEVELOPMENT AUTHORITY,
CITY OF LA PORTE, TEXAS
AGENDA MEMORANDUM
TO: La Porte Redevelopment Authority Board of Directors
FROM: Executive Director
tSUBJECT: Agenda Item Materials
' 4. Consider approval or other action regarding Authority invoices.
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F
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LA PORTE REDEVELOPMENT AUTHORITY
do Hawes Hill Calder6n LLP
P.O. Box 22167
Houston TX 77227-2167
713-595-1200 or FAX 281-888-6314
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41
INVOICE
CITY OF LA PORTE
604 W FAIRMONT PARKWAY
LA PORTE, TX 77571
(281) 471-5020
TO: LA PORTE REDEVELOPMENT AUTHORI
ATTN: DAVID HAWES
PO BOX 22167
HOUSTON, TX 77227
INVOICE NO: 16135
DATE: 7/27/15
CUSTOMER NO: 1905/144427 TYPE: MS - MISCELLANEOUS
-------------------------------- -----------------------------
---QUANTITY DESCRIPTION ---- UNIT PRICE EXTENDED PRICE
---------------------
-------------- -----------------
1.00 LOAN REPAYMENT 250,000.00 250,000.00
REDEVELOPMENT AUTHORITY
FOR BILLING ASSISTANCE -CONTACT LISA @ 281-470-5042
**ONLINE PYMNT NOW AVAILABLE @ WWW .LAPORTETX.GOV**
TOTAL DUE: $250,000.00
PLEASE DETACH AND SEND THIS COPY WITH REMITTANCE
DATE: 7/27/15 DUE DATE: 8/17/15 NAME: LA PORTE REDEVELOPMENT AUTHORI
CUSTOMER NO: 1905/144427 TYPE: MS - MISCELLANEOUS
REMIT AND MADE CHECK PAYABLE TO:
CITY OF LA PORTE
ATTN: ACCOUNTING DIVISION
604 NEST FAIRMONT PARKWAY
LA PORTE TX 77571 (281) 471-5020
INVOICE NO: 16135
TERMS: NET 20 DAYS AMOUNT: $250,000.00
WCALL GIBSON SWEDLUND BARFOOT PLLC
Certified Public Accountants
13100 Wortham 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:LiQ b@ingsbplIc.com
zototo.tnasb1zl1c.com
December 16, 2015
La Porte Redevelopment Authority
c/o Ms. Susan Hill
Hawes Hill Calderon, L.L.P.
9610 Long Point Road, Suite 150
Houston TX 77055
Client Number — 537-00
Audit of the La Porte Redevelopment Authority as of and for
the year ended September 30, 2015.
Interim Billing: 5 500.00
Member of
American Institute of Certified Public Accountants
Texas Society of Certified Public Accountants
AS Hawes Hill Calderon LLP
P.O. Box 22167
Houston TX 77227-2167
w
A TIRZ-La Porte # 1/La Porte Redevelopment Authority
604 W. Fairmont Pkwy.
LaPorte, TX 77571
•
Page 1
f DATE I INVOICE NO.
f
DESCRIPTION I
CHARGES
9/9/2015 43015150
Invoice #43015150
$2,385.15
* Professional consulting fee, August
2015 $2,000.00
* In-house postage, photocopies,
binding, etc., per attachment $135.10
* GIS mapping, P. Horton, July 2015
$250.05
10/12/2015 43015174
Invoice #43015174
$2,000.79
* Professional consulting fee, September
2015 $2,000.00
* In-house postage, photocopies,
binding, etc. $0.79
11/11/2015 43015205
Invoice #43015205
$2,000.00
* Professional consulting fee, October
2015 $2,000.00
■ 12/7/2015 43015231
Invoice #43015231
$2,000.00
* Professional consulting fee, November
2015 $2,000.00
1/6/2016 43015250
Invoice #43015250
$2,000.00
!
* Professional consulting fee, December
2015 $2,000.00
a
9B
09
go
■
STATEMENT
DATE
1/19/2016
AMOUNT REMITTED
PAYMENTS I BALANCE
$2,385.15
$2,000.79
$2,000.00
$2,000.00
$2,000.00
1/19/2016 Finance Charge $0.00 $0.00
I CURRENT 30 DAYS 90 DAYS 90+ DAYS AMOUNT DUE
$0.00 $2,000.00 $4,000.00 $4,385.94 $10,385.94
HAWEsHILLCALDERON
LLP
P.O. Box 22167
Houston TX 77227-2167
TIRZ-La Porte # 1/La Porte Redevelopment
Authority
604 W. Fairmont Pkwy.
La Porte, TX 77571
Invoice
Invoice #: 43015174
Date: 10112/2015
Professional consulting fee, September 2015 $2,000.00
In-house postage, photocopies, binding, etc. $0.79
i
LA PORTE R®A/TIRZ ##1
In-house Postage, Photocopies, Binding, etc.
r
Postage
Bate Amount
9/30/2015 $ 0.49
Total $ 0.49
IP
Photocopies @ $0.15
Date Pages
Amount
9/30/2015 2
$ 0.30
Total
$ 0.30
Color Photocopies @ $0.50
$
S -
M
Total
$ -
Binding sets @ $1.00
Date Sets Amount
Total $ -
Total, all Items
Postage
$ 0.49
Photocopies
$ 0.30
Color Photocopies
$
Binding sets
$ _
HAWEsHILLCALDERON
LP Invoice
P.O. Box 22167
Houston TX 77227-2167
TIRZ-La Porte # 1/La Porte Redevelopment
Authority j Invoice #: 43015150
604 W. Fairmont Pkwy.
La Porte, TX 77571 ' Date: 9/9/2015
Professional consulting fee, August 2015 $2,000.00
In-house postage, photocopies, binding, etc., per attachment $135.10
GIS mapping, P. Horton, July 2015 $250.05
Terms: C.O.D. Sales Tax: $0.00
Total Amount: $2,385.15
Amount Applied: $0.00
Balance Due: $2,385.15
Owed As Of: 1/19/2016
op
$2,000.00 $4,000.00 $4,385.94 $10,385.94
Invoice
Invoice #: 43015205
Date: 11 /11 /2015
HAWE5HILLCALDERON
LLP
P.O. Box 22167
Houston TX 77227-2167
TIRZ-La Porte # 1/1-a Porte Redevelopment
Authority j
604 W. Fairmont Pkwy. '
La Porte, TX 77571
Professional consulting fee, October 2015
:1
HAWEsHILLCALDERON
LLP
is
P.O. Box 22167
Houston TX 77227-2167
TIRZ-La Porte # 1/1-a Porte Redevelopment
Authority
604 W. Fairmont Pkwy. i
La Porte, TX 77571
i
Invoice
Invoice #: 43015231
Date: 12/7/2015
Terms: C.O.D. Sales Tax: $0.00
Total Amount: $2,000.00
Amount Applied: $0.00
Balance Due: $2,000.00
Owed As Of: 12/7/2015
$2,000.00 $4,385.94 $8,385.94
HAWESHILLCALDERON
LLP f�
P.O. Box 22167
Houston TX 77227-2167
TIRZ-La Porte # 1/1-a Porte Redevelopment
'Authority
604 W. Fairmont Pkwy.
La Porte, TX 77571
N '
■
I' Terms: C.O.D.
mA1
44 .
a
Invoice
Invoice #: 43015250
Date: 1/6/2016
Sales Tax: $0.00
Total Amount: $2,000.00
Amount Applied: $0.00
Balance Due: $2,000.00
Owed As Of. 1 /6/2016
$2,000.00 $4,000.79 $2,385.15 $10,385.94