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Home My WebLink About12-04-19 TIRZAgendas and Agenda Materials Meetings of the Boards of Directors Redevelopment Authority La Porte Tax Increment Reinvestment Zone December 4, 2019 rE k FEE E.H4. . U.8H .. Notice is hereby given. of the joint meeting of the :La. Porte Redevelopment .Authority and :La .Poste 'Tax Increment Reinvestment Zone to be held Wednesday, December 4, 2019, at 6.30 p.m. in the City Council Chambers at City. Hall, 04 West.Fairmont Parkway,La Porte, Texas. 1. Call to order 2. Approve minutes of the joint La Porte Redevelopment Authority and La Porte Tax Increment Reinvestment Zone meeting held on August 21, 2019. 3. Receive and approve FY2019 Annual Financial Report and Audit from McCall Gibson Swedlund Barfoot PLLC. 4. Consider additional tax year 2018 developer disbursements; and consider approval or other action regarding authority invoices, including contractual obligations to reimburse La Porte ISD 5. Consider Amended FY2019-2020 Annual Budget. 6. Receive update from J Morales Inc. regarding M Street Project. 7. Receive updates from the city, developers and staff about development within the Zone. 8. Board member comments. a. Matters appearing on agenda b. Inquiry of staff regarding specific factual information or existing policy 9. 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 three business days prior to the meetings. Please contact the City Secretary's Office at 281470-5021 or TDD 281471-5030. 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 D. ..-__........ irector Persons with disabilities who plan to attend this meeting and would like to request auxiliary aids or services are requested to contact the District's Executive Director at (713) 595-1200 at least three business days prior to the meeting so that the appropriate arrangements can be made. LA PORTE REDEVELOPMENT AUTHORITY, CITY OF LA PORTE, TEXAS AGF,N,DA N[EmoRANwum TO: La Porte Redevelopment Authority Board of Directors FROM: Executive Director SUBJECT: Agenda Item Materials 2. Approve minutes of the joint La Porte Redevelopment Authority and La Porte Tax increment Reinvestment Zone meeting held on August 21, 2019. LA PoRTE REDEvELOPmENT AuiuoRiTy c/b Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 MINUTES OF THE JOINT MEETING OF THE LA PORTE REDEVELOPMENT AUTHORITY and LA PORTE TAX INCREMENT REINVESTMENT ZONE BOARD OF DIRECTORS August 21, 2019 DETERMINE QUORUM; CALL TO ORDER. The Board of Directors of the La Porte Redevelopment Authority, City of La Porte, Texas, and La Porte Tax Increment Reinvestment Zone, held a regular joint meeting, open to the public, on Wednesday, August 21, 2019, 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 Barry Beasley Position 2 Alton Porter Position 3 Horace Leopard Position 4 Doug Martin, Chairman Position 5 Mark Goodwin Position 6 Chester Pool, Vice -Chair Position 7 David Janda Position 8 Vacant Position 9 and all of the above were present, with the exception of Directors Antone and Porter, thus constituting a quorum. Also present were David Hawes and Linda Clayton, both of Hawes Hill & Associates, LLP; Corby Alexander, Jason Weeks and Ryan Cramer, City of La Porte; and Javier Morales, J. Morales, Inc. Chairman Martin called the meeting to order at 6:28 p.m. APPROVE MINUTES OF THE JOINT LA PORTE REDEVELOPMENT AUTHORITY AND LA PORTE TAX INCREMENT REINVESMENT ZONE MEETING HELD MAY 22, 2019. Upon a motion duly made by Director Pool, and being seconded by Director Janda, the Board voted unanimously to approve the Minutes of the Joint La Porte Redevelopment Authority and La Porte Tax Increment Reinvestment Zone meeting held May 22, 2019. CONSIDER FY2019-2020 ANNUAL BUDGET. Mr. Hawes went over the proposed FY2019-FY2020 Budget, a copy is attached as Exhibit A. He stated the Capital Improvements budget will need to be amended once we receive the bids for M Street. He stated the ISD funds projected may need to be adjusted once we receive final numbers. Upon a motion duly made by Director Beasley, and being seconded by Director Pool, the Board voted unanimously to approve the FY2019-FY2020 Budget, as presented. CONSIDER INCREMENT PAYMENTS TO DEVELOPERS IN ACCORDANCE WITH THE DEVELOPER AGREEMENTS. Mr. Hawes went over the developer disbursements for 2018 tax year and remaining balances owed to the developers. He reported the disbursements do not include any ISD funds and he was recommending not making any ISD payments. Mr. Alexander stated there were no buildings on the Senior Associates' property portion, and nothing is being built. Mr. Hawes stated he would check with Patrick in his office to verify and recommending not to make the payment to Senior Associates. Upon a motion duly made by Director Janda, and being seconded by Director Goodwin, the Board voted unanimously to approve developer disbursements (a) Retreat at Bay Forest, LP in the amount of $27,745.44; (b) Beazer Homes Texas LP in the amount of $113,552.89; (c) Liberty Property Limited Partnership in the amount of $1,847,293.69. CONSIDER PROPOSAL FOR ENGINEERING SERVICES FOR THE LAT PORTE M STREET PROJECT. Mr. Hawes reported the TIRZ initiated the M Street project and requested J. Morales Inc. to provide a proposal for a Preliminary Engineering Report in order for the Board to analyze the construction costs associated with the project. He stated we may need to do the project in phases. Mr. Hawes went over the Agreement, included in the Board materials. After full discussion by the Board, and upon a motion duly made by Director Janda, and being seconded by Director Leopard, the Board voted unanimously to approve the Agreement for Professional Services for the M. Street Improvement Project with J. Morales, Inc. and authorized the engineer to move forward with the 1. Preliminary Phase. CONSIDER APPROVAL OR OTHER ACTION REGARIDNG AUTHORITY INVOICES. Mr. Hawes presented the Bookkeeper's Report and went over invoices, included in the Board materials. He recommended voiding the check to Senior Associates until staff was able to verify if a reimbursement was due to them under the Developer Agreement. Upon a motion duly made by Director Pool, and being seconded by Director Beasley, the Board voted unanimously to accept the Bookkeeper's Report, void the check payable to Senior Associates and approved payment of the remaining invoices, as presented. RECEIVE UPDATES FROM THE CITY, DEVELOPERS AND STAFF ABOUT DEVELOPMENT WITHIN THE ZONE. Mr. Alexander provided an update on activities in the Zone. BOARD MEMBER COMMENTS. a. Matters appearing on agenda b. Inquiry of staff regarding specific factual information or existing policy. None. ADJOURNMENT. There being no further business to come before the Board, Chairman Martin adjourned the meeting at 7:03 p.m. List of Exhibits: A. Proposed FY2019-FY2020 Budget LA PORTE REDEVELOPMENT AUTHORITY, CITY OF LAPORTE, TExAs AGENDA MEMORANDUM TO: La Porte Redevelopment Authority Board of Directors FROM: Executive Director SUBJECT: Agenda Item Materials 3. Received and approve FY 2019 Annual Financial Report and Audit from McCall Gibson Swedlund Barfoot PLLC. ITO r2rm c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 1r FAX 281-888-6314 f LA PORTE REDEVELOPMENT A �HORITY CITY OF LA PORTE, �EXA' ANNUAL FINANC`` I 'L REPORT SEPTE E` 30, 2019 McCALL GIBSON SWEDLUND BARFOOT PLLC Certified Public Accountants I ACS F � r LA PORTE REDEVELOPMENT ��AU 416RITY CITY OF LA PORTE, TAY l ANNUAL FINANCI L REPORT SEPTEMB 3,0, 2019 0, TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS BASIC FINANCIAL STATEMENTS STATEMENT OF NET POSITION AND GOVERNMENTAL FUNDS BALANCJ� SHEET RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANGI: El �T' TO THE STATEMENT OF NET POSITION r STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUNDS S:3 EMENT OF REVENUES, EXPENDITURES AND CHANGES IN F1D BALANCES RECONCILIATION OF THE GOVERNMENTAL FUND�,S� TEMENT OF REVENUES, EXPENDITURES AND CHANGESJN FUND BALANCES TO THE STATEMENT OF ACTIVITIES NOTES TO THE FINANCIAL STATEMENT$ REQUIRED SUPPLEMENTARY IlNF RMA -ION SCHEDULE OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGrE*A �'CTUAL - GENERAL FUND OTHER SUPPLEMENTARYWNF'ORMATION BOARD MfEMBER9'AND ZONE ADMINISTRATOR PAGE 1-2 3, 10 11 12-21 23 25 McCALL GIBSON SWEDLUND BARFOOT PLLC Certified Public Accountants 13100 Worthant Center Drive Suite 235 9600 Great Hills Trail Houston, Texas 77065-5610 Suite 150W (713) 462-0341 Austin, Texas 78759 Fax (713) 462-2708 (512) 610-2209 E-Mat :,?r.., INDEPENDENT AUDITOR'S REPORT Board of Directors La Porte Redevelopment Authority City of La Porte, Texas We have audited the accompanying financial statements of the governmental activities and m-ajpr'fund of La Porte Redevelopment Authority (the "Authority"), a comonent unit o "the Cia o "La Rot-te' Texas, as of and for the year ended September 30, 2019, and the related notes to the financial statements, which collectively comprise the Authority's basic financial statements as listed in the table of coritetits. 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 ,fna vial 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 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, 2019, 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. Other Matters Required Supplementary Information 0 Accounting principles generally accepted in the United States of America require that e M-an4olnent s Discussion and Analysis and Schedule of Revenues, Expenditures, and ChangesAj,n Arid Balance — Budget and Actual — General Fund are presented to supplement the basic frnanA,,fl statements. Such information, although not a part of the basic financial statements, is rpdrir�ed ,by the Governmental Accounting Standards Board, who considers it to be an essential part of fnaiici 'eporting for placing the basic financial statements in an appropriate operational, economic, or hotoricalfjcontext. We have applied certain limited procedures to the required supplementary informati60- . , accordance with auditing standards generally accepted in the United States of Americ ,, which consisted of inquiries of management about the methods of preparing the informatiod and comparing the information for consistency with managements responses to our inquiries,, fhe",bdic 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 tl�e., limited procedures do not provide us with sufficient evidence to express an opinion or provide a#oy`a�surance. Other Informationf Our audit was conducted for the purposfe�o, forming opinions on the financial statements that collectively comprise the Authority's basic fnanci4l s`[ temei is. The other supplementary information is presented for purposes of additional analysis4pd)s-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 *ecords used to prepare the basic financial statements. The supplementary information, excluding that portion marked "Unaudited" on which we express no opinion or provide any assurance, leas 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 direettly"t' the underlying accounting and other records used to prepare the basic financial statements or to &' 0asic financial statements themselves, and other additional procedures in accordance with auditingj�`st �` ddrds generally accepted in the United States of America. In our opinion, the information is fair'1y stated, in all material respects, in relation to the basic financial statements as a whole. McCall Gibson Swedlund Barfoot PLLC Certified Public Accountants Houston, Texas December 4, 2019 -2- LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30, 2019 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, 2019. Please read it in conjunction with the Authority's financial statements. FINANCIAL HIGHLIGHTS • The Authority's liabilities exceeded its assets by $776,563 for the y�r Winded September 30, 2019. This compares to the previous year, when liabilities �-eeded assets by $4,430,045. i • The total net position deficit of $776,563 results primarily from. the/A� t`i having recorded an amount due to Developers of $2,624,661 for to ciltes the Developers constructed and conveyed to the City. The Authority ariticipaltd$�'that with continued development in the area tax increment revenues will b `�suf�pient 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§&h as described in Note 4. J e, • The Authority's governmental funds reported a total=fending fund balance of $1,848,098 this year. This compares to the prior year fund balance $1,292,746, showing an increase of $555,352 during the current f(cal, year. USING THIS ANNUAL REPORT This annual report consists of a sefiolo-f',fiijilicial statements. The basic financial statements include: (1) combined fund financial statements and government -wide financial statements and (2) notes to the financial stfe-ihenik ;'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) tirAtatement of Activities and Governmental Funds Statement of Revenues, Expenditurese,,and Changes in Fund Balances. This report also includes other supplementary information in addition to the basic financial statements. GOVERNMENT�W, DE FINANCIAL STATEMENTS 1�1/ _a The AutNrity's annual report includes two financial statements combining the government - wide financial statements and the fund financial statements. The government -wide financial stateme�n,`ts provide 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, 2019 GOVERNMENT -WIDE FINANCIAL STATEMENTS (Continued) The Statement of Net Position 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. n �� The Statement of Activities reports how the Authority's net position changed during�th&, uaent fiscal year. All current year revenues and expenses are included regardless or wl eri Bash is received or paid. A FUND FINANCIAL STATEMENTS d 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 begn segregated for specific activities or objectives. The Authority has one governmental fund type. The General Fund accounts for resources not accounted for in another fur�d,t.;taj'increment revenues, costs and general expenditures. Governmental funds are reported in each of th ==fi "cial statements. The focus in the fund statements provides a distinctive view of the uty's governmental funds. These statements report short-term fiscal accountability facusiw o1 the use of spendable resources and balances of spendable resources available at the ei4 ,6f-the year. They are useful in evaluating annual financing requirements of the Aut6 klty tithe commitment of spendable resources for the near -term. e *�a Since the government-widAoc 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 columnsthe Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Positron and the Reconciliation of the Governmental Funds Statement of Revenues, Exp4n itures 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 wp perspectives. -4- LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30, 2019 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 position ` In the case of the Authority, liabilities exceeded assets by $776,563 as of September 30, 201,9, -- The following table provides a summary of the Authority's net position a� ofeptember 30, 2019, and September 30, 2018: Summary of Changes in tho/ tatement,of Net Position Change Positive 2019 2018 (Negative) Current and Other Assets $ 3,3 29,295 861,715 $ Q532,420' .� Current Liabilities $ 1,481,147 Due to Developer 2,6 4;-66J Total Liabilities €$ feld5,858 Net Position: Unrestricted 776,563) Total Net Position $ (776,563) -5- $ 2,568,969 $ 1,087,772 5,722,791 3,098,130 $ 8,2912760 $ 4,185,902 $ (4,430,045) $ 3,653,482 $ (4,430,045) $ 3,653,482 LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30, 2019 GOVERNMENT -WIDE FINANCIAL ANALYSIS (Continued) The following table provides a summary of the Authority's operations for the fiscal years ending September 30, 2019, and September 30, 2018: Summai-y of Changes in the Statement of Activities Change Positi e 2019 2018 (Neg tivt ) -77 ; i Revenues: Tax Increment Revenues $ 4,128,250 $ 3,090,987 ¢,4,037,263 Interest Revenues 1,377 1,004, t, � 373 Total Revenues $ 4,129,627 $ 3,pg1;991Y. ," $ 1,037,636 Expenses for Services 476,145 1;`k84,9R72 1,408,827 Change in Net Position $ 3,653,482 '11,207,019 $ 2,446,463 i Net Position, Beginning of Year 4,430,04) (5,637,064) 1,207,019 Net Position, End of Year $ (77,tl56,3) $ (4,430,0451 $ 3,6 53,482 FINANCIAL ANALYSIS OF THE 4UTI-JORITY'S GOVERNMENTAL FUNDS The Authority's fund balance as ,�qf`September 30, 2019, was $1,848,098, an increase of $555,352 from the prior yeai=: The General Fund fund balance increased by $555,352 due to tax increment revenue being more than operating costs,; capital outlay and certain costs to fund the Authority's debt obligations. -6- LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30, 2019 GENERAL FUND BUDGETARY HIGHLIGHTS The Board of Directors did not amend the budget for the fiscal year ending September 30, 2019. Actual revenues were $164,017 more than budgeted and actual expenditures were $85,595 more than budgeted. See the budget to actual comparison. CAPITAL ASSETS When capital projects are completed, the costs of the projects are recorded as a trahsf6r t the City since the maintenance and operations of the facilities will not be the respflnsib hty of the Authority. During the current fiscal year, $3,191,163 was paid to the Develvpers�fir projects, including interest. See Note 4 for additional information. LONG-TERM DEBT ACTIVITY As of September 30, 2019, the Authority had no bond debt payable. The Authority has recorded a long-term payable to Devlop sli the amount of $2,624,661, see Note 4. x P® CONTACTING THE AUTHORITY'S MANIGEM'1E`NT This financial report is designed to prdwid(-,general overview of the Authority's finances. Questions concerning any of the informatiop provided in this report or requests for additional information should be addressed tole 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, 2019 Statement of General Fund Addustments Net Position ASSETS Cash, Note 3 $ 3,329,295 $ - $ 3,329,295 TOTAL ASSETS $ 3,329,295 $ - $-7 3,329,295 LIABILITIES Accounts Payable $ 1,481,197 �`$ 1,481,197 Due to Developer, Note 4 2 6�24' 6, 2,624,661 TOTAL LIABILITIES $ 1,481,197 $ 2,&M,661 $ 4,105,858 FUND BALANCE Unassigned $ 1,848,098 $' (1,848,098) TOTAL FUND BALANCE $ 1,848„09S $ (1,848,098) $ - TOTAL LIABILITIES AND FUND BALANCE $ 3 3 %�295 NET POSITION Unrestricted $ (776,563" $ (776,563) TOTAL NET POSITION $ (776,563) $ (776,563) 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, 2019 Total Fund Balance — Governmental Fund $ 1,8487 098 Amounts reported for governmental activities in the Statement of Net Position are different because: The long-term obligation to the Developer is not recorded in the fund fmanciA,- statement but is a liability to the Developer in the government -wide entityf I _j 2�62�4,661 a Total Net Position — Governmental Activities $ (776,563) 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 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 2019 REVENUES Tax Increment Revenue Interest Revenues TOTAL REVENUES EXPENDITURES/EXPENSES Service Operations: Contracted Services Professional Services LaPorte ISD Payment Other Debt Service• GENERAL STATEMENT OF FUND ADJUSTMENTS ACITIVITIES $ 4,128,250 $ - 4,128,250 1,377 1,377 $ 4,129,627 $ $ 4,129,627 $ 70,890 $ - $ 70,890 37,552 37,552 274,628, 274,628 42 42 Developer Interest, Note 4 183,9951, Developer Principal, Note 4 3;009y 169 TOTAL EXPENDITURES/EXPENSES $ '3;574,275 t7 NET CHANGE IN FUND BALANCE, 555,352 CHANGE IN NET POSITION FUND BALANCE/NET POT�0�9d — OCTOBER 1, 2018 <, FUND BALANC-e/;NET POSITION — SEPTEMBER Q,`2�19 (88,962) (3,009,168) $ (3,098,130) $ (555,352) 3,653,482 1,292,746 (5,722,791) $ 1,848,098 $ (2,624,661) The accompanying notes to the financial statements are an integral part of this report. -10- 93,033 $ 476,145 3,653,482 (4,430,045) $ (776,563) 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, 2019 G d, Net Change in Fund Balance -- Governmental Fund $ '�'5;352 Amounts reported for governmental activities in the Statement of Activities are r different because: Governmental funds report additional Developer principal due as increases.,, kb�&ver,', in the Statement of Net Position, additional principal is reported as j n increl ein liabilities, and the Statement of Activities is not affected. 3,009,168 In the Statement of Activities, the cost of interest expense is adjusted -to the amount of the current period accrued expense. C W962 , Change in Net Position — Governmental Activities 3653482_ 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, 2019 NOTE 1. CREATION OF CORPORATION The City of LaPorte, Texas (the "City") authorized the creation of the LaPorte 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 Cityi ythe performance of its governmental function to promote the common good and general,�eYare' of the Tax Increment Reinvestment Zone (the "Zone") and neighboring areas; to promote, elop, encourage and maintain housing, educational facilities, employment, commerce„%mod �ecomic development in the City. The Authority receives incremental tax revenues orf developed property. The Authority has participation agreements with the City of (LaPorte, La Porte Independent School District and Harris County to receive certain pro�OrffyAax increments. The Authority may issue bonds with consent of City Council. The Authonty4ianaged by a Board of Directors consisting of nine members who are appointed by tie M 6r with the approval of City Council. e. NOTE 2. SIGNIFICANT ACCOUNTING POLICES The accompanying financial statements have b 'n Trepared in accordance with accounting principles generally accepted in the United .Sta es of America as promulgated by the Governmental Accounting Standards Board (` W 8� 5). GASB has established the criteria for deterrmhirig whether or not a given entity is a component unit. The criteria are: (1) is the potent l ofiponent unit a legally separate entity, (2) does the primary government appoint aot#ngajority of the potential component unit's board, (3) is the primary government able t9impoge- its will on the potential component unit, (4) is there a financial benefit or burden relt fiship. 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 statementAor the City may be obtained from the City Secretary's office. A � � e Financial Statej,ne'nt Pfe'sentation These finahave been prepared in accordance with GASB Codification of Gover—mrrb Vital' Accounting and Financial Reporting Standards Part II, Financial Reporting (` 6A B")C, odification"). 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- LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2019 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 Pal dare attributable to the acquisition, construction, or improvements of those assets. • Restricted Net Position — This component of net position consists of cons is placed on e: the use of assets through external constraints imposed by creditors (such 4 Ahrough debt covenants), grantors, contributors, or laws or regulation of othe/ ;governments or constraints imposed by law through constitutional provisions of 1014ablig legislation. r� • Unrestricted Net Position — This component of net positio�n,congists of assets that do not meet the definition of Restricted or Net Investment in Capita- Assets. When both restricted and unrestricted resources are �a* rii_able 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 `Sat M4 t of Activities display information about the Authority as a whole. The Authority's Statement of Net Position and Statement of Activities are fu combined with the governmental nd��naiici,al statements. The Authority is viewed as a special purpose government and has the Tt* Qf combining these financial statements. 'eported by adjusting the governmental fund types to report on The Statement of Net Positi �)�fi is the full accrual basis, econoi16 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,,a -e, eliminated in the Statement of Net Position. The Statement of Activities is reported by adjusting the governmental fund types to report only items relat c t(, .burrent year revenues and expenditures. Items such as capital outlay are allocated�oer-their estimated useful lives as depreciation expense. Internal activities between governmenfaf funds, if any, are eliminated by adjustment to obtain net total revenue and expense in the, ao.ernment-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, 2019 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 . r Basis of Accounting The Authority uses the modified accrual basis of accounting for governmental ,ffindqypes. The modified accrual basis of accounting recognizes revenues when both "meas'and available." Measurable means the amount can be determined. Available medRs f cglle 11 able within the current period or soon enough thereafter to pay current liabilities.' TheAAuthority 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 o�f�actounting, expenditures are recorded when the related fund liability is incurred, except foj-principal and interest on long-term debt, which are recognized as expenditures when payme tfis� ue Capital Assets Capital assets are transferred to the City upon co leion. Bud eg ting In compliance with the governmental ac oa'nting principles, the Authority's board members should annually adopt an una prmpria ed budget for the General Fund. During the current fiscal year, the Authority did not a ei�d tl e'budget. �. Measurement Focus Measurement fW1W_ is a term used to describe which transactions are recognized within the various financial tatenents. In the government -wide Statement of Net Position and Statement of Activities,4 e,governmental activities are reported using the economic resources measurement focus. Thy°accounting objectives of this measurement focus are the determination of operating inco e, ,cha'nges in net position, financial position, and cash flows. All assets and liabilities as ociate�, with the activities are reported, regardless of the timing of related cash flows. Fund equip i0classified as net position. -14- LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2019 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 red goes. Operating statements of governmental fund types report increases and decreases in"av' ii 'ble spendable resources. f j Fund Balances GASB Statement No. 54, Fund Balance Reporting and Governmentr�lld-type Definitions, requires the classification of fund balances in governmental funds psing tne�llowing hierarchy: Nonspendable: amounts that cannot be spent either because they -are in nonspendable form or because they are legally or contractually required to be mairitaiped intact. The Authority does not have any nonspendable fund balances. Restricted: amounts that can be spent only provisions, or enabling legislation, or because Authority does not have any restricted fund b j, pt oAy for purposes determined by a formal action of the 3, Idle hihhest level of decision -making authority for the ,,,no= -hater than the end of the fiscal year. Commitments may only through ordinances or resolutions approved by the any committed fund balances. Committed: amounts that can be s Board of Directors. The Board Authority. This action must be m, be established, modified, or ` scn Board. The Authority does vt�la` for Specific purposes because of constitutional of'coristraints that are imposed externally. The �y Assigned: amounts that d�not meet the criteria to be classified as restricted or committed, but that are intended to be us�d for specific purposes. The Authority has not adopted a formal policy regarding the a s pnt of fund balances. The Authority does not have any assigned fund balances. Unassigng�: all other spendable amounts in the General Fund. Zen exenditures are incurred for which restricted, committed, assigned or unassigned fund balancres 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, 2019 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 conig ent assets and liabilities at the date of the financial statements and the reported amounts ofy6yee-xrues and expenditures during the reporting period. Actual results could differ from those ens imates. r r NOTE 3. DEPOSITS AND INVESTMENTS e Deposits��' Custodial credit risk is the risk that, in the event of the failr�-of a depository financial institution, a government will not be able to recover dep nits. or will not be able to recover collateral securities that are in the possession of an outsidep�rty) The Authority's deposit policy for custodial credit risk requires compliance with the pro viv-ons of Texas statutes. Texas statutes require that any cash balance in shall, to the extent not insured by the Federal Deposit Insurance Corporation or its -sccessor, be continuously secured by a valid pledge to the Authority of securities eligible -, r the laws of Texas to secure the funds of the Authority, having an aggregate market valbz - including accrued interest, at all times equal to the uninsured cash balance in the fund t® whir"h s ' ch securities are pledged. At the fiscal year end, the carrying amount of the Authority's deposits was $3,329,295 and the bank balance was the same. Of the bank balance '$2 ,0,96 was covered by federal depository insurance and the balance was covered by coleral-pledged in the name of the Authority and held in a third parry depository. The carrying values of the deposits are included in the Governmental Funds Balance Sheet and the Statement o f 1 b(Pgsition at September 30, 2019, as listed below: a , GENERAL FUND S 3.329295 -16- LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2019 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 managementatd� all Authority funds must be invested in accordance with the following investment?bjecti'ves: understanding the suitability of the investment to the Authority's financial requiregie its, first; c� preservation and safety of principal, second; liquidity, third; marketability of thpees ants if the need arises to liquidate the investment before maturity, fourth; div rs f!eafion of the investment portfolio, fifth; and yield, sixth. Authority's investments MASI e made "with judgment and care, under prevailing circumstances, that a person p6rkudVee, discretion, and intelligence would exercise in the management of the person's oWn affaifs; 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) obh atighs of the United States or its agencies and instrumentalities, (2) direct obligations of the afe._of Texas or its agencies and instrumentalities, (3) certain collateralized mortgage obligalionk4) other obligations, the principal of and interest on which are unconditionally guaranteed-dripsured by the State of Texas or the United States or its agencies and instrumentalities, ifietudifig dbligations that are fully guaranteed or insured by the Federal Deposit Insurance Corpbraflbfi or by the explicit full faith and credit of the United States, (5) certain A rated ogjhir_bligations of states, agencies, counties, cities, and other political subdivisions of arty sfat, (6) bonds insured, assumed or guaranteed by the State of Israel, (7) insured or collate�alrzed certificates of deposit, (8) certain fully collateralized repurchase agreements secured by delivery, (9) certain bankers' acceptances with limitations, (10) commercial Viper rated A-1 or P-1 or higher and a maturity of 270 days or less, (11) no- load money m kei , mutual funds and no-load mutual funds with limitations, (12) certain guaranteed investihe, -contracts (13) certain qualified governmental investment pools and (14) a qualified sec toss lending program. �. At Septnbi�f 30, 2019, the Authority held no investments. -17- LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2019 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 Cross - LP; 65 La Porte, Ltd.; Retreat at Bay Forest, LP, Beazer Homes Texas LP and Senior,, As sates. Port Crossing Land, LP has completed the public improvements detailed in the ghee"- _e with � , the Authority, and assigned their receivable amount to Liberty Property Limit6d'Partnm ership in 2015.E . Port Crossing/Liberty's reimbursable expenditures totaled $12,096,48 inlu ling interest at May 27, 2009, with Liberty's reimbursable amount of $1,195,733 added in 2! r8. During the current fiscal year, a reimbursement of $1,749,284 was applied to principA To date, reimbursements in the amount of $13,972,359 have been made to Port Crossigg�Ljberty for incremental tax value gained, with $1,169,012 payable at year end. Interest wasplculjAted, and payments were applied to interest first, then principal. No additional interestvll nbe due under the agreement. The amount due Liberty Property Limited Partnership Jas of September 30, 2019, is calculated as follows: a Principal-',, Interest Total Due Balance Due Developer at 9/30/2017 $ ' 4, e(, 27/ $ $ 4,318,827 Add: Liberty AUP 11/8/17 1;,1.45,873 49,860 1,195,733 Fiscal Year 2018 Interest 48,150 48,150 Fiscal Year 2018 Payment _ 1957.711j _ 1.951.7 Balance Due Developer at 9/30/2%-S— i S w, 3„506„989 98,010 S , 3,6 44.999 Fiscal Year 2019 Payment $ (1,749,284) $ (98,010) $(1,847,294) Payable after year End 2019 - Estimated 1 169w012 1 169,0„1,2i Balance Due Develpgr at 9/%/2019 .._ _ 588 693 , ,,, Q- $ 588,693, Retreat at Ba � Forest, LP's reimbursable expenditures totaled $224,670, including interest of $36,885 for t� iloh channel and excavation costs at November 20, 2013. No additional interest will be dieunder the agreement. During the current fiscal year, a reimbursement of $27,745 was app4 edlho principal, with $24,682 payable at year end. The amount due as of September 30, is 0alculated as follows: -18- LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 4. DUE TO DEVELOPERS (Continued) Princ)al Interest Total Due mmm Balance Due Developer at 9/30/2017 $ 88,242 $ 0 $ 88,242 Fiscal Year 2018 Payment �29 662 29,662�, Balance Due Developer at 9/30/2018 S 58.580 $ n n 0- "° 58,58 Fiscal Year 2019 Payment $ (27,745) $ $ (27�_-�5 Payable after year End 2019 -Estimated (24,682y 24 t Balance Due Developer at 9/30/2019 a 153,„a Beazer Homes Texas LP's reimbursable expenditures for Baysidros4n-etotaled $1,449,517 includinginterest at August 24 2016. During the current fiscal " year, ` � g g � imteiest was calculated at $74,312, a reimbursement of $75,108 was applied to interest''*OA38,445 was applied to principal. The amount due Beazer Homes Texas LP as of S ptember 30, 2019, is calculated as follows: h Principal Interest Total Due Balance Due Developer at 9/30/2017 $ 1,394,05d, $ 54,701 $ 1,448,751 Fiscal Year 2018 Interest . 64,909 64,909 Fiscal Year 2018 Payment r< > 118814 1,18 814 Balance Due Developer at 9/30/2018 ._W„ 796 $ 1 394,,846 Fiscal Year 2019 Interest $ $ 74,312 $ 74,312 Fiscal Year 2019 Payment ,f t;38,445) 175 1w08 y 113 553 Balance Due Developer at 9/30/2 $ 1,35.5M5 -0 k1w 1 355,645 _. Beazer Homes Texas LP's reimbursable expenditures for Bayside Crossing - Supplemental totaled $177,498,, including interest at August 23, 2017. During the current fiscal year, an additional $8,1(1I.,W#s calculated for interest. The amount due Beazer Homes Texas LP as of September 30, 20-0,-js'calculated as follows: 7 -19- LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 4. DUE TO DEVELOPERS (Continued) Princil)al Interest Total Due Balance Due Developer at 9/30/2017 $ 160,656 $ 17,553 $ 178,209 Fiscal Year 2018 Interest ... 7.480. 7,480 Balance Due Developer at 9/30/2018 '_.... 160w656 2,5 033 $ 185 689 Fiscal Year 2019 Interest $�„ $ 8„101 $ 8,61Iy ,:�-1 Balance Due Developer at 9/30/2019 160656_„,,, 33,134 t93 90�`' J 1� Senior Associates' reimbursable expenditures and land for Bayside tics �ntotaled $466,032 including interest at August 24, 2016. During the current fiscal yeaf-an-44Aitional $10,620 was calculated for interest, and $8,877 was payable at year end. TheQ t `'due Senior Associates as of September 30, 2019, is calculated as follows: Principal Interest Total Due Balance Due Developer at 9/30/17 $ 455,823 r" `$ 13,482 $ 469,305 Fiscal Year 2018 Interest 9.372 9.372 Balance Due Developer at 9/30/2018 455T82�� 22,854 $ 478,677, Fiscal Year 2019 Interest $ f $ 10,620 $ 10,620 Payable after year End 2019 - Estimated 8 877i ___ i8,877) Balance Due Developer at 9/30/2019 s 455,.8.23 24 597 480,420 In addition, certain Developers.�ve signed a Development Agreement but have not submitted costs for reimbursement of their projects. Estimated costs, based on the agreement, are as follows: �rA 65 LaPorte, Ltd. $ 7,103,500 r H wthorne at LaPorte, LLC 2,019,908 �4abez —LBl, L.L.C. 1,952,754 a Under the ,a�reements, the amount shown is not a payable debt if the tracts do not generate tax increment s" , ficient to pay the accrued amount. -20- LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2019 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 pp rty 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 propp4yI axable by the Participant and located in the Zone for that year less the Tax Increment Rage., is the total appraised value of all real property taxable by the Participant and loced1the Zone on January 1 of the year in which the Zone was designated as such under- trig Tax Increment Financing Act (the "TIF Act"). In the event property is annexed mtd*,b zko} e by ordinance of the City, the Tax Increment Base for annexed property is the valu ,,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 dFF-of'ehch calendar quarter or pursuant to the terms of the participation set forth in their respective: fiterlocal agreements. NOTE 6. CITY OF LA PORTS TAXJNCREMENTS •� J The City and the Zone have estabyshh id .the Tax Increment Fund, a separate fund in the City Treasury into which tax increpents,w)l>be deposited. During the current fiscal year,� toy�-increments of $1,417,801 were recorded from the City of La Porte, and $2,015,477 from thechool district based on collected taxes. 0 NOTE 7. H�tWS COUNTY TAX INCREMENTS The Commis 9ner§ 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 incre eni -attnVuted to the capture appraised value. Harris County's participation and use of ft r d is limited to projects described in the agreement. During the current fiscal year, tax increments of $694,972 were collected from the County. -21- f f, 'r LA PORTE REDEVELOPMENT AV, THORITY REQUIRED SUPPLEMENTARYINPORMATION SEPTEMBER 0.0, 201'9 LA PORTE REDEVELOPMENT AUTHORITY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2019 General Fund Var�i;ance Original and iPoSitive Final Budget Actual ecativek REVENUES Tax Increment Revenue $ 3,964,760 $ i ,4,11t,250 � $ 163,490 Interest Income 850 ¢°i 1,37 527 TOTAL REVENUES $ 3,965,610 $ A,129,627 $ 164,017 EXPENDITURES Professional and Other Services $ 104,595 A$ 108,442 $ (3,847) Capital Improvements 2,106,1 , 3,191,163 (1,084,975) La Porte ISD Payment 1,277,89)T' 274,628 1,003,269 Other "® - 42 (42) TOTAL EXPENDITURES $ 3,488;680 $ 3,574,275 $ (85,595) NET CHANGE IN FUND BALANCE $ 476,930 $ 555,352 $ 78,422 FUND BALANCE - OCTOBER 1, 2018 1,292,746 FUND BALANCE - SEPTEMBER 30, 2019 51 1,769,676 1,292,746 0 $ 1,848,098 $ 78,422 See accompanying independent auditor's report. 23 r LA PORTE REDEVELOPMENT AIJTHftITY OTHER SUPPLEMENTARY INFORMATION SEPTEMBER 30, �09 LA PORTE REDEVELOPMENT AUTHORITY BOARD MEMBERS AND ZONE ADMINISTRATOR SEPTEMBER 30, 2019 Authority Mailing Address - Authority Telephone No. - Position Board Members La Porte Redevelopment Authority c/o David Hawes P. O. Box 22167 Houston, TX 77227 (713) 541-0447 1 Peggy Antone — Secretary/Treasurer 2 Barry Beasley 3 Alton Porter 4 Horace Leopard 5 Doug Martin —Chairman 6 Mark Goodwin 7 Chester Pool - Vice Chair 8 David Janda 9 Vacant Exe6ov�-Director `Dad Hawes See accompanying independent auditor's report. -25- ----------- CITY OF LA PORTE, TExAs TO: La Porte Redevelopment Authority Board of Directors IMConsid additional tax ear 2 K4111jM11140 Ws MAMW LA PoRTE REDEVELOPMENT AuTHoRiTy c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 is �o q a n v ' u1Oi s� E � o n u¢ a i O C j O Y> H a Qrv� e o rv' in m m tR o� .. 0 NNN N NN NNNN - N N � C E _ Y LL °3 O c = C � j m •� C LL g =.E m c W x° $ n m01 F � emr a m � N O Of � a o � E c m ° Y s v E G O w n N N — — -a 0.6 U V U ll v � �n ry n rm rvv r ac ci d a'ui a A L� 8 xN NNN NN N N e � � a E g m o e C � o � o 'm E= E E m c m32 2019 REVENUE/EXPENSE SUMMARY - OPERATING ACCOUNT Ending Fund Balance, September 30, 2019 $ 3,329,295.30 Revenues 10/31/2019 Interest deposit $ 141.38 Subtotal, revenues October 2019 $ 141.38 Total, Revenues as of October 31, 2019 $ 3,329,436.68 $ 3,329,436.68 Expenses Less: Checks paid None $ _ $ Subtotal, expenses as of October 31, 2019 Ending Balance, Operating Account as of October 31, 2019 $ 3,329,436.68 Checks for approval Less: #153 Retreat at Bay Forest LP #154 Liberty Property Limited Partnership #155 Senior Associates #156 La Porte IDS #157 Hawes Hill & Associates LLP Subtotal, checks for approval Fund balance upon approval of thacks $24,681.90 $ 1,169,012.00 $ 8,876.63 $ 274,628.00 $ 10,223.35 ITITIT W $1,487,421.88 $1,487,421.88 $ 1,842,014.80 IL M W O O Ch c Jw U) v c M #A 41 E z0 CD LO V- CD to E :3 0 0 a rol w w N N in w 00 win co IR rl %D CR m in co m Go Ln U2, CR in It 14 Ln qt It fvl I li Lq I co cn N -0 1 mt N It in � P, -4 %D �.. 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N m co to m m f6 f0 Q N [C ra m m N �o f0 to m 10 m a0 CL U ,tn a) m b b V x ta; i+ Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y a J Ln iLn nko N o Ln cn 0 0 0 1-1 ri . i ri 1-1 to W to n n 00 00 00 a, o, M . 0 " r-+ " 0 rl .-i ri i n " " .-i rl " ri ei O O O N O O O N O O O O ei 0 0 0 0 0 0 0 00 N N N tD lD t!1 N tf) ul a --I r-i \ d' ei �--i O Ch Ol try a-i N N \ rl e-i e-1 N M m .-i N N M e-i ri N t�D t�D to t`D l`D r O-4 C`O k` ttDD Ln oo co LD l�D n —Lnt�D I� Susan Hill From: Naina Magon <nmagon@haweshill.com> on behalf of Naina Magon Sent: Thursday, November 7,2019 5:55 AM To: Susan Hill Subject: Fwd: La Porte Susan, we will just take the checks with us to the board meeting on Dec 4th, I will remind you the week of :). Thanks Naina Begin forwarded message: From: Naina IMagon <r ni a Date. October 30,2019 at 7:52.17 PM CDT To: Susain Hflll ......... ---- Cc: Linda Clayton Subject: La Porte Additionally, we need a check for Senior Associates for $8,876.63 (this check was previously voided) Thanks Naina Magon, AICP Hawes Hill & Associates, LLP 9610 Long Point, Suite 150 Houston, Texas 77055 Office: 713.595.1274 L 1 ZI ' 1. j,, :sl iffl.com La Porte Redevelopment Authority Page 1 DATE I INVOICE NO. I DESCRIPTION HAWES HILL & AssocIATES f LLP . p STATEMENT �...oa. ..... ..... DATE 11/25/2019 AMOUNT REMITTED ki CHARGES PAYMENTS � BALANCE 9/5/2019 43016113 Invoice #43016113 Due: 9/5/2019 * $2,223.35 * Sale; La Porte Redevelopment Authority * Professional consulting and administrative fee, August 2019 $2,000.00 * GIS/mapping, P. Horton, August 2019 $49.95 * In-house postage, photocopies, binding, etc., August 2019 $135.70 * Reimbursable mileage, parking, tolls, related expenses: L. Clayton, August 2019 $37.70 10/10/2019 43016139 Invoice #43016139 Due: 10/10/2019 * $2,000.00 * Sale; La Porte Redevelopment Authority * Professional consulting and administration fee, September 2019 $2,000.00 11/7/2019 43016163 Invoice #43016163 Due: 11/7/2019 * $2,000.00 * Sale; La Porte Redevelopment Authority * Professional consulting and administration fee, October 2019 $2,000.00 1 U20/2019 43016178 Invoice #43016178 Due: 11/20/2019 $2,000.00 * Sale; La Porte Redevelopment Authority * Professional consulting fee, November 2019 $2,000.00 $2,223.35 $2,000.00 $2,000.00 $2,000.00 11/25/2019 43016186 Invoice #43016186 Due: l U25/2019 $2,000.00 $2,000.00 * Sale; La Porte Redevelopment Authority Please tesniter '� , LLP, .'. B o 2�2167,1�fotlStorl rX 77227-216'��". ='msti�atron ee, �'ov` $2,000.00 11/25/2019 Finance Charge $0.00 0 Oil —� ... .. a .... ......, 30 DAYS . YS 90 DAYS 90+ DAYS CURRENT AMOUNT DUE $2,000.00 $4,000.00 $4,223.35 $0.00 $10,223.35 HAW ES H ILL & ASSOCIATES ai; LLP , o ;r Bill To: La Porte Redevelopment Authority 11/26/2019 Invoice M 43016186 Balance Due: $2,000.00 DESGRt� 10NAmount Professional consulting and administration fee, November 2019 $2,000.00 Terms: C.O.D. Total $2,000.00 Hawes Hill & Associates, LLP, P.O. Box 22167, Houston TX 77227-2167 713-595-1200 FEIN 76-0565638 HAwEs H ILL & AssoclATEs t' ALP tt Bill To: La Porte Redevelopment Authority Professional consulting and administration fee, October 2019 11 /7/2019 Invoice #: 43O16163 Balance Due: $2,000.00 $2,000.00 Terms: C.O.D. Total $2,000.00 Hawes Hill & Associates, LLP, P.O. Box 22167, Houston TX 77227-2167 713-595-1200 FEIN 76-0565638 HAWES HILL & ASSOCIATES LLP a mab Bill To: La Porte Redevelopment Authority DESCRIPTION Professional consulting and administration fee, September 2019 10/10/2019 Invoice ##: 43016139 Balance Due: $2,040.00 Terms: C.O.D. Total Hawes Hill & Associates, LLP, P.O. Box 22167, Houston TX 77227-2167 713-595-1200 FEIN 76-0565638 Am, oust $2,000.00 r HAWES HILL & DISSOCIATES 4,�� LLP ®xd Bill To: La Porte Redevelopment Authority uucavr<rr_ i<1uM 9/5/2019 Invoice #: 43016113 Balance Due: $2,223.35 Professional consulting and administrative fee, August 2019 GIS/mapping, P. Horton, August 2019 In-house postage, photocopies, binding, etc., August 2019 Reimbursable mileage, parking, tolls, related expenses: L. Clayton, August 2019 Terms: C.O.D. Total Hawes Hill & Associates, LLP, P.O. Box 22167, Houston TX 77227-2167 713-595-1200 FEIN 76-0565638 Amount f $2,000.00 $49.95 $135.70 $37.70 Ln 0) J ad a a) a> 3 O c Y E M- O co N O O L O U O O U c f0 N 7 Ln N O to a) s U M c O r- O 2 .J Y U In-house Postage,, Photocopies., Binding, etc. Postage Date Amount 8/26/2019 $ 2.60 Total $ 2.00 Photocopies @ $0.15 Date Pages Amount 8/19/2019 798 $ 119.70 Total $ 119.70 a Color Photocopies @ $0.50 Total $ - Binding sets @ $1.00 Date Sets Amount 8/19/2019 14 $ 14.00 Total $ 14.00 Total, all Items Postage $ 2.00 Photocopies $ 119.70 Color Photocopies $ - Binding sets $ 14.00 $ 135.70 LA PORTS REDEVELopmENT AUTHORITY, Cn'Y OF LA PORTE, TEXAS AGENDA MEMORANDUM TO: La Porte Redevelopment Authority Board of Directors FROM: Executive Director SUBJECT: Agenda Item Materials LA PoRTE REDEIT, LOPMENT AuTHoRrry c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 La Porte Redevelopment Authority Tax Increment Reinvestment Zone Number One City of La Porte FY 2019 - 20 Proposed Budget Revenues: Beginning Fund Balance Estimated TIRZ Revenues City County LPISD Interest on TIRZ Funds Estimated TIRZ Developer Advances Bayforest Land, Ltd. Lakes of Fairmont Greens Beazer Homes - Expansion Area Senior Associates - Expansion Area Port Crossing Total Revenues TIRZ M&O Expenses: Administration and Project Management Legal Agreed Upon Procedures Reports Annual Audit Operating Expenses Bank Expenses Total Expenses Transfers City Administration ISD Refund Educational Facilities Total Transfers 2018-19 Approved 2018-19 Budget Estimated $ 2,693,717 $ 1,292,746 2019-20 Proposed Budget $ 1,833,855 $ 1,128,990 $ 1,417,801 $ 1,460,335 $ 737,738 $ 694,972 $ 715,821 $ 2,098,032 $ 3,234,138 $ 3,331,162 $ 850 $ 975 $ 975 $ 6,659,326 $ 6,640,632 $ 7,342,148 $ 24,000 $ 27,000 $ 24,000 $ 7,400 $ 7,500 $ 7,500 $ 7,000 $ 6,700 $ 7,000 $ 8,500 $ 8,700 $ 8,700 $ 1,450 $ 1,358 $ 1,450 $ 70 $ 68 $ 70 $ 48,420 $ 51,326 $ 48,720 $ 56,175 $ 71,000 $ 72,775 $ 454,521 $ 274,628 $ 274,628 $ 823,376 $ 1,218,661 $ 1,249,127 $ 1,334,073 $ 1,564,289 $ 1,596,530 Capital Improvements City CIP Trunk Line Project $ - $ - $ - Bayforest Land, Ltd. $ - $ - $ _ Beazer Homes Capital Improvements $ - $ - $ - Senior Associates Capital Improvements $ - $ - $ - Port Crossing Capital Improvements $ - $ - $ - TIRZ Developer Reimbursements Lakes of Fairmont Greens Beazer Homes Senior Associates Retreat at Bay Forest Port Crossing $ 118,814 $ 113,553 $ 113,553 $ - $ 8,877 $ 8,877 $ 29,662 $ 52,427 $ 52,427 $ 1,957,711 $ 3,016,305 $ 3,016,305 $ 2,106,188 $ 3,191,162 $ 3,191,162 Ending Fund Balance $ 3,170,645 $ 1,833,855 $ 2,505,736 CITY OF LA PORTE, TFxAs AGENDA MEMORANDUM TO: La Porte Redevelopment Autbority Board of Directm 6. Receive update from J Morales Inc. regarding M Street Project LA PoRTE REDEVELOPmENT AuTHopiTy c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-88M314 ARCHITECTS t' <,4Gl Y EE l; w • SURVEYORS 3425 Federal Road Houston, Texas 77504 Phone 713-947-6606 Fax 713-947-6609 La Porte M Street Improvement Scope Meeting DATE: December 4, 2019 Surveying JMI received approval to collect topographic data on September 30. JMI Surveying collected Topographic data in the months of October and November. Design • M Street Extension is estimated at 1600 LF of new roadway. • JMI has completed preliminary design. • City of La Porte has provided all details to incorporate into design submittal. • See attached cost estimate. o 28' Pavement • Upon approval, 30% design can be submitted for City Review as early as December 13tn J IUD IPA) 0 R'3%,u L fW E3 ARCHITECTS • SURVEYORS Extension of M Street JMI JOB: 75-19 Estimate By: AM ITEM Estimates � Costs - TOTAL COST QNTY UNITS UNIT COST Street Excavation 1,659 �CY� $9.37 $15,547.26 8" Lime Subgrade 4,978 SY $2.76 $13,738.67 Lime 100 TN $180.001 $17,920.00 7" Concrete Pavement 5,333 SY $56.59 $301,794.47 6" Concrete Curb 3,200 LF $7.18 $22,976.00 6' Concrete Walk 19,200 SY $61.77 $1,185,984.00 Pedestrian Ramps 8 EA $1,800.00 $14,400.001 24" RCP 1,348 LF $83.50 $112,558.6 30" RCP 48 LF $91.90 $4,411.20 Inlets (Type C) 8 EA $3,711.50 $29,692.00 Storm Sewer Manholes 6 EA $3,942.86 $23,657.16 Street Signs 7 EA $292.91 $2,050.37 4" wide White Pavement Striping 1,600 LF $3.30 $5,280.00 24" Thermoplastic Pavement Stop Bar 89 LF $14.22 $1,258.47 12" Thermoplastic Pavement Ped. Crosswalks 140 w LF $8.57 $1,199.80 8" Sanitary Sewer Pipe 441 LF $181.70 $80,129.70 Precast Sanitary Sewer Manholes 2 _ EA $8,258.00 $16,516.00 SanitarySewer Existing Connections 9 1 EA $1,500.00 11,500.00 8" Water Line 1,410 LF $115.001 $162,150.00 8" Water Valve & Box 1 EA $631.32 $631.32 8" Wet Connect (Remove Plug) 2 EA $1,500.00 $3,000.00 Fire Hydrant Assembly 4 EA $5,000.00 $20,000.00 Blue End of Line Fire Hydrant Assembly 70 EA $5,293.73 $0.00 Uti11 lit11 y Trenc11 h Safety 1,600 LF $0.50 $800.00 Total $2,037,194.42 Assumptions: 60" RCP, 28' Pavement Width C:\Users\lclay\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\KSJEOQNL\Estimated Cost 2019 Extension of M Street JMI JOB: 75-19 Estimate By: AM ITEM Estimates Costs TOTAL COST QN UNITS UNIT COST Street Excavation 1,778 CY $9.37 $16,657.78 8" Lime Subgrade 5,333 SY $2.76 $14,719.08 Lime 107 TN $180.00 $19,198.80 8" Concrete Pavement 5,333 SY $56.59 $301,794.47 6" Concrete Curb 3,200 LF $7.18 $22,976.00 5' Concrete Walk 8,000 SY $61.77 $494160.00 Pedestrian Ramps 11 EA $1,800.00 $19,116.00 60" RCP 1,600 LF �EA� $338.50 $541,600.00 Inlets {Type C) 14 $3,711.501 $52,554.84 Storm Sewer Manholes 5 EA $3,942.861 $20,936.59 Street Signs 4 EA $292.911 $1,036.90 4" wide White Pavement Striping 1,600 LF $3.30 $5,280.001 124" Thermoplastic Pavement Stop Bar 89 LF $14.22 $1,258.47 12" Thermoplastic Pavement Ped. Crosswalks 354 LF $8.57 $3,033.78 12" Sanitary Sewer Pipe 1,600 LF $181.70 $290,720.00 Precast Sanitary Sewer Manholes 4 EA $8,258.00 $29,233.32 Sanitary Sewer Existing Connections 2 EA $1,500.00 $2,655.00 12" Water Line 0 LF $115.00 $0.00 12"-Water Valve & Box 0 _ EA $631.32 $0.00 12" Wet Connect (Remove Plug) 0 EA $1,500.00 $0.00 Fire Hydrant Assembly 3 EA $5,000.00 $15,000.00 Blue End of Line Fire Hydrant Assembly 0 EA $5,293.73 $0.00 Utility Trench Safety 1,600 LF $0.50 $800.00 Total $1,852,731.03 Assumptions: 60" RCP, 30' Pavement Width w v �a f e r ¢ i � x i 4 �r i k� I >t s n; iry� �s RR ..... a k4 as gav,;s gall F ls�a �bs eald s� st Ski a '" Mgt a n ti $ � Y 0 o a f - s _.... hex x I Ci CEa� 6 YeaS V m 4 a ' I t � a r i rm I m9 gig iH 7, j z 1GI s a�a N o' d �res� kV Ima��sie 3a f` ;� d� s nitr I 1e W= , f� I�. -.. '3 ... ... , xv r � 5 g 9a i q $ € � :� a� a ! p urEsr ra sr�r rcrPnovEnnErrr rrwJaccr ,�°`••`•'"�"' � er pg � J.MORALES �� CITY OF LA PORTE,, TExAs TO: La Porte Redevelopment Authority Board of Directors ........ ....... . . —,-- . ...... LA PoRTE REDEVELOPMENT AuTnowy do Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 LA PORT -I -DEVELOPMENT AUTHORITY, CITY OF LA PORTE, TF-xAs AGENDA MEMORANDUM TO: La Porte Redevelopment Authority Board of Directors 1*1, 0 mlffffmzl� �- b. Inquiry of staff regarding specific factual information or existing policy c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314