|12 Months Ended|
Dec. 31, 2022
|Investing Receivables||Investing Receivables
Investing receivables consisted of the following (in thousands):
The balances above include , net of allowance for credit losses, of $2.9 million as of December 31, 2022 and $5.3 million as of December 31, 2021.
Our notes receivable from the City of Huntsville funded infrastructure costs in connection with our LW Redstone Company, LLC joint venture (see Note 6) and carry an interest rate of 9.95%. These notes and the accrued and unpaid interest thereon, which compounds annually on March 1, will be repaid using the real estate taxes generated by the properties developed by the joint venture. When these tax revenues are sufficient to cover the debt service on a certain increment of municipal bonds, the City of Huntsville will be required to issue bonds to repay the notes and the accrued and unpaid interest thereon. Each note has a maturity date of the earlier of 30 years from the date issued or the expiration of the tax increment district comprising the developed properties in 2045.
Our other investing loans receivable as of December 31, 2022 carry interest rates ranging from 8.0% to 14.0% and mature within one year.
The fair value of these receivables was approximately $87 million as of December 31, 2022 and $84 million as of December 31, 2021.
The entire disclosure for financing receivable.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
No definition available.