Annual report pursuant to Section 13 and 15(d)

Investing Receivables

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Investing Receivables
12 Months Ended
Dec. 31, 2015
Receivables [Abstract]  
Investing Receivables
Investing Receivables
 
Investing receivables, including accrued interest thereon, consisted of the following (in thousands):
 
 
 
December 31,
 
 
2015
 
2014
Notes receivable from City of Huntsville
 
$
44,875

 
$
49,147

Other investing loans receivable
 
3,000

 
3,000

 
 
$
47,875

 
$
52,147


 
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 is compounded annually on March 1st, will be repaid using the real estate taxes generated by the properties constructed 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 receivable 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 constructed properties in 2045.

We did not have an allowance for credit losses in connection with our investing receivables as of December 31, 2015 or December 31, 2014.  The fair value of these receivables approximated their carrying amounts as of December 31, 2015 and December 31, 2014.