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6.1.E. - Page 105
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2015
<br /> NOTE 14—DISSOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY(CONTINUED)
<br /> amount of $10.3 million are reflected as a liability in the Housing Legal Aid Society Fund pending the
<br /> outcome of the lawsuit.
<br /> In future fiscal years, successor agencies will only be allocated revenue in the amount that is necessary
<br /> to pay the estimated annual installment payments on enforceable obligations of the former
<br /> redevelopment agency until all enforceable obligations of the prior redevelopment agency have been
<br /> paid in full and all assets have been liquidated.
<br /> The City's former Redevelopment Agency had entered into agreements with certain public entities
<br /> whose jurisdictions were within the territory of the former Redevelopment Agency under which these
<br /> entities received a specified share of the property tax increment received by the former Redevelopment
<br /> Agency. Under Assembly Bill X1 26 the responsibility for making these payments has been shifted to
<br /> the County of San Mateo.
<br /> The following is a summary of the capital assets of the Successor Agency:
<br /> Beginning Ending
<br /> Balance Additions Retirements Transfers Balance
<br /> Capital assets not being depreciated: $ $ $ $ $
<br /> Land 3,126,664 3,126,664
<br /> Total capital assets not being depreciated 3,126,664 3,126,664
<br /> Capital assets being depreciated:
<br /> Improvements other than buildings 13,231,503 13,231,503
<br /> Accumulated depreciation (2,308,671) (356,048) (2,664,719)
<br /> Traffic Signals 208,691 208,691
<br /> Accumulated depreciation (57,390) (10,435) (67,825)
<br /> Storm Drains 4,101,302 4,101,302
<br /> Accumulated depreciation (1,076,594) (102,532) (1,179,126)
<br /> Machinery&Equipment 953,244 953,244
<br /> Accumulated depreciation (362,234) (49,153) (411,387)
<br /> Net capital assets being depreciated 14,689,851 (518,168) 14,171,683
<br /> Total capital assets, net 17,816,515 (518,168) 17,298,347
<br /> The following is a summary of the long-term obligations of the Successor Agency.
<br /> Tax Increment Bonds:
<br /> 2003 Tax Allocation Bonds—In October 2003, the former Redevelopment Agency issued $33,997,448 in
<br /> bonds to finance various downtown improvements. These bonds consist of current coupon bonds and
<br /> capital appreciation bonds. The current coupon bonds pay interest-only through January 15, 2010.
<br /> Principal on the current coupon bonds is paid in annual installments of$1,225,000 to $3,045,000
<br /> from July 15, 2010 to July 15, 2014. Payments reflecting interest and principal on the capital
<br /> appreciation bonds are due in annual installments of $3,505,000 to $3,510,000 from July 15, 2015
<br /> through July 15, 2032. Total principal and interest remaining on the bonds is $63,029,814. Payments
<br /> are made from property tax increment generated by the former redevelopment agency fund.
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