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City of Redwood City 6.1.D. - Page 107
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2016
<br />NOTE 14 — DISSOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY (CONTINUED)
<br />In future fiscal years, successor agencies will only be allocated revenue in the amount that is necessary to
<br />pay the estimated annual installment payments on enforceable obligations of the former redevelopment
<br />agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all
<br />assets have been liquidated.
<br />The City's former Redevelopment Agency had entered into agreements with certain public entities whose
<br />jurisdictions were within the territory of the former Redevelopment Agency under which these entities
<br />received a specified share of the property tax increment received by the former Redevelopment Agency.
<br />Under Assembly Bill X1 26 the responsibility for making these payments has been shifted to the County
<br />of San Mateo.
<br />The following is a summary of the capital assets of the Successor Agency:
<br />Beginning
<br />Balance
<br />Capital assets not being depreciated: $
<br />Land 3,126, 664
<br />Total capital assets not being depreciated 3,126,664
<br />Capital assets being depreciated:
<br />Improvements other than buildings
<br />Accumulated depreciation
<br />Traffic Signals
<br />Accumulated depreciation
<br />Storm Drains
<br />Accumulated depreciation
<br />Machinery & Equipment
<br />Accumulated depreciation
<br />Net capital assets being depreciated
<br />Total capital assets,net
<br />Ending
<br />Additions Retirements Transfers Balance
<br />3,126, 664
<br />3,126, 664
<br />13,231,503
<br />13,231,503
<br />(2,664,719)
<br />(356,054)
<br />(3,020,773)
<br />208,691
<br />208,691
<br />(67,825)
<br />(10,435)
<br />(78,260)
<br />4,101, 302
<br />4,101, 302
<br />(1,179,126)
<br />(102,533)
<br />(1,281,659)
<br />953,244
<br />953,244
<br />(411,387)
<br />(48,105)
<br />(459,492)
<br />14,171,683
<br />(517,127)
<br />13,654,556
<br />17,298,347
<br />(517,127)
<br />16,781,220
<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 from
<br />July 15, 2010 to July 15, 2014. Payments reflecting interest and principal on the capital appreciation bonds
<br />are due in annual installments of $3,505,000 to $3,510,000 from July 15, 2016 through July 15, 2032. Total
<br />principal and interest remaining on the bonds is $63,029,814. Payments are made from property tax
<br />increment generated by the former redevelopment agency fund.
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