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6.G. - Pagf RelJ50od 187
<br />City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2018
<br />NOTE 14 - DISSOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY (CONTINUED)
<br />On October 30, 2013 the Superior Court Judge hearing the lawsuit filed against the State of California
<br />Department of Finance concerning the $10.3 million the City is holding in the Housing Legal Aid Society
<br />Fund as part of the dissolution of the former Redevelopment Agency issued a tentative ruling in favor of
<br />the State of California. On November 6, 2013 the Judge then issued a "Request for Further Briefing" to
<br />be held on November 22, 2013. On January 4, 2014 the Superior Court Judge ruled in favor of the State
<br />of California. In April 2014, the City filed an appeal, and as of the date of this report, a ruling on the
<br />appeal has not been issued. In December 2015, the City remitted $10.3 million to the DOF, under
<br />protest, in order for the Successor Agency to receive a finding of completion.
<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 2,560,739 - - - 2,560,739
<br />Total capital assets not being depreciated 2,560,739 - - - 2,560,739
<br />Capital assets being depreciated:
<br />Improvements other than buildings
<br />13,231,503
<br />- -
<br />- 13,231,503
<br />Accumulated depreciation
<br />(3,376,827)
<br />(356,054) -
<br />- (3,732,881)
<br />Traffic Signals
<br />208,691
<br />- -
<br />- 208,691
<br />Accumulated depreciation
<br />(88,695)
<br />(10,435) -
<br />- (99,130)
<br />Storm Drains
<br />4,101,302
<br />- -
<br />- 4,101,302
<br />Accumulated depreciation
<br />(1,384,192)
<br />(102,533) -
<br />- (1,486,725)
<br />Machinery & Equipment
<br />953,244
<br />- -
<br />- 953,244
<br />Accumulated depreciation
<br />(506,449)
<br />(46,957) -
<br />- (553,406)
<br />Net capital assets being depreciated
<br />13,138,577
<br />(515,979) -
<br />- 12,622,598
<br />Total capital assets,net 15,699,316 (515,979) - - 15,183,337
<br />88 294
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