|
6.A. - Page 118 of 191
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2019
<br />NOTE 14 — DISSOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY
<br />(CONTINUED)
<br />The following is a summary of the capital assets of the Successor Agency:
<br />Capital assets not being depreciated:
<br />Land
<br />Total capital assets not being depreciated
<br />Capital assets being depreciated:
<br />hnprovements other than buildings
<br />Accumulated depreciation
<br />Traffic Signals
<br />Accumulated depreciation
<br />StormDrains
<br />Accumulated depreciation
<br />Machinery & Equipment
<br />Accumulated depreciation
<br />Net capital assets being depreciated
<br />Total capital assets, net
<br />Beginning Ending
<br />Balance Additions Retirements Transfers Balance
<br />$ 2,560,739 $ - $ - $ - $ 2,560,739
<br />$ 2,560,739 $ - $ - $ - $ 2,560,739
<br />$ 13,231,503
<br />$ - $
<br />- $ - $ 13,231,503
<br />(3,732,881)
<br />(469,022)
<br />- - (4,201,903)
<br />208,691
<br />-
<br />- - 208,691
<br />(99,130)
<br />-
<br />- - (99,130)
<br />4,101,302
<br />-
<br />- - 4,101,302
<br />(1,486,725)
<br />-
<br />- - (1,486,725)
<br />953,244
<br />-
<br />- - 953,244
<br />(553,406)
<br />(46,957)
<br />- - (600,363)
<br />$ 12,622,598
<br />$ (515,979) $
<br />- $ - $ 12,106,619
<br />$ 15,183,337
<br />$ (515,979) $
<br />- $ - $ 14,667,358
<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 capital
<br />appreciation bonds. The current coupon bonds pay interest -only through January 15, 2010. Principal on the
<br />current coupon bonds is paid in annual installments of $1,225,000 to $3,045,000 from July 15, 2010 to July
<br />15, 2014. Payments reflecting interest and principal on the capital appreciation bonds are due in annual
<br />installments of $3,505,000 to $3,510,000 from July 15, 2016 through July 15, 2032. Total principal and
<br />interest remaining on the bonds is $49,080,000. Payments are made from property tax increment generated
<br />by the former redevelopment agency fund.
<br />Change in Debt:
<br />Beginning Within
<br />Interest Rate % Balance Additions Retirements Ending Balance One Year
<br />Tax Increment Bonk
<br />2003 TaxAllocation Bonds
<br />3.50-5.80 $ 16,281,002 $
<br />- $ 1,663,894 $ 14,617,108 $
<br />1,557,657
<br />Accreted interest payable
<br />20,132,049
<br />40,362 - 20,172,411
<br />1,947,343
<br />Unamortized Premium
<br />461,572
<br />- 30,772 430,800
<br />30,772
<br />Total Bonds
<br />$ 36,874,623 $
<br />40,362 $ 1,694,666 $ 35,220,319 $
<br />3,535,772
<br />90 125
<br />
|