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<br />Redevelopment Agency of the City of Redwood City
<br />Notes to Basic Financial Statements, Continued
<br />For the year ended June 30, 2008
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<br />3. LOANS RECEIVABLE, Continued
<br />
<br />E. First Community Housing Loan
<br />
<br />The Agency entered into an agreement with First Community Housing whereby $2,427,000 from the
<br />Redevelopment Agency Low and Moderate Housing Fund was loaned to First Community H.ousing for
<br />construction of the Villa Montgomery housing development at EI Camino and Vera A venue. The loan
<br />bears interest at 3% for 40 years. The loan will be repaid annually from 70% of the Projects net cash
<br />flow.
<br />
<br />F. Loans with For-Profit Organizations
<br />
<br />In December 2003, the Agency loaned Hallmark Apartments LLP $150,000 for the repair and
<br />rehabilitation of housing units. The loan is deferred for the first 30 years, and then amortized at 3 %
<br />interest over the remaining 25 years.
<br />
<br />In July 2003, the Agency loaned MP Redwood Court Association '$500,000 for the repair and
<br />rehabilitation of housing units. The loan is non interest bearing and deferred for 55 years.
<br />
<br />4. CAPIT AL ASSETS
<br />
<br />The Agency's capital assets at June 30, 2008 comprise:
<br /> Balance Transfers Balance
<br />Asset Type July 1, 2007 Additions Deletions Transfers to the City June 30, 2008
<br />Non-depreciable Assets:
<br />Land $ 3,126,664 $ - $ - $ - $ - $ 3,126,664
<br />Construction in progress 27,671,941 1,044,252 (133,299) (4,818,862) (21,462,437) 2,301,595
<br />Total non-depreciated assets 30,798,605 1,044,252 (133,299) (4.818,862) (21.462,437) 5,428,259
<br />Depreciable Assets:
<br />Machinery and equipment 925,777 925,777
<br />Less accumulated depredation
<br />on machinery and equipment (23,144) (46,289) (69,433)
<br />Improvements other than buildings 6,021,726 4,818,862 10,840,588
<br />Less accumulated depredation
<br />on improvements other than buildings (61,079) (210,806) (271,885)
<br />Storm drains 4,101,302 4,101,302
<br />Less accumulated depreciation
<br />on storm drains (358,864) (102,533) (461,397)
<br />Total depreciable assets 10,605,718 (359.628) 4,818,862 15,064,952
<br />Total capital assets, net $ 41,404,323 $ 684,624 $ (133,299) $ - $ (21,462,437) $ 20.493,211
<br />
<br />Depreciation expense of $359,628 was charged to community development program based on its usage of
<br />the related assets.
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