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6.C. - Page 90 of 196
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2020
<br />NOTE 3 — LOANS RECEIVABLE (CONTINUED)
<br />N. Redwood Oaks Associates
<br />In May, 2019, the City entered into an agreement with Redwood Oaks Associates LLP, whereby $500,000
<br />from the City's HOME and CDBG grant programs were loaned to assist with the rehabilitation of the
<br />Redwood Oaks Apartments at 330-340 Redwood Avenue. The loan term is 55 years and bears 0% interest.
<br />The loan will be repaid annually from 50% of the project's net cash flow. The outstanding balance of the
<br />loan at June 30, 2020 was $500,000.
<br />NOTE 4 — CAPITAL ASSETS
<br />A. Summary
<br />Capital assets at June 30 are comprised of the following:
<br />58 177
<br />Balance
<br />Balance
<br />June 30, 2019
<br />Additions
<br />Retirements
<br />Transfers
<br />June 30, 2020
<br />Government activities
<br />Capital assets not being depreciated:
<br />Land
<br />$
<br />31,963,078
<br />$
<br />-
<br />$
<br />$
<br />$ 31,963,078
<br />Construction in progress, Property
<br />37,940,436
<br />28,382,276
<br />(547,872)
<br />(5,327,523)
<br />60,447,317
<br />Construction in progress, Vehicles
<br />561,008
<br />1,424,183
<br />(741,097)
<br />1,244,094
<br />Total capital assets not being depreciated
<br />70,464,522
<br />29,806,459
<br />(547,872)
<br />(6,068,620)
<br />93,654,489
<br />Capital assets being depreciated:
<br />Buildings
<br />83,309,015
<br />-
<br />241,139
<br />83,550,154
<br />Accumulated depreciation
<br />(35,055,041)
<br />(1,635,828)
<br />-
<br />(36,690,869)
<br />improvements other than buildings
<br />14,137,218
<br />687,835
<br />106,459
<br />14,931,512
<br />Accumulated depreciation
<br />(3,705,011)
<br />(718,509)
<br />-
<br />(4,423,520)
<br />Parks
<br />39,964,661
<br />175,000
<br />1,716,288
<br />41,855,949
<br />Accumulated depreciation
<br />(20,744,820)
<br />(1,412,228)
<br />-
<br />(22,157,048)
<br />Streets
<br />128,120,698
<br />1,172,066
<br />3,263,637
<br />132,556,401
<br />Accumulated depreciation
<br />(80,983,219)
<br />(4,371,127)
<br />-
<br />(85,354,346)
<br />Bridges
<br />2,248,335
<br />2,248,335
<br />Accumulated depreciation
<br />(2,183,811)
<br />(43,018)
<br />(2,226,829)
<br />Traffic Signals
<br />6,333,343
<br />227,125
<br />6,560,468
<br />Accumulated depreciation
<br />(2,511,823)
<br />(223,926)
<br />(2,735,749)
<br />Stone Drains
<br />20,330,883
<br />155,435
<br />20,486,318
<br />Accumulated depreciation
<br />(3,812,818)
<br />(609,104)
<br />-
<br />(4,421,922)
<br />Subtotal
<br />145,447,610
<br />(6,596,279)
<br />5,327,523
<br />144,178,854
<br />Machinery & Equipment
<br />28,578,124
<br />71,550
<br />741,097
<br />29,390,771
<br />Accumulated depreciation
<br />(18,524,465)
<br />(1,605,352)
<br />-
<br />(20,129,817)
<br />Net capital assets being depreciated
<br />155,501,269
<br />(8,130,081)
<br />6,068,620
<br />153,439,808
<br />Governmental activity capital assets, net
<br />$
<br />225,965,791
<br />$
<br />21,676,378
<br />$ (547,872)
<br />$ -
<br />$ 247,094,297
<br />Business -Type Activities
<br />Capital assets not being depreciated:
<br />Land
<br />$
<br />3,126,270
<br />$
<br />-
<br />$ -
<br />$
<br />$ 3,126,270
<br />Construction in progress
<br />10,026,002
<br />11,660,273
<br />(93,740)
<br />(5,444,011)
<br />16,148,524
<br />Total capital assets not being depreciated
<br />13,152,272
<br />11,660,273
<br />(93,740)
<br />(5,444,011)
<br />19,274,794
<br />Capital assets being depreciated
<br />Harbor Improvements
<br />4,827,957
<br />-
<br />4,827,957
<br />Accumulated depreciation
<br />(3,573,181)
<br />(109,709)
<br />(3,682,890)
<br />Buildings
<br />62,686,456
<br />62,686,456
<br />Accumulated depreciation
<br />(18,322,212)
<br />(1,337,964)
<br />(19,660,176)
<br />Machinery and equipment
<br />2,110,934
<br />141,501
<br />2,252,435
<br />Accumulated depreciation
<br />(1,673,864)
<br />(58,987)
<br />(1,732,851)
<br />improvements other than buildings
<br />237,253,810
<br />502,379
<br />5,444,011
<br />243,200,200
<br />Accumulated depreciation
<br />(73,107,378)
<br />(5,313,466)
<br />-
<br />(78,420,844)
<br />Net capital assets being depreciated
<br />210,202,522
<br />(6,176,246)
<br />5,444,011
<br />209,470,287
<br />Business -type activity capital assets, net
<br />$
<br />223,354,794
<br />$
<br />5,484,027
<br />$ (93,740)
<br />$ -
<br />$ 228,745,081
<br />58 177
<br />
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