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6.C. - Page 122 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 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 />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 />Beginning
<br />Balance Additions Ending Balance
<br />$ 2,560,739 $ - $ 2,560,739
<br />$ 2,560,739 $ - $ 2,560,739
<br />$ 13,231,503 $ - $ 13,231,503
<br />(4,201,903) (356,054) (4,557,957)
<br />208,691 - 208,691
<br />(99,130) (10,435) (109,565)
<br />4,101,302 - 4,101,302
<br />(1,486,725) (102,533) (1,589,258)
<br />953,244 - 953,244
<br />(600,363) (46,957) (647,320)
<br />$ 12,106,619 $ (515,979) $ 11,590,640
<br />$ 14,667,358 $ (515,979) $ 14,151,379
<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 />90 209
<br />Beginning
<br />Within
<br />Interest Rate % Balance Additions
<br />Retirements
<br />Ending Balance
<br />One Year
<br />Tax Increment Bonds
<br />2003 TaxAllocation Bonds
<br />3.50-5.80 $ 14,617,108 $ -
<br />$ 1,557,657
<br />$ 13,059,451
<br />$ 1,450,685
<br />Accreted interest payable
<br />20,172,411 -
<br />144,207
<br />20,028,204
<br />2,054,315
<br />Unamortized Premium
<br />430,800 -
<br />30,772
<br />400,028
<br />30,772
<br />Total Bonds
<br />$ 35,220,319 $ -
<br />$ 1,732,636
<br />$ 33,487,683
<br />$ 3,535,772
<br />90 209
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