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6.1 B - Attachment No. 2
<br /> Redevelopment Agency of the City of Redwood City
<br /> Notes to Basic Financial Statements,Continued
<br /> For the year ended June 30,2009
<br /> 3. LOANS RECEIVABLE,Continued
<br /> F. Loans with For-Profit Organizations
<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 /> 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 /> 4. CAPITAL ASSETS
<br /> The Agency's capital assets at June 30,2009 comprise:
<br /> Balance Balance
<br /> Asset Type July 1,2008 Additions Deletions Transfers June 30,2009
<br /> Non-depreciable Assets:
<br /> �d $ 3,126,664 $ - $ - $ - $ 3,126,664
<br /> Construction in progress 2,301,595 325,146 (208,691) 2,418,050
<br /> Total non-depreciated assets 5,428,259 325,146 - (208,691) 5,544,714
<br /> Depreciable Assets:
<br /> Machinery and equipment 925,777 25,933 - - 951,710
<br /> Less accumulated depreciation
<br /> on machinery and equipment (69,433) (47,723) - - (117,156)
<br /> Improvements other than buildings 10,840,588 - - - 10,840,588
<br /> Less accumulated depreciation
<br /> on improvements other than buildings (271,885) (299,455) - - (571,340)
<br /> Traffic signals - - - 208,691 208,691
<br /> Less accumulated depreciation �
<br /> on traffic signals - (5,21� - - �5�21'�
<br /> Storm drains 4,101,302 - - - 4,101,302
<br /> Less accumulated depreciation
<br /> on storm drains (461,39� (102,533) - - (563,930)
<br /> Total depreciable assets 15,064,952 (428,995) - 208,691 14,844,648
<br /> Total capital assets,net $ 20,493,211 $ (103,849) $ - $ - $ 20,389,362
<br /> Depreciation expense of $454,928 was charged to community development program based on its usage of
<br /> the related assets.
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