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6.1 B
<br /> Redevelopment Agency of the City of Redwood City AT ���iE�,�
<br /> Notes to Basic Financial Statements, Continued
<br /> For the year ended June 30, 2010
<br /> 3. LOANS RECEIVABLE, Continued
<br /> F. Loans with For-Profit Organizations
<br /> In December 2003, the Agency loaned Hallmark Apartrnents 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 I
<br /> rehabilitation of housing units. The loan is non interest bearing and deferred for 55 years. As of June 30,
<br /> 2010, the remaining loan balance was $483,153.
<br /> 4. CAPITAL ASSETS
<br /> The Agency's capital assets at June 30, 2010 comprise:
<br /> Balance Balance
<br /> Asset Type July 1, 2009 Addifions Delefions Transfers June 30, 2010
<br /> Non-depreciable Assets:
<br /> Land $ 3,126,664 $ - $ - $ - $ 3,126,664
<br /> Construction in progress 2,418,050 84,911 - (2,098,23'� 404,724
<br /> Total non-depreciated assets 5,544, 8 - (2, 0 9 8,237) 3,53
<br /> Depreciable Assets:
<br /> Machinery and equipment 951,710 - (9,012) - 942,698
<br /> Less accumulated depreciation
<br /> on machinery and equipment (117,156) (48,585) 285 - (165,456)
<br /> Improvements other than buildings 10,840,588 - - 2,098,237 12,938,825
<br /> Less accumulated depreciation
<br /> on improvements other than buildings (571,340) (320,43'� - - (891,77�
<br /> Traffic signals 208,691 - - 208,691
<br /> Less accumulated depreciation
<br /> on traffic signals (5,21� (10,435) - - (15,652)
<br /> Storm drains 4,101,302 - - - 4,101,302
<br /> Less accumulated depreciation
<br /> on storm drains (563,930) (102,533) - - (666,463)
<br /> Total depreciable assets 14,844,648 (481,990) (8,72� 2,098, 16,452,168
<br /> Total capital assets, net $ 20,389,362 $ ( 39 7, 079) $ (8,72'� $ - $ 19,9 83,556
<br /> Depreciation expense of $481,990 was charged to Community Development Program based on its usage of
<br /> the related assets.
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