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REDEVELOPMENT AGENCY OF SAN LEANDRO <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2008 <br />6. CAPITAL ASSETS <br />The following is a summary of the Agency's capital assets: <br />Balance Balance <br />June 30, 2007 Additions Retirement Adjustments June 30, 2008 <br />Governmental Activities: <br />Capital assets, not being depreciated <br />Land $ 2,616,746 $ 147,059 $ - $ 180,000 $ 2,943,805 <br />?otal capital assets, not being depreciated $ 2,616,746 $ 147,059 $ - $ ] 80,000 $ 2,943,805 <br /> <br />Capital assets, being depreciated: <br />Buliding $ 4,75I,120 $ - $ - $ - $ 4,751,120 <br />lnfr~structure 180,060 - - (180,000) - <br />Accumulated depreciation (255,784) (119,090) - - (374,874) <br />Total capital assets being depreciated, net 4,675,336 (119,090) - (180,000) 4,376,246 <br />Governmental activities capital assets, net $ 7,292,082 $ 27,969 $ - $ (180,000) $ 7,320,051 <br />7. ADVANCES FROM CITY FUNDS <br />The City has made long term advances to the Agency from various City funds to cover operational <br />expenditures incurred by the Agency. The terms of the loans are indefinite. Interest accrues annually at the <br />rate of 6%. The balance as of June 30, 200$, was $6,403,707. <br />25 <br />