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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON
<br />Notes to Basic Financial Statements
<br />(4) Detailed Notes on All Funds, continued
<br />(C) Capital Assets
<br />BeginningEnding
<br />balanceIncreasesDecreasesbalance
<br />Governmental activities:
<br />Capital assets, not being depreciated
<br /> Construction in Progress$024,640024,640
<br /> Land2,215,4590(307,433)1,908,026
<br /> Total capital assets, not being depreciated2,215,45924,640(307,433)1,932,666
<br />Capital assets, being depreciated
<br /> Improvements 3,747,984003,747,984
<br /> Infrastructure2,645,718002,645,718
<br /> Total capital assets being depreciated6,393,702006,393,702
<br /> Less accumulated depreciation for:
<br /> Improvements (2,397,397)(163,316)0(2,560,713)
<br /> Infrastructure(1,475,294)(95,845)0(1,571,139)
<br /> Total accumulated depreciation(3,872,691)(259,161)0(4,131,852)
<br /> Total capital assets, being depreciated, net2,521,011(259,161)02,261,850
<br /> Governmental activities capital assets, net$4,736,470(234,521)(307,433)4,194,516
<br />(D) Noncurrent Liabilities
<br />The Urban Renewal Agency issues tax increment bonds to finance major construction projects within its
<br />districts. These bonds are serviced by property tax increment revenues. When an urban renewal district
<br />is first created, the assessed property value within the district boundaries is established as a “frozen
<br />base”. The Urban Renewal Agency receives property taxes related to the incremental increase in the
<br />property value that is in excess of the “frozen base”.
<br />Annual debt service requirements to maturity for the tax increment bonds are as follows:
<br />Fiscal year
<br />ending June 30PrincipalInterest
<br />2013$754,000373,516
<br />2014794,000334,308
<br />2015835,000293,020
<br />2016878,000249,600
<br />2017924,000203,944
<br />2018-20202,998,000313,404
<br />$7,183,0001,767,792
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