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COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA <br />Notes to the Basic Financial Statements (Continued) <br />Year Ended June 30, 2011 <br />In May 2006, the Agency entered into two loan agreements in the amount of $3,006,920 and <br />$2,043,924 with Ross & Durant, L.P. for the acquisition and rehabilitation of certain real properties <br />for low income households. Interest on these loans is at 0.5 % through May 10, 2012 and 3% <br />thereafter. Ross & Durant, L.P. is to repay these loans to the Agency based on the terms stipulated <br />in these agreements. At June 30, 2011, a total of $4,509,444 has been disbursed and recorded as a <br />loan receivable and deferred revenue in the fund financial statements to indicate that this asset is <br />not available for expenditures. <br />(4) CAPITAL ASSETS <br />Changes in capital assets for the year ended June 30, 2011, were as follows: <br />Balance at Balance at <br />July 1, 2010 Additions Deletions June 30, 2011 <br />Capital Assets, not being depreciated: <br />Land $ - $ 6851382 $ - $ 6851382 <br />Total capital assets, not being depreciated - 6851382 - - <br />Capital Assets, being depreciated: <br />Equipment 611444 - - 611444 <br />Less: accumulated depreciation (61,444) - - (61,444) <br />Capital assets, being depreciated, net - - - - <br />Capital assets, net $ - $ 685,382 $ - $ 685,382 <br />Depreciation expense was $0 for the fiscal year ended June 30, 2011. <br />31 <br />