CITY OF CHILLIWACK | 2024 Annual Report 114 115 2024 Annual Report | CITY OF CHILLIWACK CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2024 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2024 CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes to Financial Statements (continued) Year ended December 31, 2024 3. Bank operating lines: The Corporation has an operating line of credit for a maximum of $1,000,000 (2023 - $1,000,000) that is due on demand, bears interest at prime plus 0.20%. No funds were drawn on the line of credit as at December 31, 2024. The Corporation has a second operating line of credit for a maximum of $4,000,000 (2023 - $4,000,000) that is due on demand, bears interest at prime plus 0.20%. No funds were drawn on the line of credit as at December 31, 2024. The above lines of credit are secured by a mortgage over certain lands, a commercial security agreement, an assignment of rentals and indemnity agreement from the City for the portion of the mortgaged land owned by the City, and an assignment of insurance. 4. Property under development: 2024 2023 Canada Education Park: Land $ 1,353,755 $ 1,353,755 Roads, water, and sewer 1,709,289 1,709,289 Other improvements 195,748 195,748 3,258,792 3,258,792 Downtown Redevelopment: Land 4,253,153 4,146,075 Buildings 2,702,609 2,349,404 6,955,762 6,495,479 $ 10,214,554 $ 9,754,271 8 CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes to Financial Statements (continued) Year ended December 31, 2024 5. Tangible capital assets: 2024 2024 opening closing cost Additions Disposals cost Buildings $ 5,307,494 $ 47,817 $ - $ 5,355,311 Leasehold improvements 158,905 - - 158,905 Computer and office equipment 169,069 9,761 - 178,830 Website 120,787 - - 120,787 Telecommunication equipment 5,299 - - 5,299 Land 196,196 - - 196,196 $ 5,957,750 $ 57,578 $ - $ 6,015,328 2024 2024 Opening Closing accumulated Amortization accumulated amortization Disposals expense amortization Buildings $ 1,859,542 $ - $ 133,041 $ 1,992,583 Leasehold improvements 52,473 - 7,843 60,316 Computer and office equipment 137,970 - 7,498 145,468 Website 120,787 - - 120,787 Telecommunication equipment 5,299 - - 5,299 $ 2,176,071 $ - $ 148,382 $ 2,324,453 2024 2024 Opening net Closing net book value book value Buildings $ 3,447,952 $ 3,362,728 Leasehold improvements 106,432 98,589 Computer and office equipment 31,099 33,362 Website - - Telecommunication equipment - - Land 196,196 196,196 $ 3,781,679 $ 3,690,875 9
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