CITY OF CHILLIWACK 2025 Annual Report 96 97 2025 Annual Report CITY OF CHILLIWACK CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2025 CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes to Financial Statements (continued) Year ended December 31, 2025 2. Bank operating lines: The Corporation has an operating line of credit for a maximum of $1,000,000 (2024 - $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, 2025. The Corporation has a second operating line of credit for a maximum of $4,000,000 (2024 - $4,000,000) that is due on demand, bears interest at prime plus 0.20%. Funds in the amount of $1,675,138 were drawn on the line of credit as at December 31, 2025 (2024 - nil). Interest on the line of credit of $16,275 is included in interest and bank charges. The 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. 3. Property under development: 2025 2024 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 4,253,153 Buildings 4,975,164 2,702,609 9,228,317 6,955,762 $ 12,487,109 $ 10,214,554 7 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2025 CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes to Financial Statements (continued) Year ended December 31, 2025 4. Tangible capital assets: 2025 2025 opening closing cost Additions Disposals cost Buildings $ 5,355,311 $ 52,313 $ - $ 5,407,624 Leasehold improvements 158,905 - - 158,905 Computer and office equipment 178,830 7,543 - 186,373 Website 120,787 - - 120,787 Telecommunication equipment 5,299 - - 5,299 Land 196,196 - - 196,196 $ 6,015,328 $ 59,856 $ - $ 6,075,184 2025 2025 Opening Closing accumulated Amortization accumulated amortization Disposals expense amortization Buildings $ 1,992,583 $ - $ 133,826 $ 2,126,409 Leasehold improvements 60,316 - 7,333 67,649 Computer and office equipment 145,468 - 6,216 151,684 Website 120,787 - - 120,787 Telecommunication equipment 5,299 - - 5,299 $ 2,324,453 $ - $ 147,375 $ 2,471,828 2025 2025 Opening net Closing net book value book value Buildings $ 3,362,728 $ 3,281,215 Leasehold improvements 98,589 91,256 Computer and office equipment 33,362 34,689 Website - - Telecommunication equipment - - Land 196,196 196,196 $ 3,690,875 $ 3,603,356 8
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