(A) Capital assets must be recorded at actual cost. Normally the cost recorded is the purchase price or construction cost of the asset, but also included are any other reasonable and necessary costs incurred to place the asset in its intended location and ready for its intended use. Such costs could include the following:
(1) Legal expenses, title fees, closing costs;
(2) Appraisal and negotiation fees, surveying fees;
(3) Environmental site assessments;
(4) Damage payments, condemnation payments;
(5) Land preparation costs, demolition costs;
(6) Architect, engineering, financial consultant, construction management, and accounting fees;
(7) Insurance premiums during construction;
(8) Transportation charges; and
(9) Interest costs during construction.
(B) Donated or contributed assets should be recorded at their fair market value on the date donated.
(Ord. 3-19-2014, passed 3-19-2014)