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<br />. <br /> <br />are addcd to the cost of the land. Land improvements can be further categorized as inexhaustible, <br />not requiring maintenance or replacement; or exhaustible, e.g., parking lots, landscaping and <br />fencing. <br /> <br />Examples of items to bc capitalized as land and land improvements include: <br /> <br />. Purchase price or fair value at time of gift; <br />. Commissions; <br />. Professional fees, includes title searches, architect, legal, engineering, appraisal, <br />surveying, environmental assessments; <br />. Land excavation, fill, grading, and drainage; <br />. Demolition of existing buildings and improvements, less salvagc; <br />. Removal, relocation, or reconstruction of property owned hy others, i.e., power, <br />telephone and railroad lines; <br />. Interest on mortgages accrued at date of purchase; <br />. Accrued and unpaid taxcs at date of purchase; <br />. Other costs incurred in acquiring the land; <br />. Water wells, including initial cost for drilling, the pump and its casing; and <br />. Permanent right-of-way. <br /> <br />Other Improvements include land improvements that are exhaustible in nature and enhance the <br />quality or facilitate the use of land for a specific purpose. <br /> <br />Examples of items to capitalize as other improvements include: <br /> <br />. . <br />. <br /> . <br /> . <br /> . <br /> . <br /> . <br /> . <br /> . <br /> . <br /> . <br /> . <br /> <br />Fencing and gates; <br />Landscaping; <br />Parking lost, driveways, and parking barriers; <br />Outdoor sprinkler and irrigation systems; <br />Recreation areas and athletic fields, including bleachers; <br />Golf courses; <br />Paths and trails; <br />Septic systems; <br />Swimming pools, tennis courts, basketball courts, skate parks; <br />Fountains, <br />Plazas and pavilions; and <br />Retaining walls. <br /> <br />Buildings refer to a structure that is permanently attached to the land, has a roof, is partially or <br />completely enclosed by walls, and is not intended to be transportable or movcable. Certain <br />buildings or structures that are ancillary parts of infrastructure networks, such as well houses and <br />pumping stations will be reported as infrastructure rather than as buildings. <br /> <br />Examples of items to be capitalized as buildings: <br /> <br />Purchased Buildings <br /> <br />. <br /> <br />. Original purchase price; <br />. Expenses for remodeling, reconditioning, or altering a purchased building to make it <br />ready for its intended purpose; <br />. Environmental compliance, i.e., asbestos abatement; <br /> <br />6 <br />