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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2021 <br /> <br /> <br /> <br /> <br />NOTE 17 COMMITMENTS (CONTINUED) <br />This note is not a general obligation of the City, and neither the full faith and credit nor the taxing <br />powers of the City are pledged to the payment of the principal of or interest of this note and no property <br />or other asset of the City, save and except the above-referenced Tax Increments, is or shall be a source <br />of payment of the City’s obligations hereunder. <br /> <br />NOTE 18 ANTENNA LEASES <br />The City receives revenue from agreements for the lease of space above its water tower to two <br />communications companies. The space is used for antennas and other equipment (of the lessee) <br />necessary to provide radio communications. For accounting purposes, the leases are considered <br />operating leases. Lease revenue for the year ended December 31, 2021 totaled $86,630. <br /> <br />Future Lease Receipts Amounts <br />2022 $88,589 <br />2023 61,749 <br />2024 58,142 <br /> <br />77