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City of Little Canada, Minnesota <br />Notes to the Financial Statements <br />December 31, 2023 <br />Note 3: Detailed Notes on All Funds (Continued) <br />B.Lease Receivable <br />The City, acting as a lessor, leases certain real property to several communications companies on which to install cell <br />towers under long-term, non-cancelable lease agreements. These leases expire in Fiscal year 2038 and 2039. During the <br />year ended December 31, 2023, the City recognized $92,268 in lease revenue, pursuant to those contracts. <br />Current Year <br />Issue Discount Inflow of Balance at <br />Description Date Rate Resources Year End <br />Cell Tower Lease T-Mobile 01/01/22 1.44 %12,059$ 549,878$ <br />Cell Tower Lease AT&T 01/01/22 1.44 22,986 964,748 <br /> Total 1,514,626$ <br />The annual amounts to be recognized split between principal and interest are as follows: <br />Year Ending <br />December 31,Principal Interest Total <br />2024 47,553$ 48,265$ 95,818$ <br />2025 53,022 46,628 99,650 <br />2026 58,828 44,808 103,636 <br />2027 64,988 42,794 107,782 <br />2028 71,519 40,574 112,093 <br />2029 - 2033 469,971 161,447 631,418 <br />2034 - 2038 645,576 67,919 713,495 <br />Thereafter 103,169 1,542 104,711 <br />Total 1,514,626$ 453,977$ 1,968,603$ <br />71