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I CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2008 <br />The net book value of assets under this lease agreement at December 31, 2008 are as follows <br />Land <br />$1,294,541 <br />Buildings and structures <br />4,887,598 <br />Furniture, fixtures and equipment <br />30,903 <br />Accumulated depreciation <br />(741,687) <br />Net <br />$5,471,355 <br />L, <br />0 <br />t <br />0 <br />Note 15 OPERATING LEASES <br />The City leases space above its water towers to Sprint Spectrum. The space is used for antennas and other <br />equipment necessary to provide radio communications. Lease terms are as follows: <br />2008 <br />Annual Lease <br />Initial <br />21,189 <br />Lease <br />Adjustment <br />Expiration <br />Automatic <br />Lessee Amount <br />Factor <br />Date <br />Renewals <br />Sprint Spectrum $19,591 <br />4% <br />2/27/09 <br />4-5 year terms <br />Future minimum lease payments are as follows <br />2009 <br />$20,374 <br />2010 <br />21,189 <br />2011 <br />22,037 <br />2012 <br />22,918 <br />2013 <br />23,835 <br />2014-2018 <br />134,260 <br />2019-2023 <br />163,348 <br />2024-2028 <br />198,738 <br />2029 <br />3,590 <br />Total $610,289 <br />77 <br />