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CITY OF ST. ANTHONY, MINNESOTA <br />I NOTES TO FINANCIAL STATEMENTS <br />December 31, 2011 <br />I <br />In connection with this bond issue, the City entered into a lease agreement with the HRA for the use of these <br />facilities. Terms of the lease require the City to pay rents annually in amounts to satisfy the debt service <br />requirements related to the bond issued by the HRA. In addition, the City advanced $437,360 to the bond <br />trustee to initially fund the bond reserve requirements of the agreement. <br />The net book value of assets under this lease agreement at December 31, 2011 are as follows: <br />Land $1,294,541 <br />Buildings and structures 4,887,598 <br />Furniture, fixtures and equipment 30,902 <br />Accumulated depreciation (1,236,832) <br />Net <br />$4,976,209 <br />Note 15 OPERATING LEASES <br />Sprint <br />Clearwire <br />The City leases space above its water towers to Sprint Spectrum. The space <br />is used for antennas <br />and other <br />equipment necessary to provide radio communications. <br />Lease terms are as <br />follows: <br />23,835 <br />2011 <br />Annual Lease <br />Initial <br />27,447 <br />Lease <br />Adjustment <br />Expiration <br />Automatic <br />Lessee Amount <br />Factor <br />Date <br />Renewals <br />Sprint Spectrum $22,037 <br />4% <br />2/27/14 <br />3-5 year terms <br />Clearw ire Communications 24,400 <br />4% <br />7/10/14 <br />5-5 year terms <br />Future minimum lease payments are as follows: <br />Fig <br />Sprint <br />Clearwire <br />Spectrum <br />Communications <br />2012 <br />$22,918 <br />$25,376 <br />2013 <br />23,835 <br />26,391 <br />2014 <br />24,788 <br />27,447 <br />2015 <br />25,780 <br />28,545 <br />2016 <br />26,811 <br />29,686 <br />2017-2021 <br />151,028 <br />167,222 <br />2022-2026 <br />183,748 <br />203,452 <br />2027-2031 <br />87,791 <br />247,530 <br />2032-2036 <br />- <br />301,158 <br />2037-2046 <br />- <br />254,832 <br />Total <br />$546,699 <br />$1,311,639 <br />Fig <br />