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0 <br />U <br />I <br />L <br />L- <br />CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2009 <br />The net book value of assets under this lease agreement at December 31, 2009 are as follows <br />Land <br />$1,294,541 <br />Buildings and structures <br />4,887,598 <br />Furniture, fixtures and equipment <br />30,902 <br />Accumulated depreciation <br />(907,324) <br />Net <br />$5,305,717 <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 />2009 Annual Lease Initial <br />Lease Adjustment <br />Expiration Automatic <br />Lessee Amount Factor <br />Date Renewals <br />Sprint Spectrum $20,374 4% <br />2/27/14 3 -5 year terms <br />Future minimum lease payments are as follows: <br />2010 <br />$21,189 <br />2011 <br />22,037 <br />2012 <br />22,918 <br />2013 <br />23,835 <br />2014 <br />24,788 <br />2015 -2019 <br />139,631 <br />2020 -2024 <br />169,882 <br />2025 -2029 <br />165,636 <br />Total $589,916 <br />79 <br />