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<br />MEMORANDUM <br />TO: Mayor and City Council <br />FROM: Mark Casey, City Manager <br />SUBJECT: Community Center Lease <br />DATE: October 3, 2016 <br /> <br />The lease between the City of St. Anthony Village and the St. Anthony/New Brighton School <br />District #282 originally executed September 24, 1996, and amended January 1, 2008 and June 1, <br />2010, will expire on December 31, 2016. <br />Due to continually increasing personnel and operating costs, it is necessary that the annual lease <br />charge be increased. The agreement would renew January 1, 2017, effective for the 2017-2018 school <br />year. The agreement would then subsequently renew January 1, 2026, effective for the 2027-2028 <br />school year. <br />I offered Superintendent Robert Laney an annual escalator of 2.25% or a step increase after 5 years. <br />Mr. Laney preferred the step increase. <br />The proposal reflects an increase in the annual rent to $127,300 for the first 5 years, and an increase <br />to $159,730 in 2022 for the remaining 5 years. <br /> <br />Year <br />Lease <br />Amount <br />2017 $127,300 <br />2018 $127,300 <br />2019 $127,300 <br />2020 $127,300 <br />2021 $127,300 <br />2022 $159,730 <br />2023 $159,730 <br />2024 $159,730 <br />2025 $159,730 <br />2026 $159,730 <br /> <br /> <br /> <br />Attachments: Community Center Lease Analysis <br /> Depreciation Schedule <br /> Community Center Floor Plan w/Allocations