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NOTE 17 — OPERATING LEASE <br />The City is the lessor of an operating lease. In February 2010, the City of Ramsey entered into a five-year <br />agreement to lease approximately 2200 square feet of office space on the ground floor of the Ramsey <br />Municipal Center to Anoka County for the operation of a license center. As part of the original lease, the <br />tenant may extend the contract for three (3) five (5) year teinis. Anoka County authorized a five (5) year <br />extension in March 2015. The cost of the leased spaced is included in the total municipal center building <br />cost of $12,856,588, of which $3,085,497 has been depreciated to date. These amounts are recorded in the <br />City's capital assets. The City of Ramsey collected $49,779 in lease revenue for the fiscal year ended <br />December 31, 2018. The following is an estimate of the future lease payments: <br />Year Ending December 31, Lease Payments <br />2019 $ 52,386 <br />January 1 — June 30, 2020 26,580 <br />Total $ 78,966 <br />Lease payments may increase each year based on the increase in the Consumer Price Index — U.S. City <br />Averages for ALL Urban Consumers as published by the Bureau of Labor Statistics of the United States <br />Department of Labor for Urban Wage Earners and Clerical Workers for All Items (CPI-W). <br />94 <br />