The Yellowstone County Museum Foundation (the Museum) has been leasing space in the basement of the building known as IP-9, located in the Airport Business Park.  This storage space totals 1,202.50 square feet and is used to house the Museum's artifacts and displays that are not in use at the Museum.  The Museum also stores items in the basement of the Museum, but its collection of items exceeds the space available in its basement area.  The storage space in IP-9 provides a climate controlled environment and allows the Museum to consolidate its storage.  The current Lease dated July 1, 2010, expires on June 30, 2015.  The Museum wishes to renew its Lease for another five years, with the term commencing July 1, 2015 and ending on June 30, 2020.  A copy of the proposed Lease is on file in the City Clerk's office.

City Council may:

• Approve a new five-year Lease with the Museum; or
• Disapprove a new five-year Lease with the Museum.

This five-year Lease will generate $4,870.13 in the first year.  Lease rentals in subsequent years will be adjusted annually on the Lease's anniversary date by the Department of Labor Consumer Price Index for all Urban Consumers (CPI-U), published by the Bureau of Labor Statistics, for the previous twelve months to keep pace with annual inflation.

Staff recommends that City Council approve a new five-year Lease to the Museum for storage space.