The Yellowstone County Museum Foundation (the Museum) currently leases 1,202.50 square feet of storage space in the basement of the building known as IP-9 in the Airport Business Park.  The Museum wishes to lease 229.21 square feet of additional storage space to provide a climate-controlled environment for storage of items added to its collection.  This Amendment adds 229.21 square feet of space to the Lease for a revised total of 1,431.71 square feet.   The current Lease, dated July 13, 2015, is for a five-year term, which commenced on July 1, 2015, and expires on June 30, 2020.  The Amendment will commence on December 1, 2016.

↵City Council may:

• Approve Amendment One to the Museum Lease, adding space; or
• Disapprove Amendment One to the Museum Lease, adding space.

The additional space will generate an additional $547.05 for the remaining seven months of the current Lease year.  Future lease rentals will run concurrent with the Museum's other leased space and be adjusted annually each July 1, by the Consumer Price Index for All Urban Consumers (CPI-U), published by the Department of Labor, Bureau of Labor Statistics.

Staff recommends the City Council approve Amendment One to the Airport Business Park Building and Ground Lease with the Museum, adding 229.21 square feet to the leased premises.