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 approximately 995 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 January, 9, 2006, expires on June 30, 2010. The Museum wishes to renew its Lease for another five years, with the term commencing July 1, 2010 and ending on June 30, 2015.

The City Council may:

• Approve the Lease with Yellowstone County Museum Foundation; or
• Not approve the Lease with Yellowstone County Museum Foundation.

This five-year Lease will generate $3,671.03 in the first year, and lease rentals in subsequent years will be adjusted annually using the Consumer Price Index for all Urban Consumers (CPI-U).

Staff recommends that Council approve a new five-year Lease for storage space with the Yellowstone County Museum Foundation.