On June 28, 2010, the City Council approved a new Airport Business Park Building and Ground Lease with the Yellowstone County Museum Foundation (the Foundation) for 994.40 square feet of storage space in the basement of the building known as IP-9, which is located in the Airport Business Park.  The Foundation needs additional storage space and wishes to lease two additional rooms totaling 438.47 square feet for storage of items currently on display or stored at the Museum.  Additionally, the Foundation also desires to return one of the rooms it presently leases, Room 19, consisting of 230.42 square feet. The proposed new arrangement both adds storage space for the Foundation and better consolidates the location of the Museum's storage areas in the lower level of IP-9.  In summary, this Amendment adds 438.47 square feet of space, returns 230.42 square feet of existing rented space, for a net addition of 208.05 square feet to the Lease, for a revised total of 1,202.50 square feet of leased space in the lower level of IP-9.

The Council may:

• Approve Amendment One, adding 208.05 net square feet to the Foundation's Lease; or
• Not approve Amendment One, adding 208.05 net square feet to the Foundation's Lease.

The additional space will generate $768.06 per year initially. Rent will be adjusted annually by the Consumer Price Index for All Urban Consumers (CPI-U) on the anniversary date of the Lease.

Staff recommends that Council approve Amendment One to the Airport Business Park Building and Ground Lease with the Yellowstone County Museum Foundation.