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IV.6. Approve Renewal of Depot Coffee House Lease with Hopkins Public Schools; Harkess (CR2016-057) 1 June 7, 2016 Council Report 2016-057 APPROVE 2016-17 TO 2020-21 CITY OF HOPKINS & HOPKINS PUBLIC SCHOOLS LEASE AGREEMENT FOR DEPOT COFFEE HOUSE EDUCATIONAL PROGRAM Proposed Action Staff recommends approval of the following motion: Move approve the 2016-17 through 2020- 21 Depot Coffee House Education Program Lease between the City of Hopkins and the Hopkins Public Schools. Overview The current lease between the City and School for the Depot Educational Program (also known as Levy for Lease) expires at the end of this school year on June 30, 2016. The Depot Coffee House and Hopkins Public Schools would like to extend this successful program which provides an annual $50,000 to the Depot Coffee House budget. The Hopkins Public School Board approved the new 5-year lease at their May 5, 2016 board meeting. This lease provides for two semi-annual payments of $25,000 each for a total of $50,000 per year or $250,000 over the 5- year lease period. The contract is basically the same contract we’ve used for the past 10 years. In addition the City attorney has reviewed the contract and had no substantial changes. Staff is recommending approval of the lease agreement. Supporting Documents  Lease Agreement 2016-17 to 2020-21 ______________________________________ Christine M. Harkess, CPA, CGFM Finance Director Financial Impact: $ 50,000 annually Budgeted: Y/N X N Source: ISD 270 Related Documents (CIP, ERP, etc.): __Budget_________ Notes: __________________