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CITY OF ROSEVILLE, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2021
<br />3.2719 Lexington Avenue Shopping Center Leases
<br />The City received revenue from agreements for the lease of suite space in the City owed shopping
<br />center located at 2719 Lexington Avenue. Terms of each lease are as follows:
<br />2021 Lease Annual Lease Adjustment Expiration
<br />LesseeAmountFactorDate
<br />Hule and Company, Inc.$63,3083% Increase on Jan 1Monthly
<br />Huntington Learning Center 20,4003% Increase on Nov 1 10/31/2023
<br />TDM Salons, LLC21,7003% Increase on May 1 Monthly
<br />-to-month agreement.
<br />H.Long-term debt
<br />The City issues general obligation debt to provide for financing construction of major capital
<br />facilities and street improvements. Debt service for street improvements is covered by special
<br />assessments against benefited properties with any shortfalls being paid from general taxes.
<br />General obligation bonds are direct obligations and pledge the full faith and credit of the
<br />government. Theoriginal amount of general obligation bonds for the issues listed below is
<br />$37,240,000.
<br />General obligation debt currently outstanding is as follows:
<br />Net Interest
<br />PurposeRates Amount
<br />Govermental activities .85% - 5.6%$16,105,000
<br />Business-Type activities1.0% - 2.0%2,565,000
<br />Annual debt service requirements to maturity for general obligation debt are as follows:
<br />Governmental activities Business-Type activities
<br />Years ending
<br />December 31PrincipalInterestPrincipalInterest
<br />2022$ 2,020,000$ 437,306$ 230,000$ 40,800
<br />20232,110,000367,269240,00036,100
<br />20242,145,000299,871245,00031,250
<br />20252,215,000236,621250,00026,300
<br />20262,155,000174,556255,00021,250
<br />2027-20315,215,000224,8841,345,00039,300
<br />2032 245,000 3,675- -
<br />Total $16,105,000$1,744,183$2,565,000$195,000
<br />a.CURRENT REFUNDING
<br />60
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