Title/Name/Summary
Verizon Wireless Lease Agreement Amendment #1 for 13611 LaGrange Road
History
The Village has lease agreements with franchise utility companies who lease space on the Village's owned property for infrastructure equipment. On October 19, 2006, the Village entered into a lease agreement with Verizon Wireless to install future equipment located at 13611 LaGrange Road. Verizon is extending the lease agreement to November 30, 2049.
* Extension terms shall be $650.00 a month
* New Rent escalator shall be fifteen percent (15%) every 5 years (next increase on 12/1/2029)
* Additional Renewal Terms: Four (4) additional five (5) year renewal terms.
Financial Impact
There is no financial impact to the Village as part of this amendment. Terms and conditions of the original agreement between the Village and Verizon are extended with this amendment.
Recommended Action/Motion
I move to approve the Verizon Wireless Lease Agreement Amendment #1 between the Village and Verizon Wireless for 13611 LaGrange Road;
AND
Authorize the Village Manager to execute all agreements, subject to Village Attorney review.