Title/Name/Summary
Verizon Wireless Lease Agreement “First Amendment to Land Lease Agreement” for 13611 LaGrange Road
History
The Village has lease agreements with franchise utility companies who lease space on the Village's owned properties for infrastructure equipment. On October 19, 2006, the Village entered into a lease agreement with Verizon Wireless to install equipment located at 13611 LaGrange Road. Verizon is requesting to extend the lease agreement to September 30, 2053.
Verizon completed their infrastructure annual audits and forecasting to ultimately determine which sites they were going to keep. As they plan out their 5G network within the area, Orland Park’s site is one they wish to continue to keep.
* Extension terms shall be $1,184.96 a month, starting October 1, 2028.
* Rent escalator shall be four percent (4%) annually.
* Additional Renewal Terms: Four (4) additional five (5) year automatic renewal terms after the first 5-year extension.
The Engineering Department negotiated with Verizon to maintain the rent escalation at 4% per year for the duration of the lease agreement. Below is the Rent Summary beginning in 2006. This shows that Verizon will continue the same rent escalation and terms continuing to 2053.
Year Annually Monthly
2006 $6,000 $500.00
2011 $7,299.66 $608.33
2016 $8,881.56 $740.13
2021 $10,805.76 $900.48
2026 $13,146.84 $1,095.57
2028 $14,219.64 $1,184.96
2033 $17,300.28 $1,441.69
2038 $21,048.48 $1,754.04
2043 $25,608.72 $2,134.06
2048 $31,156.92 $2,596.41
2053 $37,907.16 $3,158.93
Financial Impact
There is no negative 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 “First Amendment” between the Village and Verizon Wireless for 13611 LaGrange Road;
AND
Authorize the ...
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