Title/Name/Summary
Verizon Wireless - Ground Lease Agreement at 8610 141st Street
History
Verizon Wireless has approached the Village requesting a ground lease agreement for ground equipment to be located at the base of the ComEd tower located at 8610 141st Street. Verizon Wireless was asked to sign the standard agreement the Village has used for the other lease agreements the Village has with other companies. However, they have asked for slight modifications to the agreement, and the Village attorney has reviewed and approved their requested language. This lease incorporates the Board’s adopted General Policy for Co-Locating Wireless Communication Facilities on Village Property. Verizon Wireless will be leasing from both the Village and ComEd at this site. The lease rate is for the use of the Village’s land only.
Annual Increase: Verizon Wireless has agreed to a $2,750.31 per month rent with a 3% annual increase.
Term: An initial term of 5 years plus 2 additional 5-year renewal options.
Financial Impact
The Village would receive a total of approximately $180,477 over the initial five-year period.
Recommended Action/Motion
I move to approve a ground lease agreement with Verizon Wireless for the use of the land located at 8610 141st Street in the amount of $2,750.31 per month subject to 3% annual increases and to authorize the Village Manager to execute the agreement.