Title/Name/Summary
Verizon Wireless - Water Tower Lease Agreement at 15501 Park Station Blvd.
History
Verizon Wireless has approached the Village requesting a lease agreement for the water tower located at 15501 Park Station Blvd. 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.
Annual Increase: Verizon Wireless has agreed to a $3,800.31 per month rent with a 3% annual increase.
Term: An initial term of 5 years plus 2 additional 5-year renewal options.
Public Works staff has reviewed and approved the details for the proposed location.
Financial Impact
The Village would receive a total of approximately $249,379 over the initial five-year period.
Recommended Action/Motion
I move to approve a tower lease agreement with Verizon Wireless for the use of the water tower at 15501 Park Station Blvd. in the amount of $3,800.31 per month subject to 3% annual increases and to authorize the Village Manager to execute the agreement.