Title
Verizon Antenna Lease Extension
Action
Action:
Approve a five-year lease extension with Cellco Partnership dba Verizon Wireless to provide space for telecommunications equipment located at the Airport’s rotating beacon tower.
Body
Staff Resource(s):
Brent Cagle, Aviation
Haley Gentry, Aviation
Explanation
§ In 1999, Aviation constructed a rotating beacon tower for airfield operations, which also accommodates telecommunication antenna systems.
§ On January 25, 2010, City Council approved a five-year lease with Verizon to lease adjacent land and attach antennas and related equipment to the beacon tower.
§ On October 27, 2014, City Council approved a lease extension for an additional five years.
§ Verizon’s current lease is set to expire January 31, 2020.
§ This amendment will extend the lease term for an additional five years, beginning February 1, 2020.
§ Annual revenue is $56,444.40 with three percent annual escalations, for a total five-year lease value of $299,670.99.
Fiscal Note
Funding: Revenue from the lease agreement will be deposited within Aviation’s operating budget.