2018-126 Council Resolution - Laserfiche WebLink

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CITY OF LINO LAKES RESOLUTION NO. 18-126 APPROVING VERIZON LLC LEASE AGREEMENT — WATER TOWER #1 WHEREAS, The existing lease agreement with Verizon LLC originated in February, 2000 and expires December 31, 2019; and WHEREAS, The proposed water tower lease agreement will be for a term of five years, commencing on January 1, 2020. The Agreement will be automatically renewed for two (2) additional five year terms subject to the same terms and conditions of this Agreement unless Tenant provides Owner with 180 day written notice of its intention not to renew prior to the expiration of the Initial Term or First Additional Term. Upon expiration of the Second Additional Term, this Agreement will be automatically renewed for a third additional five-year term subject to the same terms and conditions of this Agreement unless one party provides the other party with 180 day written notice of its intention not to renew prior to the expiration of the Second Additional Term; and WHEREAS, The annual lease amount begins at $38,085.93 and will increase by 4% each year beginning January 1, 2021 and on each anniversary of January 1 thereafter; and WHEREAS, The City Attorney and staff have reviewed the proposed lease agreement and have no objections. NOW, THEREFORE, BE IT RESOLVED by the City Council of Lino Lakes accepts the proposed lease agreement. Adopted by the Council of the City of Lino Lakes this 24th day of September, 2018. The motion for the adoption of the foregoing resolution was introduced by Council Member Maher and was duly seconded by Council Member Rafferty and upon vote being taken thereon, the following voted in favor thereof: Maher, Rafferty, Manthey, Stoesz, The following voted against same: none Jeff Rein , Mayor AT 1'EST: JuITh/ine Bartell, City Clerk