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CITY COUNCIL <br />AGENDA ITEM 5B <br /> <br /> <br />STAFF ORIGINATOR: Rick DeGardner, Public Services Director <br /> <br />MEETING DATE: September 24, 2018 <br /> <br />TOPIC: Consider Resolution No. 18-126, Approving Verizon LLC Lease <br />Agreement - Water Tower #1 <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />INTRODUCTION <br /> <br />The existing lease agreement (originated in February, 2000) for Water Tower #1 with Verizon <br />LLC expires December 31, 2019. The proposed water tower lease agreement will be for a term <br />of five years, commencing on January 1, 2020. The Agreement will be automatically renewed <br />for two (2) additional five year terms subject to the same terms and conditions of this Agreement <br />unless Tenant provides Owner with 180 day written notice of its intention not to renew prior to <br />the expiration of the Initial Term or First Additional Term. Upon expiration of the Second <br />Additional Term, this Agreement will be automatically renewed for a third additional five-year <br />term subject to the same terms and conditions of this Agreement unless one party provides the <br />other party with 180 day written notice of its intention not to renew prior to the expiration of the <br />Second Additional Term. <br /> <br />The annual lease amount begins at $38,085.93 and will increase by 4% each year beginning <br />January 1, 2021 and on each anniversary of January 1 thereafter. <br /> <br />The City Attorney and staff have reviewed the attached proposed lease agreement and have no <br />objections. <br /> <br /> <br /> <br />RECOMMENDATION <br /> <br />Approve Resolution No. 18-126. <br /> <br /> <br />ATTACHMENTS <br /> <br />Resolution No. 18-126 <br />Water Tower Lease Agreement - Verizon