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CITY OF LINO LAKES <br />RESOLUTION NO. 18-126 <br /> <br />APPROVING VERIZON LLC LEASE AGREEMENT – WATER TOWER #1 <br /> <br /> <br />WHEREAS, The existing lease agreement with Verizon LLC originated in February, <br />2000 and expires December 31, 2019; and <br /> <br />WHEREAS, The proposed water tower lease agreement will be for a term of five years, <br />commencing on January 1, 2020. The Agreement will be automatically renewed for two <br />(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 <br />prior to the expiration of the Initial Term or First Additional Term. Upon expiration of <br />the Second Additional Term, this Agreement will be automatically renewed for a third <br />additional five-year term subject to the same terms and conditions of this Agreement <br />unless one party provides the other party with 180 day written notice of its intention not <br />to renew prior to the expiration of the Second Additional Term; and <br /> <br />WHEREAS, The annual lease amount begins at $38,085.93 and will increase by 4% <br />each year beginning January 1, 2021 and on each anniversary of January 1 thereafter; and <br /> <br />WHEREAS, The City Attorney and staff have reviewed the proposed lease agreement <br />and have no objections. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of Lino Lakes accepts <br />the proposed lease agreement. <br /> <br /> <br />Adopted by the Council of the City of Lino Lakes this 24th day of September, 2018. <br /> <br /> <br />The motion for the adoption of the foregoing resolution was introduced by Council <br />Member_______________and was duly seconded by Council Member <br />________________ and upon vote being taken thereon, the following voted in favor <br />thereof: <br /> <br />The following voted against same: <br /> <br />______________________________ <br />Jeff Reinert, Mayor <br /> <br />ATTEST: <br /> <br />________________________ <br />Julianne Bartell, City Clerk