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CITY COUNCIL <br />AGENDA ITEM 5B <br /> <br /> <br />STAFF ORIGINATOR: Rick DeGardner, Public Services Director <br /> <br />MEETING DATE: February 24, 2020 <br /> <br />TOPIC: Consideration of Resolution No. 20-17, Approving Sprint Spectrum <br />L.P. Lease Agreement - Water Tower #2 <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />INTRODUCTION <br /> <br />The existing lease agreement with Sprint Spectrum L.P. to operate telecommunications <br />equipment on the water tower located at 7001 Otter Lake Road has expired. City staff and the <br />City Attorney have negotiated the attached lease agreement with Sprint Spectrum. The City <br />Council is now being requested to approve this lease agreement. <br /> <br />BACKGROUND <br /> <br />The term of the agreement is for five (5) years. This Agreement will be automatically renewed <br />for three (3) additional five-year terms unless the Tenant provides Owner with notice of its <br />intention not to renew prior to the expiration of the Initial Term or any Additional Term. <br /> <br />The rent has been increased to a monthly fee of $2,900.00. The rent payment will increase by 4% <br />on each anniversary (July 26) of this Agreement. <br /> <br />RECOMMENDATION <br /> <br />Approve Resolution No. 20-17. <br /> <br /> <br />ATTACHMENTS <br /> <br />Resolution No. 20-17 <br />Water Tower Lease Agreement