08-25-25 - City Council Agenda - Laserfiche WebLink

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VzW Site Name/ID: Minc Lino Lakes / 5000094070 1 VzW Firecracker Amendment – June 2, 2025 FIRST AMENDMENT TO WATER TOWER LEASE AGREEMENT This First Amendment to Water Tower Lease Agreement (“First Amendment”) is made, and shall be effective, as of the last date of the signatures below (“Effective Date”), between the City of Lino Lakes, Minnesota, a municipal corporation (“Owner”), and Cellco Partnership d/b/a Verizon Wireless (“Tenant”). Owner and Tenant (or their predecessors in interest) entered into that certain Water Tower Lease Agreement dated January 8, 2019, as may have been previously amended and/or assigned, (the “Agreement”), pursuant to which Tenant is leasing or licensing from Owner a portion of that certain property located at 7470 Fourth Avenue, Lino Lakes, Minnesota, as more particularly described in the Agreement. Owner and Tenant may be referenced in this First Amendment individually as a “Party” or collectively as the “Parties.” In consideration of the mutual covenants and promises contained in this First Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties agree to amend the Agreement as follows: 1. Term. Notwithstanding anything contained in the Agreement to the contrary, the Agreement shall expire on December 31, 2025. Commencing on January 1, 2026, the Agreement shall be extended for 5 years (“Initial Extension Term”). The term of the Agreement shall thereafter automatically extend for 6 additional terms of 5 years each (each, an “Additional Extension Term”), unless Tenant terminates the Agreement by giving Owner notice of such termination at least 30 days prior to the expiration of the Initial Extension Term or then-current Additional Extension Term. 2. Rent. Commencing on January 1, 2026, the monthly rent shall be $3,430.72 to be paid on the first day of the month in advance to Owner or such other person as Owner may designate in writing at least 30 days in advance of any rental payment date. Beginning on January 1, 2027, the monthly rent shall increase by 2% over the monthly rent then in effect and by 2% over the then current monthly rent on each one-year anniversary of January 1, 2027 thereafter. 3. Rent Credit. This First Amendment provides for a reduction in rent, effective January 1, 2026. The Parties acknowledge and agree that Tenant shall be entitled to a credit in the event of any overpayment of rent resulting from said reduction in rent. Such credit shall be applied against Tenant’s rent due under the Agreement. 4. Notice Address. The notice address for Tenant in the Agreement is hereby amended as follows: If to Tenant: Verizon Wireless Attn: Network Real Estate 180 Washington Valley Road Bedminster, NJ 07921 With a copy to: Basking Ridge Mail Hub Attn: Legal Intake One Verizon Way Basking Ridge, NJ 07920 Page 40 of 171