HomeMy WebLinkAbout2018-126 Council ResolutionCITY 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
CITY COUNCIL
AGENDA ITEM 5B
STAFF ORIGINATOR: Rick DeGardner, Public Services Director
MEETING DATE: September 24, 2018
TOPIC: Consider Resolution No. 18-126, Approving Verizon LLC Lease
Agreement - Water Tower #1
VOTE REQUIRED: 3/5
INTRODUCTION
The existing lease agreement (originated in February, 2000) for Water Tower #1 with Verizon
LLC expires December 31, 2019. 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.
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.
The City Attorney and staff have reviewed the attached proposed lease agreement and have no
objections.
RECOMMENDATION
Approve Resolution No. 18-126.
ATTACHMENTS
Resolution No. 18-126
Water Tower Lease Agreement - Verizon