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M <br />In addition, to the benefit of enhanced revenue, the new facility will improve wireless and <br />emergency communication services. <br />Another added benefit is that the antennas are taxed as personal property and this lease <br />will generate $d,514.40 in property taxes. The taxable value and calculation is based on <br />the amount of the annual lease. The following example is based on collectible 2005 <br />taxes: <br />Annual Lease $ 19,800 <br />X Gross Rent Multiplier _ X 8 <br />158,400 <br />X Tax Rate for Preferred Property .0285 <br />$4,514.40 <br />The City Attorney has reviewed the proposed lease and the attached agreement includes <br />language and changes recommended by Dorsey & Whitney. <br />Recommendation: <br />Council to direct staff to enter into an agreement with Nextel West Corporation under the <br />terms and conditions as set forth in lease agreement. <br />