AGENDA ITEM REPORT
TITLE:
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AN ORDINANCE AUTHORIZING THE MAYOR TO EXECUTE THE FIRST AMENDMENT TO THE LEASE AGREEMENT WITH CELLCO PARTNERSHIP D/B/A VERIZON WIRELESS TO ADOPT A NEW ANTENNA LAYOUT AND THE CORRESPONDING INCREASE IN RENT FOR THE ADDITIONAL LOADING ON THE CITY’S TELECOMMUNICATIONS TOWER AT LAKESIDE PARK, SUBJECT TO ALL OTHER TERMS AND CONDITIONS PROVIDED THEREIN. (SECOND READING)(PUBLIC HEARING)
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BACKGROUND:
This item was approved on First Reading at the November 10, 2022, City Commission Meeting.
The City owns the telecommunications tower (“Tower”) within the City’s Lakeside Park, located at 5555 Regency Lakes Boulevard, Coconut Creek, Florida 33073, and leases space to several tenants via lease agreements.
DISCUSSION:
The City and Verizon Wireless desire to amend the Lease Agreement dated February 16, 2016, to grant Verizon Wireless the ability to use additional equipment at the site and increase the number of antennas upon the Tower, resulting in an increase of its rent.
In addition to authorizing new equipment on the Tower and the corresponding increase in rent, this First Amendment provides Verizon Wireless an additional option to renew the term of the agreement from two (2) to three (3) additional five (5) year renewal options in exchange for other assurances, as stated therein.
RECOMMENDATION:
Staff recommends approval of this ordinance.
FISCAL IMPACT:
REVENUES: $ 2,400
EXPENDITURES: $ 0
BUDGETED? No
NOTES: Account Number 01-V36220 - Tower Leases. Total annual payment will be increased to $50,043. This amendment will generate approximately $2,400 per year in additional revenues.