SUBJECT:
Title
Request to Approve a First Amendment to Communications Site Lease Agreement between Marion County and Cellco Partnership (Verizon) Associated with the Silver Springs Water Tower (Budget Impact - Neutral; revenue of $25,440 annually)
Body
INITIATOR: DEPARTMENT:
Steven Cohoon, P.E., County Engineer Office of the County Engineer
DESCRIPTION/BACKGROUND:
This is a request to approve a First Amendment to Communications Site Lease Agreement between Marion County and Cellco Partnership (Verizon). This Amendment extends the current lease on the Silver Springs Water Tower site and increases the rent in accordance with the original lease.
The original lease will expire March 31, 2025. Commencing April 1, 2025, the agreement will extend for an additional five (5) years with automatic renewal for seven (7) additional terms of five (5) years each. Rent will increase from $21,600 annually to $25,440 annually and will increase by 15% for each renewal term.
BUDGET/IMPACT:
Neutral; revenue of $25,440 annually. This revenue goes to Utilities Management (ZF440362).
RECOMMENDED ACTION:
Recommended action
Motion to approve the Amendment and authorize Chair and Clerk to execute the same.
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