AGENDA ITEM SUMMARY

Consider approval of a telecommunication tower lease with Verizon of the East, LP, commencing January 1, 2015 for a telecommunication tower site on the premises of the Griffin Police Department, W. Poplar Street, with access easement, in substantially the form attached hereto. Director of Public Safety Frank Strickland will address.   Approved

Initial term of Lease is 5 years, commencing January 1, 2015, with provision for five 5 year renewals. During the first term, base rent is $16,800/per year, payable in 12 equal monthly installments, plus 20% of gross rentals to Verizon from any tower subtenants (payable annually at end of year). At the beginning of each renewal term, base rent escalates to 110% of previous term's base rent. In addition, City will receive a one-time payment of $3,000.00 to cover the cost of its telecom consultant in negotiation of the lease. Lessee has 90 days at end of lease term in which to remove all Equipment from the premises and restore the site.

Staff recommends approval.

Positive cash flow to General Fund of average $16,800/year, beginning January 1, 2015, with base rent escalator for future terms, and possible Sublease Fees in the event of co-locations.