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Consider/Discuss/Act on a Resolution Authorizing Agreement Between Sprint Spectrum L.P., a Delaware Limited Partnership and City of McKinney for Placement of a Wireless Communication Antennae on a Water Tower Located at 9251 W. Virginia Parkway.
Summary
MEETING DATE: April 5, 2011
DEPARTMENT: Public Works
CONTACT: Hal Cranor, Executive Director for Public Works
RECOMMENDED CITY COUNCIL ACTION:
• Approval of Resolution to authorize City Manager to enter into a lease agreement with Sprint Spectrum L.P., a Delaware limited partnership.
ITEM SUMMARY:
• Initial Term - Initial term of lease will be five (5) years commencing on the effective date of lease.
• Renewal - Lease may be extended for four (4) additional, five-year terms with an increase of fifteen percent (15%) of the rent paid over the preceding term.
• Rent - Tenant shall pay as rent, twenty thousand three hundred fifty two and no/100 dollars ($20,352.00) annually for the initial term
BACKGROUND INFORMATION:
• Currently the City has eighteen (18) wireless lease agreements on five water towers generating an estimated $320,000 per year in additional revenue.
• Documents and agreement have been reviewed by City Attorneys Office and have been found to meet current requirements.
SPECIAL CONSIDERATIONS:
• None
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: NA