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Consider/Discuss/Act on a Resolution Authorizing Agreement Between New Cingular Wireless PCS, LLC, a Delaware limited liability company and City of McKinney for Placement of a Wireless Communication Antennae on a Water Tower Located at 109 Industrial Boulevard
Summary
MEETING DATE: June 17, 2014
DEPARTMENT: Water Utilities & Infrastructure
CONTACT: Chris Browning, Water Utilities & Infrastructure Director
RECOMMENDED CITY COUNCIL ACTION:
· Approval of Resolution to authorize City Manager to enter into a lease agreement with New Cingular Wireless PCS, LLC, a Delaware limited liability company.
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 two thousand and no/100 dollars ($18,000.00) annually for the initial term
BACKGROUND INFORMATION:
· Currently the City has 20 wireless lease agreements on six (6) water towers generating an estimated $362,000 per year in additional revenue.
· Documents and agreement have been reviewed by City Attorney's Office and have been found to meet current requirements.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: NA