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Consider/Discuss/Act on a Resolution Authorizing Agreement Between Dallas MTA, L.P. d/b/a Verizon Wireless and City of McKinney for Placement of a Wireless Communication Antennae on a Water Tower Located at 3800 W. Virginia Parkway.
Summary
MEETING DATE: January 21, 2013
DEPARTMENT: Public Works
CONTACT: Paul Sparkman, Interim Director for Public Works
RECOMMENDED CITY COUNCIL ACTION:
· Approval of Resolution to authorize City Manager to enter into a lease agreement with Dallas MTA, L.P. d/b/a Verizon Wireless.
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 ($22,000.00) annually for the initial term
BACKGROUND INFORMATION:
· Currently the City has nineteen (19) wireless lease agreements on five water towers generating an estimated $340,000 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