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Addison approves amended Verizon leases at two village cell sites with reduced rents and extended terms
Summary
The Village of Addison approved first amendments to lease agreements with Chicago SMSA Limited Partnership (Verizon) for sites at 626 North Swift Road and 920 North Lombard Road that reduce base rents and revise escalator terms, staff said the changes preserve service and avoid site decommissioning.
The Village of Addison board on June 2 approved first amendments to two existing lease agreements with Chicago SMSA Limited Partnership, doing business as Verizon Wireless, for tower/cell equipment sited at 626 North Swift Road and 920 North Lombard Road.
Staff said Verizon sought the amendments after reviewing its portfolio of macro sites and identifying locations where escalating rents threatened the economic viability of the sites. Mike, who presented the amendments, said the Swift Road site—originally under a 5% annual escalator from a 1999 lease—faced a projected base rent…
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