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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 above $7,000 per month by the end of the current lease term on Jan. 1, 2026. Verizon proposed lowering the base rent to $3,000 monthly and reducing the escalator to 3.75% with multiple five‑year renewal options; staff negotiated the 3.75% escalator and presented the amendment as preferable to site deactivation.
At 920 North Lombard Road, staff said the existing lease (approved in February 2017) included a $2,750 monthly base rent and a 3% annual escalator; Verizon proposed to reduce base rent to $3,000 while keeping the 3% escalator and offering additional renewal terms. Staff told the committee the Lombard Road site was not among Verizon’s highest‑rent relocation candidates but Verizon sought cost reductions for broader network planning reasons.
Why it matters: staff argued the amended leases preserve cellular coverage from these macro sites and avoid losing a landlord revenue stream; the amendments trade higher future escalations for a lower immediate base rent and extended optional terms. According to staff, the draft resolutions were reviewed by the village attorney and finance staff and recommended for approval.
Board action: the board approved both first amendments by roll call. During the committee discussion a trustee asked whether Verizon would remove 4G antennas as part of the conversion to 5G; staff replied that Verizon expects to convert over time and would “replace all of them and convert them all to 5G … over a period of time.”
Limitations and context: staff framed the action as a negotiated accommodation to industry technology shifts (4G→5G) and broader carrier network economics. The board did not direct staff to seek alternate carriers, nor did the transcript show any counterproposal from other potential lessees.
