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Board approves 25‑year T‑Mobile ground lease amendment; monthly rent $18.50 with 15% escalators
Summary
The board approved a first amendment to a ground lease with T‑Mobile Central LLC extending the lease 25 years at $18.50 per month with 15% rent increases every five years; staff noted the revenue is a small but recurring line in the district budget and must be board‑approved under state rules.
Libertyville — The board approved a first amendment to the ground lease with T‑Mobile Central LLC on July 28 that extends the term for 25 years and sets initial rent at $18.50 per month with 15% increases every five years.
District presenters told the facilities and finance committee the amendment had been under negotiation for roughly a year and that the piece of ground with the cell structure provides recurring revenue for the district. Staff characterized the amount as a modest but useful revenue line in the operating budget. A presenter noted that state practice requires board approval for contracts that generate more than $1,000 in revenue (as stated during the meeting) and explained the lease will return to regular budget schedules as an ongoing revenue source.
Committee members asked for clarification that the item is revenue‑generating; staff confirmed it is a revenue stream and recommended approval. The full board approved the first amendment at the July 28 meeting.
