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Menomonee Falls approves Verizon lease amendments that freeze and raise annual rent, extend terms
Summary
The Village Board approved two lease amendments with Verizon Wireless that freeze annual rent at $42,000 starting in 2026, add 3% annual increases and include a 30-year renewal option after negotiations.
The Village of Menomonee Falls Board of Trustees approved two lease amendments with Verizon Wireless that freeze annual rent at $42,000 for five years beginning in 2026, add 3% annual increases thereafter and extend the leases with renewal options for an additional 30 years.
Trustee Kress, speaking during the Utilities and Public Works Committee portion of the meeting, said the company had sought a lower rent earlier in negotiations. "Back in April of 2024, Verizon has reached out to discuss reduction in their annual rent. Currently it's 40,000. They're looking around to have about $28,000 per year," Kress said. He summarized the agreed amendment terms and the renewal option before the board voted.
The amendments follow about a year of negotiations. Under the approved terms the board will receive a fixed annual payment of $42,000 for the first five-year term that starts in 2026; after that period the lease will continue in five-year blocks with a 3% annual rent escalation. The amendments also include a renewal mechanism that, if exercised, would extend each lease for another 30 years.
The motion to approve the amendments was made by Trustee Kress and seconded. The board voted in favor; the measure passed unanimously.
No additional financial offsets or other concessions were detailed during the discussion, and no public comment was recorded on the item.
