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Council reviews 30-year extension request for TowerCo ground lease; questions on term and revenue
Summary
Council heard questions about an amendment to a ground lease with TowerCo 2013 LLC that would add six five-year renewal terms (30 years) and includes a $5,000 signing bonus; council added the ordinance for first reading March 3.
The Norton City Council discussed an amendment to a ground lease with TowerCo 2013 LLC at its March 3 meeting that would add six five-year renewal terms (a 30-year extension) to an existing salt tower lease and provide a $5,000 signing bonus to the city.
Mr. Mowery introduced the ordinance authorizing the administrative officer to execute the amendment and asked the clerk to read it for first reading. Councilmembers asked clarifying questions about the term length, why the longer term was requested and how revenue from the towers has changed year to…
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