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Council approves renewal of T‑Mobile cell‑tower lease, authorizes finance director to execute agreement
Summary
The council passed a resolution renewing the town’s cell‑tower lease with T‑Mobile (five‑year term with automatic successive five‑year renewals); staff outlined a first annual rent of $36,747.59 commencing 06/19/2025, a one‑time normalization payment of $6,009.27 and other lump sums included in the agreement.
The council voted to adopt a resolution renewing the town’s lease with T‑Mobile for a cell‑tower site, authorizing the finance director to execute the renewed agreement.
Mark, the finance director, said the renewal covers a five‑year term beginning retroactive to 06/19/2023 and includes successive five‑year renewal options. He presented the payment schedule and said that commencing 06/19/2025 the annual rent would be $36,747.59 and that the agreement contains a 4% annual increase on each June 19 anniversary. Mark explained the contract includes a one‑time lump‑sum payment of $6,009.27 representing the net present‑value normalization between a prior 5% escalation and the 4% rate in the new contract; other one‑time payments included $9,005.85 (difference from current payments to a 4% schedule) and a $3,500 payment to recoup negotiation costs.
Councilors asked about where the revenue would be recorded; Mark said the lease income is credited to the general fund. After discussion the council moved, seconded and approved the resolution by voice vote.
