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Los Altos Hills committee weighs $400,000 buyout vs lower long-term rent from Verizon; seeks counsel input
Summary
Verizon offered Los Altos Hills either a new lower-rate lease (about $16,800/year with 12.5% escalators) or a $400,000 lump-sum for a perpetual 15x20-foot equipment easement. The committee expressed concern about perpetual easements and demand a legal review and technical input before negotiating.
A subcommittee of the Finance & Investment Committee presented a preliminary financial assessment of a Verizon proposal for a town-owned cell-site location at 26379 West Fremont Road.
Dominic, who led the subcommittee’s review, summarized that Verizon’s options are: a modified renewal at roughly $16,800 a year with a 12.5% increase every five years (presented as a sequence of five-year terms) or a one-time lump-sum payment of $400,000 in exchange for a perpetual easement covering a 15-by-20-foot ground equipment area. Verizon’s representative, Lynn, clarified the payment would be for the ground-equipment…
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