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Commission recommends assembly approve Wildwood Tower lease with Vertical Bridge
Summary
The Planning Commission voted to forward Ordinance 2026-22 recommending assembly adoption of a communication site lease with Vertical Bridge S3 Assets LLC for the Wildwood Tower site; staff said the new lease increases revenue from $3,200 annually to $4,000 per month and includes a 33% royalty on excess sublease revenue.
The Kenai Peninsula Borough Planning Commission voted to forward Ordinance 2026-22 to the borough assembly with a recommendation to adopt a communications site lease with Vertical Bridge S3 Assets LLC for the Wildwood Tower site in Kenai.
Staff said the Wildwood Tower parcel (0.44 acre, south of Redoubt Avenue) was first authorized for a communications tower in 1980. The prior lease generated $3,200 annually and expired on Nov. 1, 2024; Vertical Bridge has held over tenancy while the parties negotiated a new agreement. The proposed lease sets a base rent of $4,000 per month (paid monthly), includes a 3% annual escalation and a 33% royalty on sublease revenues above specified exclusions, and provides an initial five-year term with four five-year renewal options. The lease also reserves tower space for borough communication equipment.
Commissioners asked staff to confirm prior and proposed rent terms; staff clarified the earlier lease produced $3,200 per year and the proposed contract will produce $4,000 per month (about $48,000 annually). No public comments were offered. A commissioner moved to forward the ordinance to the assembly with a recommendation to adopt, citing the increased revenue and the borough’s retained equipment space; the motion passed on roll call.
