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Council approves extension of Verizon lease on water-tower site
Summary
Council approved an amendment extending Verizon Wireless's lease at the Manila Drive/ Woodland Park water-tower for four additional five‑year terms (up to 20 years total) with a 3% annual rent escalation; staff said the site yields approximately $45,000–$55,000 per provider annually.
City Attorney Bill Cole presented a proposed amendment to the water-tower land lease at Manila Drive (Woodland Park) to extend Verizon Wireless's existing lease — in place since 1997 — for four additional five-year options, extending potential occupancy up to 20 additional years. Cole said the rent would continue as currently structured and then escalate at 3% annually; all other lease provisions would remain unchanged.
Council members asked about the number of providers on towers and annual income. Staff said there are three providers currently on the Woodland Park tower (down from four after mergers) and that per-provider revenue is in the $45,000–$55,000 per year range, noting the figure varies by provider. The council suspended rules to take the item out of order and voted to approve the lease amendment by voice vote after a motion and second.
Next steps: The amendment will be finalized in contract form and executed per city contracting procedures; the lease will continue to provide rental income for the city as described by staff.
