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Middlebury reviews proposed amendment to Straits Turnpike tower lease offering $15,000 sign-on and lower revenue share
Summary
CFO Seth Bernstein distributed a letter from Phoenix Towers via Tower Alliance proposing a $15,000 one-time payment, reduction of the town's revenue share from 87% to 75% and three five-year renewal options extending the lease to 2063; the Board requested copies of neighboring towns' agreements and the current lease for review.
The Board of Finance received correspondence on June 10 from Samantha Willis, a lease consultant with Tower Alliance LLC, summarizing a potential amendment to the Phoenix Tower International lease for the Straits Turnpike site. According to the letter, the current revenue-share figure shown was 87 percent (listed in the correspondence as $19,829.29 per month or $237,951.48 annually). The proposed deal would reduce the town's revenue share to 75 percent (correspondence lists $17,094.21 per month or $205,130.52 annually), include a one-time payment of $15,000 and add three five-year renewal terms extending the final lease expiration date to November 30, 2063.
CFO Seth Bernstein distributed the letter and said he would circulate the existing lease to Board members. Chairman Vincent Cipriano and Mr. Charles Larkin asked that staff contact neighboring towns to compare current contracts and requested a copy of the current lease for review before any decision.
The letter from Tower Alliance noted tenants on the site include T-Mobile, AT&T and Verizon Wireless and stated an updated definitive agreement would follow for Board review. The correspondence also stated it was not intended to create legally binding obligations until a definitive agreement is executed.
