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Council OKs Verizon amendment for water-tower attachments with $18,000 initial rent
Summary
Council approved a third amendment to Verizon’s water-tower communication-site agreement establishing an initial extension-term rent of $18,000 annually (2027) with 15% escalators every five years and four additional five-year extension terms.
Council approved a third amendment to the Verizon Wireless Water Tower Attachment Communication Site Agreement that sets an Initial Extension Term (ET) of five years at $18,000 annually beginning in 2027 and applies a 15% rent escalator every five years. Four additional five-year extension terms carry projected rents rising to $31,482.11 annually by 2047 under the proposed schedule.
Staff said Verizon is reducing the amount of equipment on the tower and requested a new agreement before making hardware changes. The revised agreement had been reviewed and approved by the City Administrator and the City Attorney. Councilmember Kirsten Bruce moved to approve the amendment; the motion passed 7-0.
The amendment replaces earlier agreements that included a current rent of $22,485.95 per year under past terms and recalibrates rent and extension terms ahead of Verizon’s planned equipment upgrades.
