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Council approves Verizon lease amendment for Kazan water tower; revenue to start at $49,000 in 2028
Summary
Council approved a second amendment to a 2013 Verizon lease at the Kazan elevated water-storage tank; staff said annual revenue would rise from roughly $40,000 today to $49,000 starting in 2028 with a 4% annual increase thereafter.
The city authorized a second amendment to the 2013 Verizon lease for antenna and equipment space on the Kazan elevated water storage tank, with staff describing a revenue schedule that would begin at about $49,000 in 2028 and include a 4% annual escalation. Staff reviewed prior lease history—initial revenue of roughly $25,000 per year, a 2022 amendment that raised revenue to about $40,000—and said Verizon had requested renewal ahead of the 2028 term start.
Council members asked for confirmation and the measure was moved and approved by roll call. Staff said the lease would include a five-year initial term in 2028 with up to four five-year renewals; the projected starting revenue was quoted in the meeting as "$49,000."
