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Edenton moves to renew Verizon tower lease; staff presented lump-sum and monthly options
Summary
Council authorized staff to finalize a proposed renewal with Verizon for a tower lease starting in 2030; staff discussed a monthly rent option with a 3% annual escalator or a one‑time lump sum originally proposed at $450,000 and discussed up to $500,000.
Town staff presented terms for a renewal of the town’s cell‑tower agreement with Verizon, which would start in March 2030, and the council authorized staff to finalize the contract based on the terms presented.
Corey explained the two primary options discussed with Verizon: a monthly rental arrangement beginning 03/01/2030 with a 3% annual escalator, or a one‑time lump‑sum payment to the town (staff described initial offers in the range of $450,000 to $500,000). “The initial offer…was lump sum payment…of 450,000,” Corey said; staff later said Verizon had indicated it might raise the lump‑sum offer to about $500,000 as a best and final offer.
Council members asked whether the town holds multiple tower and land leases with different providers and whether the lump‑sum approach or the monthly rent with escalator would be preferable. Staff explained the financial tradeoffs and the risk that a carrier could change strategy over a 20‑year lease term. The council voted to approve moving forward with the agreement as presented and asked staff to catalog existing tower agreements and track future expiration dates so the town can plan ahead.
The motion to proceed with the negotiated terms of the Verizon renewal was made, seconded and approved by voice vote.
