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Board approves 30-year amendment to cell-tower lease; district to receive 20% revenue share
Summary
Board approved T-Mobile's requested amendment to extend the district's cell-tower lease 30 years, allow marketing to subtenants, reduce the five-year escalator to 15%, and provide the district a 20% revenue share plus a $5,000 signing bonus.
The board approved an amendment to the district's cell-tower lease after Chief Financial Officer Schaefer described T-Mobile's proposal to extend the lease term and market subtenants.
According to the presentation, the amendment extends the lease for another 30 years, reduces a five-year rent escalator to 15%, provides the district a 20% revenue share on subtenant revenue and a $5,000 signing bonus to the district. The district's representatives recommended approval; the motion to adopt the amendment passed unanimously.
