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Council approves moving forward on American Tower lease amendment, requests $16,000 signing bonus
Summary
Staff presented a lease-amendment proposal from American Tower that changes monthly rent and escalation terms. Council instructed staff to negotiate and seek a $16,000 signing bonus (requesting more than the company's opening offer) and approved moving forward unanimously.
Staff presented an American Tower lease amendment proposal for the tower where Verizon is currently the only carrier. The company asked to reduce the lease payment and adjust escalation terms; staff explained the proposal would lower the monthly payment and change the escalation to a percentage increase every five years instead of an annual 2% increase.
Council discussed negotiating the signing bonus in light of the revenue loss and staff recommended asking for a higher signing bonus to help offset reduced monthly revenue. Councilor [Council member (Speaker 2)] moved to approve moving forward with the American Tower proposal and to amend it by requesting a $16,000 signing bonus in place of the amount the company initially proposed; the motion passed 5–0. Staff said the company indicated it would likely negotiate and might counter at $15,000.
Staff noted the proposal expires the next morning and asked for direction to proceed with negotiation and execution of the due‑diligence process if acceptable terms are reached.
