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Council approves 30-year extension on Crown Castle lease with fixed 10% rent increase
Summary
Brooks council approved by unanimous vote a 30-year extension to the town's Crown Castle lease, switching future rent increases to a fixed 10% rather than CPI, adding a 15% revenue share for future tenants and a right of first refusal limited to Crown competitors. The lease was reviewed by the Town Attorney.
The council voted unanimously to approve the Crown Castle lease terms reported in the meeting packet. Town Clerk L. Spohr described the agreement as carrying previously approved terms with no change to current rent commencement dates, a fixed 10% rent increase provision in place of CPI indexing, a 30-year extension that preserves five-year renewal terms and a new expiration date of May 22, 2057. The agreement also includes a 15% revenue share applicable to future tenants and a right of first refusal limited to Crown competitors. "The lease had been reviewed and approved by the Town Attorney for signature," Spohr said.
Council action was taken on the motion from Council Member Bishop Watts, seconded by Council Member Sara Nelson, and the vote was recorded as unanimous. The council did not specify any amendments or follow-up reporting requirements; the Town Attorney had reviewed the document prior to the meeting, according to Spohr.
