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Board signs memorandum acknowledging Verizon’s tower lease assignment to VerticalBridge
Summary
The board approved a memorandum acknowledging Verizon’s plan to assign its tower lease to VerticalBridge; Mr. Bartlett said the memorandum records the existing lease for county recording and that the assignment won’t change the district’s existing lease terms.
Board members reviewed a memorandum of land-lease assignment tied to the district’s existing tower lease with Verizon Wireless. Mr. Bartlett explained Verizon intends to assign ownership of the tower lease to VerticalBridge and said the assignment requires the land lease to be recorded in the county at VerticalBridge’s request. He emphasized the memorandum does not change the underlying lease terms.
“Everything defaults back to the original lease that was agreed upon by both parties,” Mr. Bartlett said, describing the memorandum of lease (MOL) as an acknowledgement rather than a substantive change to district obligations. A board member added the anticipated benefit that VerticalBridge expects to be able to build this summer, which the member said would avoid interference with a busy fall schedule. The board approved the memorandum on motion.
