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Meeting Date:
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8/16/2017 - 3:30 PM
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Category:
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Consent Calendar
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Type:
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Action
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Subject:
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11.29 BUSINESS: Amendment No. 3 to the License Agreement With Verizon Wireless for the Lease of the Cell Tower at 300 W. Metz Road (revenue)
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Strategic Plan:
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Enclosure
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File Attachment:
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Summary:
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The District originally entered into a five-year License Agreement with Los Angeles SMSA Limited Partnership (dba Verizon Wireless) in October of 1997 to install and operate a cell tower on a 50' x 50' parcel located on District property at 300 W. Metz Road, Perris, CA. Two Addenda for five-year extensions have since been granted, for which the current extension expires on October 30, 2017. The District is now requesting to enter into Amendment No. 3 to the License Agreement to extend the terms and increase the amount of payment to the District.
The Third Amendment to the License Agreement will create an initial five (5) year term from October 31, 2017 through October 30, 2022 plus the option to renew for up to four (4) additional (5) year terms.
For the initial five (5) year term, Verizon Wireless will pay the District $2,000 per month plus a 3% increase each year of the term and all terms moving forward. The District was previously being paid $1,450 per month. In addition to the monthly lease payment, Verizon Wireless will pay the District a one-time payment of $35,000 for the initial term. Verizon Wireless will also pay the District 20% of any subleases for the tower under this Addendum.
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Funding:
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The budget will be adjusted to reflect this revenue.
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Recommendation:
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It is recommended that the Board of Trustees approve Amendment No. 3 to the License Agreement with Verizon Wireless for the Lease of the Cell Tower at 300 W. Metz Road.
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Approvals:
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Recommended By:
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Signed By:
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Nick Newkirk - Director - Purchasing
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Signed By:
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Candace Reines - Deputy Superintendent
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Signed By:
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Grant Bennett - Superintendent
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Vote Results:
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| Original Motion | | Member David Nelissen Moved, Member Carolyn Twyman seconded to approve the Original motion 'It is recommended that the Board of Trustees approve Amendment No. 3 to the License Agreement with Verizon Wireless for the Lease of the Cell Tower at 300 W. Metz Road.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 0. | | The motion Carried 4 - 0 | | | | | David Nelissen | Yes | | Carolyn Twyman | Yes | | Dr. Jose Luis Araux | Yes | | Anthony T. Stafford, Sr. | Yes | |
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