According to city officials, New Par requested the extension to the original lease that started in 2007.
New Par officials said a lease extension will make the site more secure, stable, and marketable to potential customers and current ones. In addition, the lease extension will lengthen of the city’s ground lease agreements to match a length closer resembling a new customer’s contract length or existing customer contract renewal. The city also has a revenue share payment clause for new customers and the lease extension will benefit both parties.
By approving the agreement before July 25, the city received a $20,000 bonus.
The city will receive a base rent of $1,043 a month and will receive a share of the revenue that amounts to $542. There is also a base rent escalator of 3 percent a year.
The current tower tenant is Verizon, according to officials. Cricket recently terminated due to the AT&T merger, officials said.
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