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<br />II~ <br />.~ <br /> <br />the city that works lor you <br /> <br /> <br />. <br /> <br />REQUEST FOR COUNCIL CONSIDERATION <br /> <br />ITEM DESCRIPTION: CONSIDERATION OF TERMINATION AGREEMENT OF WELL <br />HOUSE 12 SITE LEASE WITH VERIZON WIRELESS <br />DEPARTMENT HEAD'S APPROVAL: 0M~ <br /> <br />CITY MANAGER'S APPROVAL: <br />No comments to su lement this re 0, Lrr\lt~omments attached <br /> <br /> <br />Recommendation: To enter into a Termination Agreement between the City of New Brighton <br />and Verizon Wireless to terminate the lease dated May 25, 2000 for property located at Well <br />House 12 near the northwest corner of Silver Lake Road and Mississippi Street, effective <br />September 30, 2006. <br /> <br />Legislative History: On May 25, 2000 the City entered into a Lease Agreement with US West <br />Wireless, LLC. Under the terms of the lease, the Lessee would lease a portion of the Well House <br />12 site for an antenna system and ground space of an equipment pad, as well as rights of way for <br />ingress and egress and utilities, On March 14,2005, this lease was assigned to Verizon Wireless. <br />On December 30, 2005, the City was informed by Verizon Wireless that they intend to remove <br />its telecommunications equipment and will be preparing a termination agreement related to the <br />site. <br /> <br />e <br /> <br />Financial Impact: In 2005, the City received a rent overpayment of $6,330.92, and in 2006, a <br />rent overpayment of $65.48, Under the terms of the Termination Agreement, the City will be <br />entitled to retain these overpayments. In addition to these overpayments, Verizon Wireless shall <br />pay the City an amount equal to $19,853.60 as a Termination Fee. <br /> <br />Explanation: Once Verizon was assigned the US West Lease, they no longer had a need for the <br />facility at Well House 12, The City Attorney has reviewed the Termination Agreement and finds <br />their terms to be acceptable and consistent with the Lease Agreement. <br /> <br />Costs and Funding: In 2006, Verizon Wireless paid an annual rent payment of $9,869.49, This <br />amount was to be increased annually 4 percent. This rent was included as revenue to General <br />Fund. <br /> <br /> <br />. <br /> <br />Attachments <br />Letter dated July 20, 2006 from Waller Lansden Dortch & Davis, LLP <br />Termination Agreement <br />