Fiscal Note
The proposed resolution authorizes a Fourth Amendment to the Verizon Wireless Personal Communications LP license for use at the Larkin Communications Tower (126 Glenway Street). The amendment extends the agreement and provides two additional renewal options of 5 years each beyond the current expiration date of May 31, 2027. The license fee will be subject to an annual 4% increase in each extension year. No City Funds required.
Title
Authorizing the execution of a Fourth Amendment to License pertaining to a license with Verizon Wireless Personal Communications LP, d/b/a Verizon Wireless (f/k/a PrimeCo Personal Communications, LP), at the Larkin Communications Tower located at 126 Glenway Street. (District 5)
Body
WHEREAS, the City is the owner of the communications tower located at 126 Glenway Street, Madison, Wisconsin (“Tower”), and depicted on attached Exhibit A (“Property”); and
WHEREAS, the City and Verizon Wireless Personal Communications LP, d/b/a Verizon Wireless (f/k/a PrimeCo Personal Communications, LP) (hereinafter “Licensee”) are parties to a license dated June 18, 1997, as amended (“License”), pertaining to the placement by Licensee of telecommunications equipment (“Equipment”) on the Tower located at the Property as well as the placement of an equipment shelter (“Shelter”) and generator on land located near the base of the Tower (“Land”). The Land and space on the Tower are hereinafter collectively referred to as the “Premises”; and
WHEREAS, the initial term of the License was for the ten (10)-year period commencing on June 1, 1997 and ending on May 31, 2007, and Verizon has exercised its four (4) renewal options such that the current expiration date of the License is May 31, 2027 unless Licensee exercises additional renewal options; and
WHEREAS, staff from the City’s Office of Real Estate Services and Licensee have negotiated terms and conditions for an amendment to the License to provide for two (2) additional renewal options o...
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