Fiscal Note
As stated in the attached lease agreement, the “Lessee” shall pay a base annual fee of $30,000, subject to a 3% annual escalator. Generated revenues from this lease will be deposited into the Parks Division’s operating budget (51110-43522). No additional City appropriation is required.
Title
Authorizing the execution of a Lease with Cellco Partnership d/b/a Verizon Wireless, for premises at McPike Park located at 1130 E. Wilson Street. (6th AD)
Body
WHEREAS, the City is the owner of certain real property located at 1130 E. Wilson Street, Madison, Wisconsin, and depicted on attached Exhibit A (“Property”), also known as McPike Park; and
WHEREAS, the City acquired the Property pursuant to an Award of Compensation dated July 27, 2017 and recorded July 31, 2017 as Document No. 5345476; and
WHEREAS, when the City acquired the Property, it was subject to a Site Agreement dated May 29, 1997 (“1997 Agreement”) between the prior owners and PrimeCo Personal Communications, L.P., as predecessor-in-interest to Cellco Partnership d/b/a Verizon Wireless, a Delaware general partnership (“Lessee”), which 1997 Agreement allows for the siting and operation of a telecommunications tower and associated equipment on a portion of the Property (“Site”); and
WHEREAS, pursuant to a Memorandum of Lease, dated July 16, 2015 and recorded with the Dane County Register of Deeds on July 21, 2015 as Document No. 5169797, ATC Sequoia LLC, a Delaware limited liability company (“ATC”), manages, operates and maintains the Site, including the tower and equipment located thereon, on behalf of Lessee pursuant to a Master Prepaid Lease with an effective date of March 27, 2015 (“MPL”); and
WHEREAS, ATC and Lessee entered into a Site Lease Agreement dated May 13, 2016, as amended (collectively, the “SLA”), whereby ATC leased the Site to Lessee for Lessee’s continued use and operation thereof, which SLA is made pursuant to and governed by the MPL; and
WHEREAS, the term of the SLA wi...
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