Posted: March 31, 2016
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF033016-15

Agenda Item Title:

Authorize Mayor and Finance Officer to Sign Option and Land Lease Agreement Between the City of Rapid City and SBA Towers IX, LLC

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
03/30/2016
City Council Hearing Date:
04/04/2016
Petitioner:
SBA Towers IX, LLC
Staff Contact:
Wade Nyberg, Assistant City Atty
Location:
Landfill Property – Catron Blvd

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
SBA is paying $1,200 for the option (1 year), with a chance to renew the option for a 2nd year by paying another $1,200. If exercised, the rent for the lease starts at $1,200 per month, with an automatic 3% increase each year. There is also the potential for an additional revenue sharing payment if additional wireless carriers become subtenants on the tower.

Recommendations:

City Council Recommendation Action:
Approve

Attachments & Links to Download:

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