CITY OF ORLANDO
COUNCIL AGENDA ITEM

Items Types:
Business and Financial Services 		For Meeting of:
March 14, 2016
District: 2 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No
Subject:
First Amendment to Lease and Memorandum of Lease for a Telecommunication Pole on City Property located at 1400 Gaston Foster Road
Summary:

Primeco Personal Communications entered into a lease with the City of Orlando to erect a Telecommunication Pole on March 13, 1998 at 1400 Gaston Foster Road, Dover Shores Recreational Complex. The current lease is set to expire on February 12, 2018.

Verizon Wireless, the successor-in-interest, proposes to amend the lease to extend the term by adding two (2) additional five (5) year options, adjust the rent escalation as well as the addition of a utility easement necessary for fiber-optic cable. When the first option is exercised on February 13, 2018, the annual rent will be Thirty Nine Thousand, Forty One and 38/100 Dollars ($39,041.38) and will escalate 3% annually for the term of the renewal options ending on February 12, 2028. 

The Amendment also requires additional consideration in the amount of $5,000.00 to be paid one time within forty-five (45) days of the effective date.
Fiscal & Efficiency Data:
Recommended Action:
Approval and authorization for the Mayor/Pro Tem and City Clerk to execute the Amendment and Memorandum, substantially in the form attached, and approval and authorization, without further City Council approval, for the Real Estate Division Manager to execute additional extension options referenced herein, so long as such approvals are in conformance with the terms and conditions of the Amendment, all subject to the review and approval of the City Attorney's Office.
Agenda Item attachment(s) on file in the City Clerks Office.
Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.
Contact: Rose Melillo
Approved By:

Department Date and Time
Budget Outside Routing Approval 3/3/2016 12:15 PM
City Clerk 3/3/2016 1:21 PM
ATTACHMENTS:
Name: Description: Type:
Partial_Exec._First_Amend_2.26.16.pdf Partial Exec.First Amendment Backup Material
Partial_Exec._MOL_2.26.16.pdf Partial Exec. MOL Backup Material
FIS_Verizon_Dover_Shores_(4).pdf Fiscal Impact Statement Backup Material
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