|
Item 1.G.
|
| City Council Regular | |
| Date: | 02/27/2023 |
| Title: | Lease Agreement with American Towers for the cell tower located at Stewart Park |
| Presented by: | Pigg Michael, Superintendent |
| Department: | Parks/Rec/Public Lands |
| Presentation: | No |
| Legal Review | Yes |
RECOMMENDATION
Staff recommends the lease extension be approved for another 10-year period.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
American Tower has leased the cell tower location in Stewart Park for the past 10 years. The lease is expiring and this is a lease extension for another 5 years.
STAKEHOLDERS
American Tower and the City of Billings
ALTERNATIVES
City Council may:
- Approve; or,
- Not Approve
FISCAL EFFECTS
The lease extension comes with a signing bonus of $40,000 along with revenue share from T-Mobile and $3,000/yr for all new customers added to the site (increasing 3% yearly).
SUMMARY
The cell tower at Stewart Park has been a good revenue stream for the last 10 years. American Towers has added users every year which increases the lease payments.