The City formerly leased space on its communication tower located at Kerry Street near the Truman Parkway to Sprint for telecommunication services. The lease expired on April 30, 2020 and Sprint has since been acquired by T-Mobile.  The tenant is operating as Sprint Spectrum and has remained on the tower in a hold-over position pending negotiations of a new lease. The tenant has agreed to a new lease based on an annual rent of $70,000 with a 3% annual escalator. The annual rental rate will increase from $36,533.65 per the former lease to $70,000 per the new lease effective on October 1, 2020. The lease is for a base term of five years, with three, five-year renewal options.

Approval