Title
Resolution Authorizing the Execution of a Lease for a 3,160 sq. ft. Portion of Land Over City Owned Property Located at 1590 Briarfield Road, LRSN: 1000275 to Crown Communication LLC, for a Power Equipment Compound and Cell Tower
Purpose
PURPOSE/BACKGROUND:
Crown Communication LLC (“Crown”) entered into a lease with the City on December 10, 2012 for the operation of a cell tower and a power equipment compound on a portion of city owned property located at 1590 Briarfield Road, LRSN: 1000275. The lease expires December 9, 2017 and Crown has negotiated a new lease.
The attached lease is for five years with an effective commencement date of December 10, 2017. Rent for the first year is $22,258.01 annually payable in advance with a 3% escalation. Crown will pay the City 30% of any rents obtained from subtenants (co-locators) on the cell tower.
City staff recommends approval of the Resolution. This matter was advertised pursuant to Va. Code §15.2-1813.
Discussion:
See Purpose/Background above.
Impact:
See Purpose/Background above.
Recommendation:
Rec
Conduct public hearing and approve the Resolution.
Body
WHEREAS, the City of Hampton owns a parcel of land at 1590 Briarfield Road (the “Property”);
WHEREAS, on December 10, 2012 the City entered into a lease for a 3,160 sq. ft. portion of the Property (the “Premises”) with Crown Communication, LLC (“Crown”) for a power equipment compound and a cell tower (the “2012 Lease”);
WHEREAS, the 2012 Lease expires on December 9, 2017 and Crown has negotiated a new five-year lease for the Premises; and
WHEREAS, the lease of the Premises is deemed fair and reasonable, and the terms of the Lease Agreement, a copy of which is attached to this Resolution, is reasonable and acceptable.
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Hampton, Virginia, as follows:
1. That the lease of a 3,160 sq. ft. portion of the City owned property located at 1590 Briarfield Road is hereby approved; ...
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