SUBJECT
title
Authorizing the City Manager to execute a Second Amendment to Lease Agreement ("Lease") by and between the City of Laredo, a municipal corporation ("Landlord"), and T-Mobile West LLC, a Delaware limited liability company ("Tenant"), as successor in interest to Cook Inlet/Voicestream PCS, LLC., ("T-Mobile"), dated May 1, 2000 and attached hereto; to extend the term of the lease one (1) additional five (5) year term commencing May 3, 2025; with an additional three (3) five (5) year terms. Rent shall increase from $28,197.00 to $35,000.00 per year with a four (4) percent escalation; all other terms and conditions remain in full force and effect.
body
PREVIOUS COUNCIL ACTION
First amendment approved on March 18, 2019 for additional ground space for the placement of a generator. Introductory reading of this ordinance was approved on 06/02/2025.
BACKGROUND
Landlord and Tenant entered into a Ground Lease dated May 1, 2000, whereby Landlord leased to Tenant space on the top surface of the Del Mar Elevated Storage Water Tank for the placement of antenna facilities and a portion of the property for the location of an equipment building or equipment cabinet and related facilities associated with the antenna facilities. Tenant desires to amend lease to extend the term for an additional four (4) five year terms effective May 3, 2025.
Landlord and Tenant agree and acknowledge that Tenant's rent shall increase to $35,000.00 per year commencing on May 3, 2025 and shall thereafter increase by 4% each year.
All other terms and conditions of the Lease remain in full force and effect.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends approval.
end
Fiscal Impact
Fiscal Year: 2025
Budgeted Y/N?: N/A
Source of Funds: N/A
Account #: 101-0000-311-1060
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
Rent increase from $28,197.00 to $35,000.00 and credit to General Fund line item 101-0000-311-1060.
...
Click here for full text