Title
MOTION TO APPROVE THE FIRST AMENDMENT TO LEASE AGREEMENT BETWEEN CITY OF PEMBROKE PINES AND NEW CINGULAR WIRELESS, LLC. TO ADD FOUR (4) ADDITIONAL FIVE (5) YEAR RENEWAL TERMS TO THE AGREEMENT BEYOND THE ORIGINAL TERM EXTENDING ITS TOTAL TERM TO SEPTEMBER 30, 2043. (BU #812044 - 9950 JOHNSON STREET, PEMBROKE PINES, FL).
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. City and BellSouth Mobility Inc. (BellSouth) entered into a Lease Agreement dated January 26, 1998 whereby City leased to BellSouth approximately 4,741 square feet located at 9950 Johnson Street, Pembroke Pines, Florida.
2. The term of the Agreement commenced on May 20, 1998, and has an original term, including all renewal terms, that will expire on September 30, 2023.
3. The City and New Cingular Wireless now desire to amend Section 5.01 of the Original Agreement to replace “three (3)” with “seven (7)”, thereby adding four (4) additional five (5)-year renewal terms to the Agreement beyond the Original Term, and extending its total term to September 30, 2043.
4. As additional consideration for amending the Agreement in accordance with the First Amendment, New Cingular Wireless agrees to pay the City Twenty Thousand Dollars ($20,000.00) within sixty (60) days of full execution of the First Amendment.
5. Each annual rent payment shall increase at a rate of 5% compounded annually. In addition to the rental payment described in Section 6.01 of the Original Agreement, Tenant shall pay to City 50% of all rental revenue received from any third party source for co-location within thirty days of receipt of same.
6. Recommend the City Commission approve the First Amendment to lease agreement between City of Pembroke Pines and New Cingular Wireless, LLC. to add four (4) additional five (5) year renewal terms to the agreement beyond the original term exten...
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