Title
MOTION TO APPROVE THE FIRST AMENDMENT TO LEASE AGREEMENT BETWEEN CITY OF PEMBROKE PINES AND STC FIVE LLC. (“TENANT”) BY AND TROUGH GLOBAL SIGNAL ACQUISITIONS II 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 #878259 - 901 NW 129 AVE., PEMBROKE PINES, FL).
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. City and Sprint Spectrum L.P., a Delaware limited partnership (“Sprint”), entered into a Lease Agreement dated August 18,1998, whereby City leased to Sprint a portion of land being described as approximately 2,450 square feet portion of that property located at 901 NW 129th Ave., Pembroke Pines, Florida.
2. The term of the Agreement commenced on October 1, 1998, and has an original term, including all renewal terms, that will expire on September 30, 2023.
3. City and Tenant 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. Commencing on October 1, 2021, and every year thereafter (each an “Adjustment Date”), the annual rent shall increase by an amount equal to five percent (5%) of the annual rent in effect for the year immediately preceding the Adjustment Date. Currently, each annual rent payment is being increased by three percent (3%).
5. As additional consideration for amending the Agreement in accordance with the First Amendment, Tenant agrees to pay the City Twenty Thousand Dollars ($20,000.00) within sixty (60) days of full execution of the First Amendment.
6. Each annual rent payment shall increase at a rate of 5% compounded annually. In addition to the rental payment described in Section 6.03 of the...
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