Laserfiche WebLink
CITY OF NORTH OLMSTED <br />RESOLUTION NO. 2023 - 80 <br />By: Mayor Jones <br />A RESOLUTION AUTHORIZING THE MAYOR TO ENTER INTO A <br />FOURTH AMENDMENT OF AN OPTION AND GROUND LEASE <br />AGREEMENT WITH TOWERCO 2013 LLC TO PROVIDE FOR AN <br />EXTENSION OF THE LEASE TERM OF MONOPOLE CELLULAR <br />TOWER LOCATED AT NORTH OLMSTED RECREATION CENTER IN <br />CONSIDERATION OF ADVANCED PAYMENT OF RENTS, AND <br />FURTHER AUTHORIZING THE MAYOR TO EXECUTE ALL CONTRACT <br />DOCUMENTS, AND DECLARING AN EMERGENCY. <br />WHEREAS, the City of North Olmsted has received and reviewed a proposal from <br />TowerCo. 2013 LLC ("TowerCo.") to enter into a Fourth Amendment to the Option and Ground <br />Lease Agreement in order to extend term of the ground lease from 25 to 50 years for the <br />monopole cellular tower as constructed on City property, located generally north of the North <br />Olmsted Recreation Center, as approved by Resolution 2018-55 (Option and Ground Lease <br />Agreement dated July 23, 2018, attached as Exhibit A); and <br />WHEREAS, TowerCo. proposes a Fourth Amendment to Option and Ground Lease <br />Agreement and Fourth Amended Memorandum of Agreement, a copy of which is attached <br />hereto as Exhibit B, in consideration of a hump stmt advance payment of rent in the amount of <br />Four Hundred Thousand Dollars ($400,000.00); and <br />WHEREAS, it is the desire of Council to authorize the Mayor, on behalf of the City of <br />North Olmsted, to enter into a Fourth Amendment to Option and Ground Lease Agreement and <br />Fourth Amended Memorandum of Agreement, attached as Exhibit B, extending the lease from <br />25 to a 50 -year lease term, in consideration of lump sum advance payment of rents in the amount <br />of $400,000.00 in lieu of monthly rent payments; and <br />NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />SECTION 1: That the Mayor be and she is hereby authorized to enter into and sign, on <br />behalf of the City of North Olmsted, a Fourth Amendment to Option and Ground Lease <br />Agreement and Fourth Amended Memorandum of Agreement, with TowerCo. 2013 LLC, a copy <br />of which is attached as Exhibit B, for the purpose of amending and extending the term of the <br />existing Option and Ground Lease Agreement dated 7/23/18, a copy of which is attached as <br />Exhibit A, regarding the cellular monopole tower located at the Recreation Center, in <br />consideration of a lump sum payment of rents in the amount of $400,000.00. The Fourth <br />