FACILITIESAPPROVED

Spencer Board of Aldermen Agenda Packet 2026-05-12

Town approves long-term cell tower lease agreement

$1,200 per month, increased by 3% per year; $1,000 option consideration for each 18‑month option termTown of SpencerDIAMOND TOWERS V LLCMay 12, 2026

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Description

The Spencer Board of Aldermen approved an Option and Ground Lease Agreement with Diamond Towers V LLC for a wireless communications tower at the Sowers Ferry Road Public Works site. The deal provides $1,200 per month in starting rent with 3% annual increases over a potential 25‑year ground lease, following an initial paid option period.

Contract Details

Contract Amount

$1,200 per month, increased by 3% per year; $1,000 option consideration for each 18‑month option term

Vendor

DIAMOND TOWERS V LLC

Agency

Town of Spencer, NC

Contract Type

FACILITIES

Document Date

May 12, 2026

Contract Term

Ground lease initial term of 5 years with four additional 5‑year renewal terms (potential 25‑year lease), following an 18‑month initial option term extendable once for 18 months

Renewal Info

Option term: initial 18 months with one 18‑month renewal at $1,000 per option term. Lease term: 5‑year initial term with four automatic 5‑year renewal terms unless Lessee gives 30 days’ notice not to renew; holdover defaults to month‑to‑month.