FACILITIESAPPROVED

Spencer Board of Aldermen Pre-Agenda Meeting Agenda Packet 2026-05-07

Spencer Approves Cell Tower Ground Lease with Diamond Towers

$1,000 Option Consideration; $1,000 per 18‑month option renewal; $1,200 per month base rent with 3% annual increase (per meeting description)Town of SpencerDIAMOND TOWERS V LLCMay 7, 2026

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Description

The Town of Spencer approved an option and ground lease agreement with Diamond Towers V LLC to install and operate a wireless communications tower on Town‑owned property at the Sowers Ferry Road Public Works site. The agreement includes an 18‑month option, a 5‑year initial lease with four 5‑year renewals, and base rent of $1,200 per month with 3% annual increases, creating a potential 25‑year revenue stream on a small portion of the parcel.

Contract Details

Contract Amount

$1,000 Option Consideration; $1,000 per 18‑month option renewal; $1,200 per month base rent with 3% annual increase (per meeting description)

Vendor

DIAMOND TOWERS V LLC

Agency

Town of Spencer, NC

Contract Type

FACILITIES

Document Date

May 7, 2026

Contract Term

Option: initial 18 months with one 18‑month renewal; Lease: initial 5‑year term with four 5‑year renewal terms (potential total 25 years)

Renewal Info

Option may be renewed once for an additional 18 months for $1,000. Upon exercise, the ground lease has an initial 5‑year term with four automatic 5‑year renewal terms unless Lessee gives 30‑days’ notice of non‑renewal before the then‑current term ends.