Danville-Pittsylvania Regional Industrial Facility Authority Agenda April 2024
Ground Lease for Cell Tower Awarded to Crown Castle Towers
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Description
Danville-Pittsylvania Regional Industrial Facility Authority approved a modified ground lease with Crown Castle Towers 06-2 LLC for installation and operation of a communications tower at the Southern Virginia Megasite. The agreement provides $21,000 annual base rent for 15 years with seven possible 5-year extensions and related due diligence rights.
Contract Details
Contract Amount
$21,000 per year for 15 years; 7 option periods of 5 years each
Vendor
CROWN CASTLE TOWERS 06-2 LLC
Agency
City of Danville, VA
Contract Type
FACILITIES
Document Date
April 8, 2024
Contract Term
15 initial years, with 7 additional 5-year extension options (ground lease); initial 24-month option period prior to lease commencement
Renewal Date
2041-04-08
Renewal Info
7 extension options of 5 years each beyond the initial 15-year term; Option period up to 24 months for pre-lease due diligence; agreement terms modifiable by Authority action.
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