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He also noted that residential repairs associated with the project stayed within budget, <br />with only one commercial instance requiring commission approval for project -related <br />repair costs. <br />Ms. Youngs provided an update on the remaining electric meters awaiting replacement <br />due to meter shortages, noting that it will take approximately six months to complete <br />replacements once the meters are received. <br />5.11 Verizon Water Tower Lease Agreements <br />Mr. Hanson informed the Commission of an offer from Verizon to either buy out the <br />current lease agreements for a lump -sum payment or renegotiate the lease terms to <br />reduce both the annual rent and the annual escalator. The lump -sum offer is contingent <br />on granting a perpetual easement on the property. <br />Staff presented Verizon's offers, as outlined in the memo, to maintain transparency with <br />the Commission and customers, but recommended against accepting them. <br />The Commission agreed to follow staff's recommendation. <br />6.0 BUSINESS DISCUSSION <br />6.1 Staff Updates <br />There were no additional updates. <br />6.2 City Council Update <br />Chair Dietz presented a City Council update. <br />6.3 Future Planning <br />Chair Dietz announced the following: <br />a. Regular Commission Meeting— December 9, 2025 <br />b. 2025 Governance Agenda <br />6.4 Other Business <br />There was no other business. <br />Elk River Municipal Utilities Commission Meeting Minutes <br />November 12, 2025 <br />Page 7 <br />