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Item # g_ <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Scott Clark, Community Development Director <br />DATE: February 8, 2006 <br />SUBJECT: Nextel Lease <br />At the present time the "City" (staff in conjunction with the City Council) has been <br />negotiating an agreement between Nextel and the City to construct a cell tower next to <br />the Public Safety Building (see attached). After a series of negotiations it was discovered <br />that since the EDA was the issuer of the lease purchase bond, on behalf of the City of Elk <br />River for financing the building, they will need to be a signatory on the Nextel lease since <br />they are the technical owners of the property. The City will also be a signer since some of <br />the property in question is not under the EDA title. <br />The actual business terms of the agreement are being negotiated outside of the EDA <br />review and the signature is being viewed as a simple legal necessity due to the City/EDA <br />ownership structure. <br />Recommendation <br />Authorize the EDA President and Vice President to sign the Nextel Lease based on the <br />future lease approval by the City Council. <br />S:\Commwtity Development\Scott Clark\2006 EDA memos\EDA Nextel.doc <br />