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INDIAN RIVER COUNTY; FLORIDA 01 MEMORANDUM TO: Indian River County Board of County Commissioners VIA: Jason E. Brown, County Administrator FROM: Dan Russell, Information Technology Director SUBJECT: TIGR Acquisitions II, LLC Letter of Intent to purchase 1340 Old D /Highway. Tower ' DATE: October 5, 2021 BACKGROUND: Indian River County owns a communications tower located at 1310"Old Dixie Highway in the City of Vero Beach.. This tower supports the County's emergency comications system in the area. This particular tower is located on land owned by the City of VFiil�agllo "Beach. The County currently has a lease in place for the use of this land and that lease expires026. Staff has worked with the City's staff to negotiate the terms of a new 99 -year lease which into effect in January, 2022 pending approval of a referendum, required by the City's charter/during the November 2021 election cycle. On September 29, 2021, the County's tower consult fit, SteepSteel, presented a letter of intent from TIGR Acquisitions II, LLC for the purchase of the f lowing (collectively, the " Tower Assets"): (i) the grant to Buyer from Seller of a. Perpetual Easement underlying and surrounding the Tower (the "Site"), along with any and all access and utili�"easements serving the Site; (ii) the Tower, together with all related improvements, fixtures andpersonal property; (iii) all of those leases, subleases, licenses and other agreements which gran others a right to use or occupy a portion of the Tower or Site (the "Collocation Agreements"); (iv) any permits associated with the Tower or the Site; and (v) any other personal or real property or rights associated with the Tower. ANALYSIS Based on the information detai ed within the letter of intent, the Buyer is willing to purchase the Tower Assets for $1,700,000 0 cash payable in U.S. Dollars (the "Purchase Price"). This offer is subject to satisfactory comp etion of due diligence and execution of definitive agreements. The Buyer has sufficient cash,6n hand to pay the purchase price, and therefore the offer is not contingent upon obtaini g financing. The County's prima rconsideration is the provisioning of public services, and as.such, the County will retain a site lic /-,I- will for our public safety equipment on this tower and the surrounding property to support these nctions going forward. Staff is working with the purchaser to finalize the purchase and le agreement, the site license and the easement agreement, which will be part of the closing pr cess for this property. 64