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INDIAN RIVER COUNTY, FLORIDA MEMORANDUM TO: Indian River County Board of County Commissioners VIA: Jason E. Brown, County Administrator FROM: Dan Russell, Information Technology Director SUBJECT: Lease Renewal for 1340 Old Dixie Highway Property DATE: December 7, 2021 BACKGROUND: 13r Indian River County owns a communications tower located at 1 40 Old Dixie Highway in the City of Vero Beach. This tower supports the County's communicatiosystem in the area. On October 12, 2021 the Board entered into a Letter of Intent to sell this to for $1,700,000. This particular tower is located on land owned by the City of Vero Beach. Thc�Cerounty currently has a lease in place for the use of this land and that lease expires on January 1, 2026. The staff has worked with the City's staff to negotiate the terms of a new 99 -year lease wh' h, if approved by the Board, will go into effect in January 2022. The new lease has been appr ed by the City of Vero Beach Council and is included as an attachment (1). The new lease i ludes an expansion of the property leased from .26 acres to .64 acres to allow for additional gro _id equipment to be installed if required. This parcel is described in Exhibit A and illustrated in Exh B of the proposed lease. In exchange for granting a new 99 -year IQase for the subject property, the City of Vero Beach will receive the following from the County: / 1. A share of the revenue from a pending sale of the communications tower in the amount of $547,000. These funds wil a distributed at closing. 2. A 35' wide fee simple p cel of land at the end of 14th Street adjacent to Charles Park containing 0.21 acres. 3. The County's 2/5 own rship in Lots 1-4, Block 1, Pelican Cove II; which equates to lots 1 & 2. These properties ere purchased jointly in 1974. With respect to this particular property, the County will re ive back from the City of Vero Beach an easement in perpetuity for access, staging, d storage purposes during beach and dune restoration projects. FUNDING Funding for the r enue share in the amount of $547,000 will come from the pending sale of the communications ower. The land described in (2j and (3) above is owned by the County in fee simple and will be tra ferred to the City of Vero Beach as a condition of this transaction. RECOMM DATION Staff rec mmends that the Board approve the proposed lease, inclusive of the revenue share and propert transfers, and authorize the County Administrator to execute the lease and all associated paym nt and land transfer documents in parallel with the closing for :he sale of the communications ATTACHMENTS 103