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Item 8.I. Replacement Page 103-104 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: Indian River County owns a communications tower located at 1340 Old Dixie Highway in the City of Vero Beach. This tower supports the County's communications system in the area. On October 12,2021 the Board entered into a Letter of Intent to sell this tower for $1,700,000. This particular tower is located on land owned by the City of Vero Beach. The County currently has a lease in place for the use of this land and that lease expires on January 1, 2026. Staff has worked with the City's staff to negotiate the terms of a new 99 -year lease which, if approved by the Board, will go into effect in January, 2022. The new lease has been approved by the City of Vero Beach Council and is included as attachment (1). The new lease includes an expansion of the property leased from .26 acres to .64 acres to allow for additional ground equipment to be installed, if required. This parcel is described in Exhibit A and illustrated in Exhibit B of the proposed lease. In exchange for granting a new 99 -year lease for the subject property, the City of Vero Beach will receive the following from the County: 1. A share of the revenue from the pending sale of the communications tower in the amount of $535,250. These funds will be distributed at closing. 2. A 35' wide fee simple parcel of land at the end of 14th Street adjacent to Charles Park containing 0.21 acres. 3. The County's 2/5 ownership in Lots 1-4, Block 1, Pelican Cove II; which equates to lots 1 & 2. These properties were purchased jointly in 1974. With respect to this particular property, the County will receive back from the City of Vero Beach an easement in perpetuity for access, staging, and storage purposes during beach and dune restoration projects. FUNDING Funding for the revenue share in the amount of $547,000 will come from the pending sale of the communications tower. The land described in (2) and (3) above is owned by the County in fee simple and will be transferred to the City of Vero Beach as a condition of this transaction. RECOMMENDATION Staff recommends that the Board approve the proposed lease, inclusive of the revenue share and property transfers, and authorize the County Admsnistrator to execute the lease and all associated payment and land transfer documents in parallel with the closing for the sale of the communications tower. ATTACHMENTS