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VER 7 a r,. - i 1� z� Office of Consent 05/05/2015 '. 1-3 INDIAN RIVER COUNTY -LOR1!$!''/ ATTORNEY Dylan Reingold,County Attorney William K.DeBraal,Deputy County Attorney Kate Pingolt Cotner,Assistant County Attorney MEMORANDUM TO: Board of County Commissioners THROUGH: Manny Cabo, Telecommunications Manager FROM: William K. DeBraal, Deputy County Attorney DATE: April 20, 2015 SUBJECT: Memorandum of Lease with Capstar Radio Operating Company for Old Dixie WAXE Tower In 1992, the County entered into a License Agreement with Shargo, Inc., for a 3.67 acre parcel of property on Old Dixie Highway at its intersection with the Lateral J Canal. Shargo constructed a 200' radio tower and accessory structures for the benefit of WAXE, an AM radio station. With the advent of cellular communications, the License has been amended to provide for the installation of cellular antenna arrays on the tower. In 2004, Capstar Radio Operating Company assumed the License from Shargo and the Board agreed to extend the term of the License until October 27, 2022. In January 2015, Capstar entered into a purchase and sale agreement with Vertical Bridge Acquisition, LLC for the purchase of the Old Dixie tower site License. As the owner of the property subject to the License, the County was asked to consent to this transfer and assumption. The Board approved the transfer and assumption at their meeting of February 17, 2015. All of the duties and responsibilities under the License agreement have been transferred to and assumed by Vertical Bridge. The term of the agreement, license fee and insurance requirements will not change as they will be assumed by Vertical Bridge. Now that the transfer and assumption has been completed, Capstar has asked the County to execute a Memorandum of Lease. Once signed by all parties, the Memorandum of Lease will be recorded in the public records as a method of providing notice that the property is subject to a lease between Capstar and the County. Recording a memorandum of lease does not change the terms of the original agreement, it simply provides notice to interested parties that the described property is encumbered by a lease between the County and Capstar. Funding: There is no funding associated with this item. Recommendation: The County Attorney's Office recommends the Board approve the Memorandum of Lease for the Old Dixie Highway site and authorize the Chairman to execute the Memorandum of Lease on behalf of the Board. IndivPoser Co AcrrDied Date c: Manny Cabor °J Caroline J. Palmer )'�` FOR r — - /� caroline.palmer@dtz.com MEETIk! c > NT AGENDA Legal _ �� , Budget Depi. re" -2: `1-53 COUNTY ATTORNEY Risk Mgr.