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The County of Alameda concurred and approved Verizon's design review application on <br /> June 28, 2012. <br /> The lease payments of $21,600 annually are the same as the lease payments approved <br /> by the Council for the Koll Center Parkway site. However, because Verizon threatened <br /> suit to recover over $100,000 in costs it claims it incurred in developing the Koll Center <br /> Parkway site and the additional costs necessary to locate at Santos Ranch Road, the <br /> parties negotiated a reduction in the lease payments (to one dollar) for the first six years <br /> of the lease. Accordingly, Verizon shall pay $1 in rent for years 1 through 6. At year 7, <br /> rent shall increase to $21,600 annually with automatic yearly increases of 3%. Over <br /> the term of the lease, the City will receive a total of $369,070.60. A copy of the <br /> proposed Option and Lease Agreement is attached. <br /> Submitted by: Fiscal Review: Approved by: <br /> ,e;t4t,_ <br /> Jonathan P. Lowell Emily Wagner Nelson Fialho <br /> City Attorney Director of Finance City Manager <br /> Attachment: <br /> 1. Verizon Cellular Coverage Maps <br /> 2. Option & Land Lease Agreement; Land Lease Agreement <br /> Page 3 of 3 <br />