The Worthington Economic Development Authority on Monday approved an amended lease agreement between the EDA and Alltell Corporation, doing business as Verizon Wireless.
City staff was approached earlier this summer with a request to execute an amendment to the lease, which now runs through March 21, 2029 and had included five additional five-year lease extension periods to be mutually agreed upon that could extend the lease through March 2054.
The amendment includes the following terms:
Alltel is to pay Worthington EDA a one-time payment of $20,000 payable within 30 days of the effective date.
The lease is otherwise scheduled to expire on March 21, 2029. The lease is amended to provide the tenant eight additional five five-year extensions terminating on March 21, 2069.
Rent shall be $500.00 per month commencing on the first payment following execution of the amendment.
Commencing on March 22, 2029 and on the beginning of renewal term thereafter, rent shall be increased by the percent increase in the Consumer Price Index (CPI).
The termination and removal section of the lease provides that within 120 days of the expiration of the lease, the tenant shall remove all of its communications equipment and other personal property from the leased premises.
In the only other item on the EDA's agenda, the EDA moved to submit a zoning application to request that Lot 1, Block 1, Worthington Bio Science Industrial Park Fourth Addition be rezoned from ‘TZ’ Transition Zone to ‘M-2’ General Manufacturing District. This pertains to the 15.91 acres of land to be sold by the EDA to Duininck Inc.
As well as a zone change, a conditional use permit will also be needed for Duininck, and that will be that business' responsibility.
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