The Hollister City Council last week approved a 50-year, $1.4 million lease with Crown Castle, which resulted in an upfront payment to the city, according to Benito Link. “This is an exciting agenda item and a long time coming,” said Development Services Director Bryan Swanson, adding that negotiations took over one year.
The city invoked the help of SteepSteel, who listed the city-owned tower on its auction site.
The tower brought in three bids ranging from $850,000 to Crown Castle’s winning bid of $1.4 million, reported Benito Link. Hollister will retain ownership rights to the tower and land.
Swanson added, “If they [Crown Castle] expand the area up to 200 square feet and bring in more carriers for the tower, we get 50 percent of the revenue that those new tenants will generate.” As part of the lease, Crown Castle will also take on the responsibility for the tower and electronics, including maintenance.
July 1, 2019