This amendment is primarily to update and correct the recorded access easement for the existing American Tower cell tower on campus. Back in 2019, when construction was performed, the lots were merged and the previous access from the frontage road was removed and reconfigured. As a result, the easement currently on record no longer reflects the actual as-built access route from the street to the tower location.

American Tower reached out requesting that the easement and related lease exhibits be updated to match the current conditions and access path that has existed since the site work was completed. The updated agreement also memorializes the utility easement locations associated with the tower.

These updated easement documents and agreements have been reviewed by our legal counsel.

NOW, THEREFORE, BE IT RESOLVED THAT:

The Board of Directors hereby approves the Second Amendment to Lease Agreement between Empower College Prep and SpectraSite Communications, LLC, including the relocated access easement, utilities easement ratification, memorandum of lease, and related exhibits and documents substantially in the form presented to the Board.

The Board authorizes the Executive Director, Board President, or their designee to execute and deliver the Second Amendment to Lease Agreement and any associated memoranda, easement documents, affidavits, resolutions, notices, consents, or other documents necessary to effectuate the transaction and record the approved easement modifications.

The Board further authorizes Empower College Prep administration and legal counsel to make non-material revisions, corrections, or modifications to the transaction documents as may be necessary or advisable to complete the transaction.

At our June Board meeting, we will vote to approve the purchase and financing of the entire project, which is projected to be around $25M, including property acquisition, construction, architectural drawings and permitting, and contingency. 

During this meeting, we are seeking approval to complete due diligence, including architectural drawings that need to be initiated to maintain our schedule of opening in August, 2027. The associated costs is above the $100K of capital expenses that can be spent without Board approval.

Therefore, we are seeking approval of up to $150K in due diligence expenses. 

Timing of architectural expenses. (The first bill will not come until the end of July and will not be due for 60 days)

May – $50k (lock down concepts for all phases)

June – $75k (finalize SD for Phase 1; 50% SD for other phases)

July – $125k (finalize DD for Phase 1; engineers begin billing)

August – $125k (50% CD for Phase 1)

September – $125k (permit submittal; begin Phase 2 DD)

1) Review capacity to purchase property using reserves.

2) Review viability to finance project. 

3) Review criteria for purchasing project.