Monmouth and Verizon have agreed, in principle, on a lease for an antenna on top of the city's water tower.
City Administrator Eric Hanson said Verizon will get more than just the antenna space.
He said, “We were able to negotiate an above-market rate for that space on the tower because they wanted to put in the ancillary building.”
Hanson said the building will house equipment. It will be built on city property nearby.
The city will receive about $20,000 next year for the lease. That amount will increase three percent each year during the five-year lifetime of the agreement.