EXECUTIVE SUMMARY: Staff is requesting approval of the Lease Development Agreement with Southern Light, LLC.

NARRATIVE: Southern Light, LLC (Southern Light) is organized under the laws of the State of Alabama and is a State of Florida Public Utility authorized to do business in the State of Florida.

Southern Light has established itself as a growing provider of data transport services along the Gulf Coast region serving markets across Florida, Alabama, Louisiana, Georgia, and Mississippi. Southern Light's regional fiber network includes nearly 540,000 fiber strand miles, 5,700 route miles, and over 4,500 on-net locations.

Southern Light has requested to lease approximately 0.23 acres of Manatee County Parcel No. 6844700139, a parcel lying just south of the existing Telecom Tower on US 41, for the installation and maintenance of utilities, cables, conduits, and pipes, required to provide fiber optic cable, under and across the Authority's land to and from the premises.

The proposed lease is a triple net lease with a ten (10) year length of term for approximately 10,000 square feet of undeveloped non-aviation land at the apprised fair market value of one dollar ($1.00) per square foot, or ten thousand dollars ($10,000) per year, which rate will be subject to an annual CPI adjustment.

In lieu of annual rent payments for the premises, Southern Light has proposed to provide the Authority a contiguous uninterrupted fiber circuit to the Airport Terminal that meets or exceeds 1GB per second of bandwidth of highspeed internet access with a 1GB per second bandwidth of highspeed internet capacity. Staff has identified an indefinite need for the proposed service and has valued the service above the required annual rent amount.

The President, CEO recommends approval of the proposed lease with Southern Light, LLC, as presented.

RECOMMENDATION: It is hereby recommended that the Sarasota Manatee Airport Authority Board approve the Lease Development Agreement with Southern Light, LLC.

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