A new lease agreement between the village and T-Mobile will bring $2,000 in revenue each month to municipal coffers in exchange for the wireless provider’s use of a water tower at 7441 Franklin. The agreement allows T-Mobile to place pieces of communications equipment on the property so long as it does not interfere with the functions of the water tower.

There are options in the agreement, according to a memo to the council, that could extend the contract up to 30 years. Annually, the monthly rent will increase by 4 percent. The potential total value of the lease is more than $1.4 million, according to the memo. The agreement also requires T-Mobile to make a single payment of $15,000 to the village to cover engineering and legal costs incurred during negotiations.