The Vestry has recommended that CCC enter into a lease with New Cingular Wireless PCS, LLC (the AT&T mobile network provider) to permit New Cingular Wireless to install, operate, and maintain antennae rods at the top of the tower of the Church (in proximity to the existing Sprint antennae on the top of the tower) and related equipment in the basement of the Church for the operation of its wireless telecommunications network. The initial lease term will be five (5) years, with four (4) successive five (5) year options to renew. The initial annual rent is $37,584.00 with 4% annual increases. The Building and Grounds Committee has reviewed and approved the plans for the proposed installation of the antennae and equipment. Under the terms of the Diocesan Canons, it is necessary to obtain approval of the Congregation prior to entering into a lease of church property. The Congregation will be asked to vote on its approval of the proposed AT&T Lease at the annual meeting.