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Verizon offers to buy city cell‑tower site; council to investigate valuation and access terms
Summary
Verizon sent the city a letter offering to purchase the leased cell‑tower site for $187,000; the council directed staff to research comparable deals, confirm tenant obligations and protections (access, meters) and return with valuation guidance.
Spring City — Verizon offered to buy the company’s leased cell‑tower site in Spring City for $187,000, city staff told the council Thursday, and the council asked staff to investigate comparable sales and lease‑back or access protections before any decision.
The current lease generates about $1,300 per month in rent to the city (roughly $15,000 annually). Verizon’s letter proposed a purchase price of about $187,000 — approximately 12 years’ worth of rent at current rates — and included discussion of continued site access. Councilmembers asked staff to research sales in neighboring jurisdictions and to ensure any sale includes guaranteed access for city meter readers and public‑works needs and protections in case the buyer later re‑leases the structure.
Council members asked staff to verify whether the existing tenant agreement obligates Verizon to provide meter access for city utilities and to check if surrounding jurisdictions had accepted similar buyout offers. No decision was made; staff will report back with comparative data and a recommendation.
