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Council hears unsolicited $2.5M offer for Kentucky water tower; staff told to review maintenance and lease risks
Summary
Public Works Director Kevin Felder reported an unsolicited $2.5 million purchase offer for the Kentucky water tower and its leases; council expressed reluctance to sell the highway‑facing tower, asked staff to verify lease revenue (about $240,000/year) and maintenance obligations (about $46,000/year for two towers), and requested further analysis before any decision.
Public Works Director Kevin Felder told the council that the city had received an unsolicited offer—identified in discussion as from a private company referred to as Digital 307—to buy the Kentucky Avenue water tower, the underlying land and the remaining telecommunication lease terms for $2,500,000.
Felder said the towers currently bring in about $240,000 in annual revenue from antenna leases and…
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