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City engineer presents $230,000 buyout offer for 10th Street cell tower lease; council hears risks
Summary
The city engineer told the council of a $230,000 offer to buy out the 10th Street cell tower lease, noting a right of first refusal for the original company and that projected rent increases would take until Sept. 30, 2038, to recoup the buyout at current escalation assumptions; council took no action because the item was not on the agenda.
The Marseilles city engineer presented a memo informing the council of an offer to buy out the lease on the 10th Street cell tower for $230,000. The lease, originally executed in 2007 and amended in 2016, runs in its current form into the 2060s; the engineer said the current rent is $1,288 per month (including $375 for additional antennas).
The engineer explained the buyout would be an upfront payment…
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