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Lamar says Highland sign location draws national advertisers; company offers to buy easement or raise lease
Summary
Lamar Advertising told the Council the existing 14x28 sign generates national revenue and that Lamar would consider purchasing the easement (company representatives suggested an offer near $600,000) or continue negotiations on lease terms; the Council asked staff to schedule an executive meeting to continue talks.
Representatives of Lamar Advertising told the Council on April 27 that the static/digital billboard at the Highland site was installed roughly 15 years ago and currently generates a $40,000 annual lease payment to the Town. Shawn Pettit, a Lamar representative, said national advertisers rely on the location and that removing the sign would risk losing those contracts.
Pettit said Lamar would rather buy the easement than remove the sign and that, while the Town had referenced a $2 million buyout figure in prior exchanges, the company’s appraisal-based offer would be substantially lower. Pettit told the Council Lamar could offer roughly $600,000 to acquire the easement and would pay closing costs. He also said Lamar could consider raising the annual lease payment and pursue a 10- or 15-year renewal if parties reached agreement.
Council members asked staff to continue negotiations and directed the Clerk-Treasurer to advertise an executive meeting after the Redevelopment Commission meeting on May 11 for further discussions. No final sale or lease authorization was approved at the study session.
