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Calumet council: radio tower sale closing set; proceeds to be held in escrow
Summary
Councilmembers were told the radio tower sale is scheduled to close Nov. 21 and proceeds will be placed in escrow pending an SBA payment; clerk will consult with Park State Bank and the LMC 4M Fund on options for the funds.
The Calumet City Council heard an update Nov. 19 that the radio tower sale is scheduled to close on Nov. 21 and that sale proceeds will be placed in escrow with the title company until an SBA payment is made to the new owners. Clerk April Serich said she will meet with Park State Bank and with representatives of the League of Minnesota Cities (LMC) 4M Fund to evaluate options for handling the funds.
Council members discussed turning off decorative lighting on the tower and decided not to relight the star and cross because tree growth has reduced visibility. The minutes note that electricity is connected at the tower building.
No formal motion was recorded to spend or transfer the tower proceeds; the council tasked the clerk to explore banking and investment options and to report back.
