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Board approves five APS billboard leases with contingency to bar Pepsi products and cannabis ads
Summary
The State Board of Finance approved five proposed billboard leases on Albuquerque Public Schools property with Clear Channel Outdoor, contingent on revised lease language to restrict advertising of Pepsi products and cannabis and on receipt of fully executed leases by director and counsel.
The New Mexico State Board of Finance voted Feb. 17 to approve five lease agreements that would allow Clear Channel Outdoor to erect advertising billboards on small parcels of Albuquerque Public Schools property, with the approvals contingent on revised lease language limiting certain advertising categories.
Bayard Roberts, representing APS, told the board APS issued a request for quotes and selected Clear Channel based on revenue potential and speed to market. Roberts said the funds from the leases will go to the APS Foundation and then to schools for classroom use.
Treasurer Laura Montoya pressed APS and counsel to expand advertising prohibitions to cover all Pepsi products (citing an existing contract with Pepsi and concern about energy drinks) and to include cannabis products given the changes in legal status since the original contract was drawn. Roberts said APS expects to negotiate restrictions with Clear Channel and that APS staff did not anticipate difficulty adding those items, but he had not yet confirmed Clear Channel’s position.
Director Ashley Leach said the board has previously granted contingent approvals and that the board could condition approval on director and counsel receiving revised, fully executed lease agreements reflecting the requested restrictions. The board approved each of the five APS lease items with the contingency that restrictions include Pepsi products and cannabis and that director and counsel receive revised, fully executed leases.
Items approved included lease requests for properties at 4000 Osuna Road NE; 800 Odelia Road NE; 1100 Texas Street NE; 807 Mountain Road NE; and 915 Locust Street SE. One motion also included direction that the 800 Odelia lease seek a base rent of at least $30,000 per year as part of the contingency.
