North Haledon weighs $3 million offer for borough cell tower

Mayor Randy George told the council that the borough received an offer of $3 million to buy the municipal cell tower and said he would like to use proceeds to finish work on the newly purchased municipal building.

Why it matters: The tower is a revenue-generating asset whose sale would convert ongoing lease income into a one-time payment that could reduce the borough’s need to bond more money for capital work on 535 High Mountain Road.

Council members debated next steps. Borough Attorney Michael DeMarco told the council that selling borough property likely requires following auction procedures and that the prospective buyer would essentially be purchasing the revenue stream, which complicates conventional appraisals. Councilwoman Donna Puglisi, citing research she had done, said demand for cell towers is likely to increase and favored exploring continuing the lease instead of an immediate sale. Councilman George Pomianek and Councilman Rocco Luisi said it may be premature to sell an asset now and recommended the borough collect more information. Councilman Bruce O. Iacobelli raised concerns about covering a $125,000 budget shortfall if anticipated revenues change and asked for fiscal analysis.

The council did not vote on any sale at the work session; members agreed to obtain more information, legal review and options for appraisal or auction procedures before any formal action. Borough Attorney Michael DeMarco said he would review the current agreement and advise whether a public sale or auction is required. Mayor Randy George said he hopes any proceeds would be used to complete municipal building projects without further bonding.

Next steps: The council requested follow-up information from the borough attorney and staff; no ordinance or authorizing resolution was adopted at this meeting.