Glenwood considering $980K offer to lease four cell tower sites

2014-03-17T00:00:00Z Glenwood considering $980K offer to lease four cell tower sitesPaul Czapkowicz Times Correspondent nwitimes.com
March 17, 2014 12:00 am  • 

GLENWOOD | The village is considering the sale of lease agreements for four cellular tower sites to a California-based company.

Rob Korman, of Wireless Capital Partners, told the Village Board on Tuesday that his firm would pay Glenwood a lump sum of $980,000 to purchase the rights to the four cellular contracts for a 10-year period.

"If we were to do a 20-year assignment of those four leases, my firm is prepared to pay the village $1.7 million," Korman said. "If we were to go out as far as 30 years, we could raise that offer to $1.9 million."

One of the cell tower sites is on a monopole at the Glenwoodie Golf Course and the other three are located on water towers in the village.

The lease at the Glenwoodie location is with Crown Castle, while the water tower leases are with Sprint, T-Mobile and Verizon.

The village currently has a total of five cell tower sites under its control, with a sixth being built near the Glenwood Oaks restaurant.

Village President Kerry Durkin said he would propose the Village Board explore the 10-year sale agreement.

He said receipt of the $980,000 all at once would provide money for the village to do such things as repair broken water mains and purchase a new fire truck.

The downside is the village would receive more money over the long run if it retains control of the leases for those 10 years.

"We would lose $680,000 in projected revenue," Durkin said.

Durkin said he expects village trustees to debate whether to approve a sale agreement for the cell tower sites now or wait until the village is in more need of revenue once Walmart relocates to Homewood.

"Walmart's announced to us that they intend to leave," Durkin said. "They have not given us a definitive time that they're closing. I hear everything from 2014 to early 2015."

The Village Board could vote on the cellular lease sales on March 18 if trustees have the item added to the board agenda. But Durkin said they were just presented with the offer on Tuesday.

He said Wireless Capital Partners had also made a 10-year offer on the four sites in November, but for only $780,000.

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