The Stony Point Town Board has voted unanimously to sell its rights to the two cell tower leases for 2.3 million dollars, after reviewing negotiations with multiple interested companies. According to Town Supervisor Jeff Finn, Global Tower Properties, a company based in Boca Raton, Florida, will be purchasing the 38- year lease for the tower located at the town’s police station for 1.5 million. The town is also selling the 40- year lease for the tower at the municipal golf course to TowerCo of Cary, North Carolina for $727,000 dollars. Stony Point currently has a budget of $19,000,000 and earned about $150,000 a year for renting out both towers. According to Finn the sale of the towers will benefit the taxpayers and the board elected to sell them because there were still another fifteen years left on the lease and the town wanted to make sure that they got the money the towers are worth, because there is no guarantee that they would continue receiving money on a yearly basis.
Stony Point Sells Cell Tower Leases
September 6, 2013 By