The township of Clark, NJ has entered into an agreement which will yield $578k to the town as part of a deal to lease the cell tower adjacent to the police station. The 11-year lease agreement with Phoenix Tower International (PTI) provides the company with rights to the tower. Historically, the township has been approached by numerous organizations with one-time payment offers for the tower. Clark’s Business Administrator John Laezza said he instead negotiated a deal with PTI that gives the township a large one-time payment and continued monthly compensation from the company.
PTI has been paying the town over $6k per month to lease the tower. After this new deal, the lease payment decreases to $3k per month with a five percent annual increase.
“This is a better deal for the township,” said Laezza, “we get a large payout now to put in trust for future needs and we still have continuing revenues during the ongoing lease period. For the community and the future, this works.”
“At PTI we always strive to strike win-win solutions for our landlords by showing them a wide variety of transaction structures we can effectuate,” Director of Land Acquisitions, Michael Sullivan told Inside Towers. “We appreciate greatly our relationship with the Township of Clark and are happy we can help serve the community through better connectivity as well as financial solutions. PTI’s landlords are true partners in our towers and we are always happy to hear that we have served them well.”