UPDATE Akron City Council December 11, gave the go-ahead on the sale of telecommunications assets, according to Akron.com.
The city is on target to receive $11 million from Pittsburgh-based EIP Communications in exchange for 15 cellular tower leases before the end of the year. EIP is getting the rights to collect the rent payments from cellular companies and market to others for the next 50 years, but the city will still own the land where the cell towers are located, and cellular companies will continue to own the antennas and towers, according to Akron.com.
Akron has been making around $480,000 a year on those leases.
City administrators have been pushing to get the deal done by the end of the year because $6 million from the sale was built into the 2017 budget.
December 18, 2017
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