Indiana School Considers Tower Lease Buyout

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Muncie Community Schools in Indiana is considering a lump-sum cash payment to buy out the lease for the tower that sits on school property. The school is considering the lease buyout so they could have the cash now, instead of taking the payments over the term of the lease. Ameritech, AT&T, and Cingular co-locate on the tower and pay $16,709 annually to MCS. Mark Burkhart, the school corporation’s CFO noted that lease buyout companies have been known to pay $150,000 to $200,000. “Where this has been done, a company that specializes in tower agreements — they do not actually operate cell phone services — would be the vendor MCS would contract with,” the CFO told The Star Press. The current annual lease payments have been extended for 99 years, and would net more than $1.6 million for MCS.

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